Getting out of Debt in October! - Mothering Forums

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#1 of 69 Old 10-05-2012, 06:27 PM - Thread Starter
 
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Do you want to get out of debt? Start living on a budget? Be able to start saving? Then this is the thread for you! Some of us use Dave Ramsey's method but please join us even if you're following someone else/your own plan. All are welcome!

 

Here's DR's plan:

Pre-Step 1: Get current on your debts and do a budget
0.1 No new borrowing.
0.2 Talk with spouse and get him/her on the same page as you concerning finances.
0.3 Do a written budget
0.4 Temporarily stop all retirement contributions
0.5 Get current on all the basics (Shelter, Food, Utilities, Basic clothing)
0.6 Amputate "toys" (bikes, boats, ATV's etc) to help snowball
0.7 Cut lifestyle (Cut cable, cell, extras, eating out) and/or get a second job to raise $1000 EF.
0.8 Get current on ALL bills

BS1 $1,000 to start an Emergency Fund
1.1 Chop up/freeze CC's (You have an EF now)
1.2 Get Health insurance NOW if in the US
1.3 Get Life insurance NOW if you have considerable debt/your family couldn't make it financially if you died.
1.4 Amputate cars that you can't pay off within 24 months

BS2 Pay off all debt using the Debt Snowball
2.0 Do the debt snowball, paying all your debts from lowest BALANCE to highest.

BS3 Three to six months of expenses in savings
3.1 Start car replacement fund
3.2 Save up 20% for home purchase OR pay down existing mortgage to the point you can drop PMI.
3.3 Start furniture or other non-essential stuff replacement fund

BS4 Invest 15 percent of household income for retirement

BS5 College funding for children

BS6 Pay off home early

BS7 Build wealth and give! Invest in mutual funds and real estate

Here's the link to Dave Ramsey's website: http://www.daveramsey.com or if you want a good DR discussion forum, http://www.llnoe.com is good but hardcore. Gail vax Oxlade's Til Debt do Us Part is great tv show, very motivating. Her website is:http://gailvazoxlade.com/blog Others like Suze Orman or Mary Hunt, really doesn't matter whose method you use, just start the process to getting out of debt


Laurie, wife to guitar.gifDH (Aug/04), mom tobikenew.gifDS1 (Nov/05) and bfinfant.gifDS2 (June/12).

 

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#2 of 69 Old 10-05-2012, 06:35 PM - Thread Starter
 
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How are you keeping costs down for thanksgiving? (..it's Canadian thanksgiving this weekend)

 

After calling local farms looking for a farm-fresh turkey, they were all out (average $3.60/lb meaning I was getting ready to spend about $46 on a turkey). I figured, if I can't get farm fresh I may as well go CHEAP so found a 97 cent/lb frozen utility-grade turkey for $9. ...I hope it's edible.

 

Because we did so well on the turkey we were able to get a few more "treats" (pumpkin beer, gluten-free stuff for the BIL, pie-making ingredients) that we otherwise wouldn't have botherd with.

 

Our plan is to try not to grocery shop next week. With 2 family dinners (and likely leftovers) already accounted for, I think we can come up with freezer and pantry meals to get us the rest of the way through the week. ...I guess I should do something productive with what we save from groceries. I have been meaning to start a Christmas savings envelope, maybe it will go there to get that ball rolling.


Laurie, wife to guitar.gifDH (Aug/04), mom tobikenew.gifDS1 (Nov/05) and bfinfant.gifDS2 (June/12).

 

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#3 of 69 Old 10-06-2012, 10:58 AM - Thread Starter
 
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Orangemomma, which baby step are you on?

 

How does not paying that $11 affect the total you'll pay in the long run? What are you going to do with that $11 instead?


Laurie, wife to guitar.gifDH (Aug/04), mom tobikenew.gifDS1 (Nov/05) and bfinfant.gifDS2 (June/12).

 

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#4 of 69 Old 10-06-2012, 12:26 PM
 
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Still plugging away at BS3. We did really well last month and currently have $8600 in savings.

