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iVillage Member
Registered: 08-08-2005
New to this board...
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Fri, 11-13-2009 - 6:47pm
Hello everyone, I have been on ivillage boards before, but had no idea this on existed. How cool! Here is our situation end of 2007 I left a much better paying state job to come to work for my family for alot of reason - biggest my kids come to work with me. Right now, business is kinda in the tank and we don't have a childcare person back here yet so i am only working 2 days a week. Needless to say, we are broke! Our #1 problem is auto loans. When we bought both are cars - yes we stupidly took on two car payments - we were making about $1000.00 a month more. We are now actually behind 1 month on

Angel

Wife to Wayne, Mommy to Tyler (15), Nickolas (3) and Noah (1)

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iVillage Member
Registered: 12-10-2003
Fri, 11-13-2009 - 7:37pm
Your food budget sounds a lot like mine. I definitely know how hard it is to feed a larger family on that amount and I have have 1 more family member in my family...my kids are 14, 9, 6, and 4 (3 of them are boys so I know all about boys liking to eat and eat). One thing that stood out was your oldest son has a cell phone and he is 15. Could he maybe get a job to pay for his phone if he really wants to have one? That would cut that bill a little while still letting him have the phone to use. What type of business is it that your family owns? Is there a way to maybe do some of the work from your house instead of actually going into work? Not sure if that is an option or not - just throwing some ideas out there as they pop into my head. I work for my in-laws - they run a photography studio - and I do most of my work at home filling orders and doing mailing lists with the occasional day at the office helping out. Sorry I can't offer advice on renegotiating a car loan since I have no experience with that.
iVillage Member
Registered: 08-08-2005
Fri, 11-13-2009 - 9:52pm
Hi, My oldest works in the summer months and does pay his part of the phone bill then, but during the school year he just does odds and ends kinda stuff at the shop to help out some, but its real irregular. His class schedule is really challenging this year. He is a sophmore in all accelerated classes, and since he is working really hard and currently pulling straight a's I am really not wanting to rock that boat.

Angel

Wife to Wayne, Mommy to Tyler (15), Nickolas (3) and Noah (1)

Avatar for sohappilyme
iVillage Member
Registered: 03-26-2003
Sat, 11-14-2009 - 9:39pm
Welcome! We saved a bundle renegotiating a car loan. This is the first time I've ever admitted this on the board (and they will BEAT me, I know it!) but our truck loan was $618 a month. DH made a phone call and had it down to $420/mo by the time he hung up. He basically said "lower the payment or come get it" so we really got a good deal out of it. It certainly doesn't hurt to ask!

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FIVE KIDS.

Sarah
iVillage Member
Registered: 08-08-2005
Mon, 11-16-2009 - 3:30pm
Thanks for the reply Sarah it's very encouraging I am waiting to hear back from the recovery department, so we'll see. Good luck with the new baby!

Angel


Wife to Wayne, Mommy to Tyler (15), Nickolas (3) and Noah (1)Follow Me to All Boys!


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Angel

Wife to Wayne, Mommy to Tyler (15), Nickolas (3) and Noah (1)

iVillage Member
Registered: 08-23-2006
Mon, 11-16-2009 - 5:49pm
Hey Sarah, I have never thought of reneg. our car loan. I am also ashamed to admit that dh's truck payment is $590 and I would love to try to get it lower. Did they report to the credit beureau that he was "paying as agreed"? I know we can not sell the truck with what we owe, but this might be an option if it doesn't effect his credit!
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iVillage Member
Registered: 03-26-2003
Mon, 11-16-2009 - 11:21pm
Thanks, and good luck to you as well! I hope you can lower those payments!

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FIVE KIDS.

Sarah
Avatar for sohappilyme
iVillage Member
Registered: 03-26-2003
Mon, 11-16-2009 - 11:24pm
If you go through the process w/o being late, then it should be fine. We ended up with a new contract that superceeded the old one, so as long as you never missed a payment you're fine. (We were always late! ). It's worth asking - good luck!

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FIVE KIDS.

Sarah
iVillage Member
Registered: 08-08-2005
Tue, 11-17-2009 - 3:41am

Wow, I called yesterday evening to both the lenders for our car payments. The lender for DH's car could not have been more ignorant. I was basically told it was my own irresponsibility/stupidity to take on bigger car payments than we could afford and told they would not lower our payments, but could do a voluntary surrender of our vehicle, then they would sue us for the defecit balance, said we'd have to pay for the car one way or another they could 'take our house' -

Angel

Wife to Wayne, Mommy to Tyler (15), Nickolas (3) and Noah (1)

iVillage Member
Registered: 08-23-2006
Tue, 11-17-2009 - 7:29am
Hey Angel, I am sorry I don't have any advice for you! Just wanted you to know that you are NOT alone. We also have that amount of car debt! My husband grew up with a car salesman for a dad, so he was used to getting a new vehicle every year or two.....an that is what he has been doing. However since we started this journey to become debt free, he has seen the error of his ways.
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Avatar for sohappilyme
iVillage Member
Registered: 03-26-2003
Tue, 11-17-2009 - 11:56am
I'm glad one was willing to talk to you. Sometimes it all depends on what rep you get - DH will hang up on a nasty one and call right back to get another one and (quite honestly) say the phone was disconnected. Car loans stink! I try to count my blessings - at least when they're paid off we know where the money went, which is not what folks will credit cards will often say - but they can be torture because for 2-5 years (or however long they are now) the payments don't budge like CC. I feel better knowing we're not the only one with crazy car loans, but I sure wish I could erase them for all of us! When I talk to one of them and they say "is there anything else I can do for you?" at the end of the call I always tell them to zero out the account and I'll feel good, they'll feel good ... hasn't worked yet. LOL. Anyway, GOOD LUCK - I hope they'll continue to work with you! And good for you for standing up for yourself!

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FIVE KIDS.

Sarah

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