WWYD?

Avatar for fire_bug
iVillage Member
Registered: 03-25-2003
WWYD?
9
Thu, 01-08-2009 - 10:39am

I'm so mad at myself for letting us get into this financial situation. I'm a SAHM and DH makes good money so there's no reason why we shouldn't be able to pay our bills. We'll have to see exactly what DH's next paycheck will be, but I don't know how we'll be able to pay our car payment and our car insurance. Both are late. If we don't pay the car payment it will hit 30 days late and go on our credit report. If we don't pay the insurance (already about 6 weeks late) we risk our policy getting canceled. I don't think we'll be able to pay both but I don't know which one should be the priority. I'm thinking the insurance is probably a higher priority because if we get canceled it will be a lot more expensive to get a new policy. But since the plan is to move closer to DH's job soon we need to do our best to keep our credit as clean as possible to make sure we can get a mortgage.

Another option would be to pay the insurance with the CC. I really don't want to do that, but it would give us a little breathing room and we're hoping to pay off all or most of that CC when we get our tax refund.

Any thoughts?


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iVillage Member
Registered: 10-16-2007
In reply to: fire_bug
Thu, 01-08-2009 - 10:49am
Try calling the people that you have the auto loan through and see if you can defer a payment. I have had to do that a few times. They usually have a charge of $25.00 but if they defer the payment it won't show up on your credit report. Good Luck.
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iVillage Member
Registered: 04-10-2003
In reply to: fire_bug
Thu, 01-08-2009 - 10:53am

Hi there!


I am not sure how much help this will be since I am in Canada and the rules here are


Bex -

iVillage Member
Registered: 01-06-2009
In reply to: fire_bug
Thu, 01-08-2009 - 10:58am

If you have to pull out the card and pay the insurance do it and then just pay the car payment out of your wages.


Starting next month begin putting away a little each month for the car insurance payment.


So when it comes up again You will have no worries because you will have the money


YOU are new it takes awhile to do everything right.


Hugs


Mary Ann


iVillage Member
Registered: 09-07-2003
In reply to: fire_bug
Thu, 01-08-2009 - 11:40am

Is this an annual insurance or monthly or quarterly or?

Teresa
http://www.affordingpickles.blogspot.com

Avatar for fire_bug
iVillage Member
Registered: 03-25-2003
In reply to: fire_bug
Thu, 01-08-2009 - 11:50am
We definitely need to have our policy reviewed, but I don't want to refinance the car because this is a one time (I hope) problem. We've been careless with our money and if we're careful we should have enough to pay our bills and live comfortably. We don't have money for a lot of extras, but we should be able to pay our bills. We got behind with car repairs, Christmas, etc. I think once we get back on track we should be fine. We're already paying monthly, but ideally at some point well be able to pay our premiums in a lump sum every 6 months so we can save the fee they charge for paying monthly.


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iVillage Member
Registered: 09-07-2003
In reply to: fire_bug
Thu, 01-08-2009 - 12:08pm

A review never hurts!


In 2007, I robbed my efund and paid the last 6 months of my policy in lump sum.

Teresa
http://www.affordingpickles.blogspot.com

Avatar for mahopac
iVillage Member
Registered: 07-24-1997
In reply to: fire_bug
Thu, 01-08-2009 - 2:03pm

Take the long view, not the short one here.

If your insurance lapses and you are driving your car while uninsured, even for a day, then what you're doing is illegal. And if that happens to be the day when you get in an accident and someone else gets hurt and sues you and you don't have that coverage, you will be in a world of hurt for years to come. So you HAVE to pay the insurance.

And if you're worried about your credit report, you have to pay your car payment too.

So do whatever you have to do to pay both. Don't take the view that touching a credit card is always bad. Sometimes the alternative is a great deal worse.

Kelly

iVillage Member
Registered: 09-22-1999
In reply to: fire_bug
Thu, 01-08-2009 - 6:29pm

I am just simply amazed every day now just how tangled up debt, credit scores, credit cards, and insurance are!


If you need incentive to improve your credit scores, just remember that they REALLY affect your car and home insurance premiums.

iVillage Member
Registered: 07-10-2003
In reply to: fire_bug
Thu, 01-08-2009 - 7:48pm

Actually whether or not it would be illegal depends on the state BUT I know at least some states where it would not be illegal DO require your license to be pulled until you show proof you can pay for all accident damages whether you are at fault or the other driver is.