 

But we also put some things on credit cards and plan to pay those off before they accrue any interest. I think we have about $400 to pay off, which we spent on some improvements to our living area, and on a road trip that we are taking next weekend. I had the cash for both, but since we're currently TTC I decided to use my Old Navy card because I earn points that i can then use to get maternity clothes. With DD I had to wear all hand-me-downs. I'm short and we couldn't afford to tailor the clothes I got, so I felt pretty frumpy and dumpy and fat the whole time. I'm looking forward to being able to get clothes that actually fit me this time.

 

Baby Step 3 feels much more tedious than the debt repayment snowball did. It feels great to see the savings grow, but for some reason it's just not the same.


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Expecting #2 in late June!

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#5 of 69 Old 10-06-2012, 07:29 PM
 
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Still looking for a house. Prices are on the rise and there are no houses on the market that will suite us as of now. I'm sitting and waiting! Meanwhile my pay check is two days late and I have a zero balance in my spending account. Oh and gas went up 60+ cents in one day here in Nor Cal. $4.69 


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#6 of 69 Old 10-07-2012, 07:07 AM
 
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trekkingirl - yikes on all accounts! Hang in there.

eirual - I am on DR's pre-step 1 - specifically 0.7 and 0.8 - amputate lifestyle and get current on all bills. Reducing my student loan by $11/month won't help me at all if I don't figure out how to rocket my way to the debt snowball. Extending out the payment is just going to add more interest on and I will end up paying more - IF i take as long as they think I will take to pay them back - NOT the plan!

 

I need some concrete goals for this month - still too many bills, not enough income. I will work on it and post back in a day or two. Right now, nasty head cold - feels like I am trying to function underwater.

 

Good luck to all.


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#7 of 69 Old 10-07-2012, 10:23 AM
 
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I realized that my last post sounded really negative! Not sure what was up with my attitude yesterday but on a more positive note.......

 

$3,646.50 is my EF balance as of today! Not too shabby!!!!!!!!!

 

My balance was $2,758 two weeks ago. That's $888 added in just two weeks! POW!!!!!!!!


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#8 of 69 Old 10-08-2012, 06:04 PM
 
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Onto October - praying for a little extra money in my DH's paycheck tomorrow!


Crafty Geeky lady (37, hypothyroid) married 7/2010 love of my life (42, azoospermia). I believe in MIRACLES! Twin boys born 12/21/13 at 40 weeks 2 days! 3/52 crafts in 2014 Ramsey's BS1: Done! 2/17/12 BS 2 goal: 6/7/17 no sperm initial DX 3/23/12 BFP 4/7/13!
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#9 of 69 Old 10-08-2012, 06:31 PM
 
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Trekkingirl, that's awesome! Isn't it great to see that figure jump when you have a (really) good month?! It's like, "Ok NOW we are getting somewhere!"

 

Keep it up!


Married 12/08 to Chilean DH and mama to DD 2/2/10. We're a bilingual home and we familybed1.gif and toddler.gif

 

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#10 of 69 Old 10-09-2012, 05:44 AM
 
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Trekkingirl - keep up the good work!

Lilacvioletiris - good luck!

Orangemama - feel better soon!

 

Tonight is our 4th FPU class.  We are talking more in depth about budgeting which is what dh and I have been working on.  Lots of hard work actually but it will start to pay off.  We've been having some good money discussions and are on the right track.  We just paid for our wood pellets (in cash) which is a big source of our heat and we are starting to set aside money for the one tank of oil we will need this winter.  We have a long road ahead but it is nice to have a plan to work on.

 

Wishing you all a wonderful week!

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#11 of 69 Old 10-09-2012, 05:38 PM
 
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Sometimes I feel like I'm in home buying hell...........


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#12 of 69 Old 10-10-2012, 03:07 AM
 
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dziejen, congrats on the cash purchase of your pallets.  It feels good doesn't it!

 

trekkingirl, sorry to hear that your home buying process isn't going well.  It is a stressful time I am sure for all of your family.

