I need some input.

iVillage Member
Registered: 10-16-2007
I need some input.
16
Fri, 04-10-2009 - 7:57pm
So I recently looked into doing a Debt Management Plan thru CCCS. I got the website from SUze Ormans webpage. So right now my monthly debts are:
Card #1: Balance $6073 Minimum Payment $110. 9.24%
Card #2: Balance $2600 Minimum Payment $65.00 11.99% (going up to 17.9%
Card #3: Balance $2000 Minimum Payment $30.00 0% for one year
Card #4: Balance $1200 Minimum Payment $30.00 21.99%
Card #5: Balance $1072 Minimum Payment $20.00 22.99%
Personal Loan: Balance $6774 Minimum Payment $230 21.99%
And i found out I have a collection on my credit for $400.
SO right now, I only am able to pay the minimums. At that rate I am going to get all of this paid off in 2047! If I do the debt management plan, everything is going to get consolidated, and everything will be paid off in 8 years. I just don't know what to do. I know I can't do this on my own, I have been trying and pinching pennies and cutting costs everywhere. My credit score has already been hurt because of the collection and also because of the fact that I am pretty much maxed out on everything.
I am just so angry at myself for having done this! I am sick over the whole thing and I can't even enjoy life anymore. I should be enjoying my time with my family instead of worrying about all of this debt. I know the debt isn't going to disappear, I just don't know what to do.
Sorry if this is extremely long, I just have to vent somewhere. Thanks for reading.
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iVillage Member
Registered: 07-02-2008
Tue, 04-14-2009 - 9:41am

lulu,


Is the $1,000 your FIL gives you going towards the second mortgage of $1129?


If so, would you be ok to ask your FIL for the extra $129? If you are covering that for him each month that is ticking into your budget.


Yippie for formula going away! That's a big savings.


Is your SIL your daycare lady? Could you perhaps ask her to accept $500/month in exchange for "free" watching of her kids? Any little bit helps.


Trying to find any way to keep you from filing BK or going through CCCS.

iVillage Member
Registered: 07-02-2008
Tue, 04-14-2009 - 10:12am

Two things : Would a CCCS company include your personal loan? ( I am asking b/c I don't know much about personal loans. )


Also, you car insurance seems high to me. We have two relatively new cars (2006's) and we pay about $1,200 per year. You are paying $2,676 a year. That is a lot of car insurance. Can you call and lower your policy? That would free up some dough. :)

iVillage Member
Registered: 08-04-2008
Tue, 04-14-2009 - 10:41am

I have $7436 in income with $5813 in expenses plus $486 in loan payments for a total of $6299.


I have $1137 a month left, but you don't have gas in here, car registrations, gifts, clothing (kids get larger), or anything else that might come up like car repairs, house repairs, etc.




iVillage Member
Registered: 10-16-2007
Tue, 04-14-2009 - 7:13pm
Gas we spend anywhere from $30-40/week that is for both of our cars, I do get my hair done every eight weeks and that is $65 (including tip) and if I don;t get my hair done...well that just wont look pretty LOL. I don't budget for car repairs or house repairs, we pretty much hold off on anything until we have the money to do it. we are fortunate to have family and friends that are handy around the house and also around car.
I go to either BJ's or Target and get our toiletries in bulk, as well as paper towels, tp, napkins, etc. and if I do go to Target I get some of our groceries there, so one trip to target is $100-$150 and if I go to target I just go to our local deli and buy our cold cuts and fruit which runs about $25-$30. Some weeks I don't have to go grocery shopping, we just live off of macaroni and sandwiches.
My car insurance is high, but I was in a car accident 2 years ago and they still hold it against me. I am going back to my previous insurance company when the previous one expires in May (so I am hoping I will be saving some money there).
I can't ask my FIL for any extra money because when tax season comes, we write those property taxes off and pocket the money, that's why we cover the $129, plus we had actually borrowed money from the house way back.
I would love to ask my SIL to cut back, but she does watch my daughter 5 days a week. And her kids are 17 and 14, so unfortunately they don't need babysitters.
I know that I have the money somewhere in my monthly amounts to pay these cc's down, I just really don't know where to start! I have written down everything the we spend $ on, what my monthly payments are...and I still can't figure it out.
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iVillage Member
Registered: 04-13-2009
Thu, 04-16-2009 - 8:54am

I would like to speak someone

iVillage Member
Registered: 08-04-2008
Thu, 04-16-2009 - 11:53am

For some reason I could not reply to the post directly.




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