 

AFM, DH did have a little extra in his paycheck for some medical reimbursements. Still waiting for the educational reimbursement which is significant money :( Had to make an emergency visit to the dentist.  I have had this odd bitter taste in my mouth for 2 weeks. Saw the doctor last week, who put me on antibiotics thinking it may be a sinus infection, but who told me to see my dentist if it wasn't better in a week.  It wasn't. Dentist said my saliva glands are working properly and it doesn't look like anything is wrong. He thought was that my generic thyroid meds may have a new filler in them that is making my saliva more acidic, which in turn may be reacting with my amalgam fillings.  He said to avoid acidic foods, eat more alkaline foods, and brush with baking soda and salt paste instead of tooth paste. Hopefully this goes away.  So far no total disappearance of the odd bitter taste.


Crafty Geeky lady (37, hypothyroid) married 7/2010 love of my life (42, azoospermia). I believe in MIRACLES! Twin boys born 12/21/13 at 40 weeks 2 days! 3/52 crafts in 2014 Ramsey's BS1: Done! 2/17/12 BS 2 goal: 6/7/17 no sperm initial DX 3/23/12 BFP 4/7/13!
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#13 of 69 Old 10-11-2012, 08:33 PM
 
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Oops, I posted on last months thread! If anyone would care to look there and comment on my cell phoen issue I'd appreciate it;)

I've read a lot of these these threads on debt management and have been trying to get all my debts (aside form student loans which are defrred and I will consolidate soon) paid off this year. From my credit report last December I only have two left! One I sent the money order for today and the other is in dispute and I will know in a week if it's gone or what I need to do do get it gone!

So here is a synopsis of where I am on all the steps; mostly for my own record but if anyone would like to offer their two cents I'm all ears:)

 

 

Pre-Step 1: Get current on your debts and do a budget
0.1 No new borrowing.  I'm not borrowing anything until I get into Grad school and have my current loans consolidated.
0.2 Talk with spouse and get him/her on the same page as you concerning finances. No spouse but it's tought to try explaining how I can't afford all the things my kiddos want that they can't get because I have to pay old bills instead...
0.3 Do a written budget I haven't hand written one but I go online and figure out my budget every month. Lately I spend the last week penniless and sometimes gassless until I fly a sign to fill my gas tank.
0.4 Temporarily stop all retirement contributions I've only worked part time and per diem/non bene positions so I don't have any retirement savings, I'm only thirty but it's starting to scare me.
0.5 Get current on all the basics (Shelter, Food, Utilities, Basic clothing) All basics are close to current. I owe 120 towards utilities but they told me it can wait tilll the first week of Nov. I have the money but my kids hella need winter clothes and haven't been able to get some of the things at thrift stores/charities so it looks like I might spend a hundred bucks at costco or target.
0.6 Amputate "toys" (bikes, boats, ATV's etc) to help snowball I have a bike and a bike traier I got used and although I don't use them as much as I used to I feel that they are essential because selling them woud get me less money than having to repair my car if it broke down. I hope that logic makes sense...
0.7 Cut lifestyle (Cut cable, cell, extras, eating out) and/or get a second job to raise $1000 EF. I have no life, lol. I would love to find a job to save up for a emergency fund but I think once I get all my debts paid off I should be able to set aside a few bills a month towars an ef.
0.8 Get current on ALL bills  I've been stuck here all year, lol

BS1 $1,000 to start an Emergency Fund  I have only 100 saved and it has been sitting in a small box in the closet for a long time!
1.1 Chop up/freeze CC's (You have an EF now) I only have a prepaid 'credit' card that I have only used for paying bills and ordering transcripts.
1.2 Get Health insurance NOW if in the US My kids and I qualify for state health  insurance, we never see the dr except for when I took my ds to the er and they still tried to charge me 2k despite having insurance!!!
1.3 Get Life insurance NOW if you have considerable debt/your family couldn't make it financially if you died. If I died my parents would take my kids. Who would be responsible for my debt if I died? My toddlers? I'm not sure I quite understand how this works...
1.4 Amputate cars that you can't pay off within 24 months I own my hoopty ride;)

BS2 Pay off all debt using the Debt Snowball
2.0 Do the debt snowball, paying all your debts from lowest BALANCE to highest. I've been working on this all year. I didn't necessarly go lowest to highest because some creditors were impossible to get ahold of until I called a ton of times! I also had a mere 100 I owed and the credit agency that was sent the debt and whose number was on my credit report kept claiming they do not handle payments so that debt was postponed till I found out who the original source of the debt was and called a million times to convince them to let me pay them instead! I am soo close to having my debts paid off compared to where I was earlier this year! However I'm not sure if there are any new ones in my name. How can I get a list of places I owe money too if I've all ready done my free credit report for the year? I don't want to do one of the checks that cost money or docks my credit a point...

BS3 Three to six months of expenses in savings I WISH
3.1 Start car replacement fund I WISH
3.2 Save up 20% for home purchase OR pay down existing mortgage to the point you can drop PMI. I WISH
3.3 Start furniture or other non-essential stuff replacement fund I WISH

BS4 Invest 15 percent of household income for retirement

BS5 College funding for children

BS6 Pay off home early

BS7 Build wealth and give! Invest in mutual funds and real estate


be good family...

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#14 of 69 Old 10-12-2012, 03:40 AM
 
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mamayogibear, I am quoting what you wrote on the other page

"

The account is in my name (I thought I was just signing because I used my credit card to pay a portion of one of the phoens) but when we broke up my ex took them. When I realized the account was in my name I had it suspended for one year. If I want to close the account I have to pay what is owed on each phone, about 500 per phone and 400 in termination fees. If I want to use the account when the year is up I have to get new phones and pay the montly plan for the next eighteen months at the rate it was when he got the account a year and a half ago. I have about six months to decide what to do. I've tried disputing this with tmobile but they keep saying since I signed the form I am responsible which makes sense since I should have read the forms instead of just signing where my jerk ex told me to! Is there any reason I should keep the account and pay more but pay monthly instead of closing the account and having to owe it all in ninty days? The only plus I can think of is I would not have to pay for internet since the plan includes data and hotspots, but internet only costs about a third of what the account does...

 

Okay this is getting to be too much to think about right now, lol."

 

Question, mamyogibear, do you have a phone that you can use at this time? Could you close the account and work out a minimal payment plan with tmobile? $1400 seems like a huge amount to pay just to have to start paying their monthly rate and buy a new phone on top of that, although it would likely be only a $1000 plus monthly fees since you wouldn't be terminating. Getting $1000 emergency fund so you could deal with emergencies without a credit card is key. I have found in my family that it is a freedom point. It is tough to get there, but so refreshing to know that it is there when it is needed (like this month when my car needed new tires).  Sounds like you have a plan and that you are on your way to financial freedom.


Crafty Geeky lady (37, hypothyroid) married 7/2010 love of my life (42, azoospermia). I believe in MIRACLES! Twin boys born 12/21/13 at 40 weeks 2 days! 3/52 crafts in 2014 Ramsey's BS1: Done! 2/17/12 BS 2 goal: 6/7/17 no sperm initial DX 3/23/12 BFP 4/7/13!
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#15 of 69 Old 10-12-2012, 08:12 AM
 
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Quote:
Originally Posted by lilacvioletiris View Post

mamayogibear, I am quoting what you wrote on the other page

"

The account is in my name (I thought I was just signing because I used my credit card to pay a portion of one of the phoens) but when we broke up my ex took them. When I realized the account was in my name I had it suspended for one year. If I want to close the account I have to pay what is owed on each phone, about 500 per phone and 400 in termination fees. If I want to use the account when the year is up I have to get new phones and pay the montly plan for the next eighteen months at the rate it was when he got the account a year and a half ago. I have about six months to decide what to do. I've tried disputing this with tmobile but they keep saying since I signed the form I am responsible which makes sense since I should have read the forms instead of just signing where my jerk ex told me to! Is there any reason I should keep the account and pay more but pay monthly instead of closing the account and having to owe it all in ninty days? The only plus I can think of is I would not have to pay for internet since the plan includes data and hotspots, but internet only costs about a third of what the account does...

 

Okay this is getting to be too much to think about right now, lol."

 

Question, mamyogibear, do you have a phone that you can use at this time? Could you close the account and work out a minimal payment plan with tmobile? $1400 seems like a huge amount to pay just to have to start paying their monthly rate and buy a new phone on top of that, although it would likely be only a $1000 plus monthly fees since you wouldn't be terminating. Getting $1000 emergency fund so you could deal with emergencies without a credit card is key. I have found in my family that it is a freedom point. It is tough to get there, but so refreshing to know that it is there when it is needed (like this month when my car needed new tires).  Sounds like you have a plan and that you are on your way to financial freedom.


I guess I mis worded the original post. If I CLOSE the account I have to pay the 1400. If I keep the account open I just pay the monthly rate of 150 and replace the phones.  Right now I have a really old phone that is on a shared plan with my parents and sister, it has no data, no camera, no image msging, a couple hundred texts and mins per month. It really is not enough of a phone for me to get by, I usually borrow other peoples phones or find a pay phone for 800 numbers. I'm just so sick of spending every penny on terminations and ending things to get them of my credit I like the idea of paying for something I could actually use, lol.


be good family...

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#16 of 69 Old 10-12-2012, 08:12 AM
 
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On another note it just dawned on me I have another debt that is actually mine, not my ex's. When I moved out of state I was on a daycare subsidy while looking for a job; the daycare center told me they take the subsidy but failed to tell me they charge double the subsidy! I was under the impression that I was not going to have to pay more than $15 a month out of pocket in a co pay but then I got a bill for about 500 and was told my kids could not return until I paid it. I've called the daycare a few times to discuss it and they just tell me I should have been framiliar with the centers policies despite them not telling me! They tell me it's been sent to collections but I can pay them right now over the phone. It has been six month but I'm not sure if it has been sent to collections or not. I'm sure this is the only debt I've accrued this year (other than regular bills I've been paying on time). Is there any way to find out if it has been sent to collections or if there just saying that to me to get them to pay them?


be good family...

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#17 of 69 Old 10-12-2012, 11:01 AM
 
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We're on BS 2 and although I feel like I been here for too long we can see the light at the end of the tunnel!  I also have good news!  I recently got a second job that will hopefully become full time or close to it in the future!  The pay is awesome and I'm so excited to have regular income again!  I have been throwing all the extra money at the debts, and I also managed to save some money for Christmas shopping, which is a first for me.  I tend to use cc's then work my butt off all summer trying to pay it off.      


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#18 of 69 Old 10-13-2012, 05:04 AM
 
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Cookiepie, hooray for your new job!  

 

Mamayogibear, I dont' have a lot of advice at the moment but I am sending you a hug and a hope that someone here has some ideas and that things start getting easier.  I agree with lilacvioletiris that having a $1000 emergency fund makes a huge difference.  I also know how hard that can be to achieve, especially with your one income.  I hope good things start coming your way!

 

At our house we just got paid for the first time since we did our FPU budget out on paper and we are using envelopes for certain things.  I am the main food shopper so I have an envelope of cash for shopping for the next 2 weeks - so scary! I did meal plan for 2 weeks and I did most of my shopping yesterday with some cash for the next 2 weeks for stuff like milk, fresh eggs, etc.  I am excited but anxious about this, especially since food is my weakness.  Some people buy shoes or purses, I buy local honey and  expensive farm cheeses smile.gif.   It will be interesting to see how the rest of our budget goes - we've been told the first couple months are very inaccurate and budgets will need a lot of adjusting so we are expecting that but at least we are keeping track of what is going where and having conversations about money (instead of me lecturing or both of us arguing).

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#19 of 69 Old 10-13-2012, 05:10 AM
 
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dziejen, the food and gasoline budgets are are my DH and I struggle.  Fresh fruit and vegetables are more my thing to "splurge" on. It seems like groceries just keep getting more and more expensive.  I have found that cash and a calculator with a running total as I go through the grocery store makes the biggest difference for me.  The calculator helps me to keep from going over my budget and whipping out my debit card to pay for the overage.


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#20 of 69 Old 10-13-2012, 05:52 AM
 
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dzjiejen - that is SO good to know about the budget not being accurate for a few months. I am on my first month with a budget for the DR plan - pre-step 1 -and I have been going over in so many categories already and it's only 10/13. Wanting to do better - glad to know that FPU tells it's participants  that it can take awhile.

 

I have looking at my categories in my budget trying to figure out what can be trimmed down - there are so many fixed expenses, I am not seeing much. I reduced the cell phone plan last month and got the student loan people to reduce my monthly payment by $11.

 

I think what it is - is that I need more income. My hours at work are variable. The past two weeks I worked for someone's vacation but the next two weeks - no extra hours in sight.

 

Hope everyone has a good weekend!


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#21 of 69 Old 10-13-2012, 08:43 AM
 
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orangemomma, I think knowing that it takes a bit to work out a budget is good.  Having it written down helps so much!

 

I wanted to share a link with you about a blogging momma that used DR's plan to pay off their house in 33 months so she could stay home full time with their child.  Encouraging ideas - http://www.blissfulanddomestic.com/2012/10/top-4-tips-to-getting-rid-of-debt.html


Crafty Geeky lady (37, hypothyroid) married 7/2010 love of my life (42, azoospermia). I believe in MIRACLES! Twin boys born 12/21/13 at 40 weeks 2 days! 3/52 crafts in 2014 Ramsey's BS1: Done! 2/17/12 BS 2 goal: 6/7/17 no sperm initial DX 3/23/12 BFP 4/7/13!
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#22 of 69 Old 10-13-2012, 03:20 PM
 
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thanks for the linky lilac!


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#23 of 69 Old 10-14-2012, 02:54 PM
 
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Hello all! This is my first post on this forum, but we've been doing Dave Ramsey for a while. We're officially out of consumer debt! We still have student loans, but as of the last time I did our debt snowball calculations, we'll have all of my husband AND MINE paid off when I graduate college (which is something considering how many loans I have!). Still a few years to go on that (I'm only going part time since I have two daughters to take care of), but it'll be great to graduate without the prospect of all that debt looming over me. It also means that I should be able to stay home for our next child without worrying about paying 250 a month in student loans! Yay! 

 

I guess we've been pretty lucky in our journey so far. Most of the beginning baby steps were already taken care of for us (I've always been a stickler about paying bills on time, even if it means I end up buying groceries on the credit card) and my husband is on salary so it's fairly easy to plan our budget before getting it. My main difficulty has been keeping in the budget. I grew up in one of those households that if we didn't have the money for something, we just bought it on a card or withdrew from the line of credit. For the last few months though I've been doing strictly cash envelopes (minus bills which are taken directly from our checking account) and it's working great! Seriously, if you haven't tried them yet, you should! It seems intimidating to work all in cash, but it's actually really freeing for me! After having tracked every purchase for years, it's nice to just be able to spend what is there without worrying about whether or not we have enough, because if it's there it's there! 

 

Nice to meet you all! Good luck in all of your journeys! 


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#24 of 69 Old 10-15-2012, 02:26 PM
 
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I think my post should have been it's own thread, sorry!

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#25 of 69 Old 10-15-2012, 10:03 PM
 
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which post are you referring to something anonymous? lactating girl seems I've seen you around MDC for years? Do you mean that you're new to the getting out of debt thread? Welcome


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#26 of 69 Old 10-16-2012, 09:41 AM
 
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yay, I got my deposit check back from my last rental! The check is for more than I planned, she returned a 'fee' in addition to the deposit! However i'm not sure of how to cash it, lol. I have no bank account and no desire to get one. The check is made out from a non name bank that the nearest branch is about four hours away. It looks like a personal check but it is printed by the real estate company. Can I take it to a check cashing place? How much will they charge to cash it?


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#27 of 69 Old 10-17-2012, 03:07 AM
 
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SomethingAnonymous, I guess you must have edited your comment on this thread, since I don't see a comment further up that was from you.  Getting out of debt is big stuff.  Feel free to join us if you like.

 

mamayogi, congrats on the bigger than expected refund - on the bank account front, I am curious why you don't want one? Because of fees? Have you tried a credit union? They generally have no fees, but a small required "held deposit".  It is $5 at my bank. Those check cashing places probably will take a big chunk of your refund as a fee.  Why give them some of it?  It might be worth it to open a credit union or bank account just to avoid getting docked with fees for cashing the check, even if you just close the account later. 


Crafty Geeky lady (37, hypothyroid) married 7/2010 love of my life (42, azoospermia). I believe in MIRACLES! Twin boys born 12/21/13 at 40 weeks 2 days! 3/52 crafts in 2014 Ramsey's BS1: Done! 2/17/12 BS 2 goal: 6/7/17 no sperm initial DX 3/23/12 BFP 4/7/13!
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#28 of 69 Old 10-17-2012, 07:37 AM
 
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Originally Posted by lilacvioletiris View Post

orangemomma, I think knowing that it takes a bit to work out a budget is good.  Having it written down helps so much!

 

I wanted to share a link with you about a blogging momma that used DR's plan to pay off their house in 33 months so she could stay home full time with their child.  Encouraging ideas - http://www.blissfulanddomestic.com/2012/10/top-4-tips-to-getting-rid-of-debt.html


Great link!  Thanks for this I've been sifting through it all morning!  I have not been consistent with putting our budget into excel, so I'm using her basic notebook idea in hopes that I will track everything.  I really want to see where we are before I get my 1st paycheck form my new job.  I know how easily it gets spent when I'm not keeping good records!    


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#29 of 69 Old 10-17-2012, 08:35 AM
 
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I am afraid to open a bank account because of how my ex used mine in the past, it is really unrational of me since we are no longer together though. My mom said she can deposit it in her account then when it clears give me the money, like a third party check even though I was under the impression banks did not do those any more!

On another note, I got a bill from a collections agency regarding the daycare account I was concerned about. It did not show up on my credit check when I called TransUnion a couple of weeks ago. The bill had my kids last name not my last name! Does this mean it will not appear on my credit? I really don't want to pay it because the recruitor for the daycare told me that they took the state subsidy but failed to mention they bill the parents for the first month till the subsidy clears at the end of the month. So basically the parent has to pay a month week by week then they also get paid by the state which seems wrong to me! Should I call to dispute it or would that then put it in my real name? In this particular situation I am more concerned about keeping my credit clean then doing what is 'right' and paying a bill that I only have because the director of the program lied to me.


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#30 of 69 Old 10-18-2012, 03:11 AM
 
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mamayogi, it sounds like a bank account in your name only might be a place to assert your independence and develop your confidence in money management. You know you aren't going to mismanage your money in that account. Your name will be the only one on the account so how you handle the money in the account will be your business alone. Shop around and find a bank or credit union that doesn't have any fees or at least the fees are low. It would seem the less you have to deal with others cashing checks for you (whether it be check cashing stores, relatives or friends), the better off you will be.

 

I don't know much about collections, but let me see if I have the situation correct.  Your daycare charges a certain price for child care, but it is greater than what the state subsidy is to pay for child care. You thought what the state gave would cover the whole price, right?  If that is the issue, I would say work out a payment plan with the collections agency, since that is where the issue is now. They would rather get something than nothing, even if it is a small amount each time you can pay (biweekly, monthly, etc).


Crafty Geeky lady (37, hypothyroid) married 7/2010 love of my life (42, azoospermia). I believe in MIRACLES! Twin boys born 12/21/13 at 40 weeks 2 days! 3/52 crafts in 2014 Ramsey's BS1: Done! 2/17/12 BS 2 goal: 6/7/17 no sperm initial DX 3/23/12 BFP 4/7/13!
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