I have read your situation and here’s my 2 cents

You already have the equity loan so the 10,000 is in your pocket now.

Call your lien holder and get your payoff on the SUV. It is going to be less than the 10,000 you owe on it. It might be 1000 or 1500 less because of the interest. Pay it off with the 10,000 and then sell it outright to a dealer or private party and get a new car. I would suggest you look into a small SUV 4 door just for the protection and comfort or your wife and child. You can get one of those for 18-20 thousand, and for the 8 or 9 thousand you have in your pocket (after selling your old SUV) you would only be making payments on 10 or 11 thousand of it.

You would have a new car, smaller, less expensive and better gas mileage. Lets face it in today’s world house payments and car payments are just a fact of life, minimize them as much as you can, but unfortunately they will always be with us, well for most of us anyway.

Good luck!

Receiving Statements

Anybody know how to get a CC company to send the monthly statements to me so I can verify that my DMP is making payments? I have contacted each of them at least 6 times via certified/return receipt mail and although I have gotten the return receipts back, I haven’t rec’d any other correspondence from the CC companies.

I think that if a credit card company will not cooperate with your needs check if they are a member of the Better Business Bureau www.bbb.org and file a complaint against them. All of this can be done on the Internet. I have already done this to facilitate and negotiate a debt settlement with two companies and the bbb has contacts with the executive staff which should get things done. They MUST cooperate to maintain their membership with the bbb. You can also try this even if they are not a member.

I never thought that using equity to pay off something was a good idea

I never thought that using equity to pay off something was a good idea, either. However when we were getting financial counseling he pointed out that our auto loan is too high and our house has all this equity in it. He advised us that our interest rate is so low on the mortgage that we do this and then pay the payment we were paying on the auto regularly and combine it with the mortgage which is scheduled bi monthly to get the house paid off quicker. So many things about financing are based on your family situations and realize this isn’t necessarily an endorsement for everyone to do this.

However, in the financial advisors position this is a good move for us. He said just to sell the car and then put that money into the car. But if we are still paying the “SUV” payment back into the mortgage I don’t know how that works. That is why I was asking the question.

Thanks for your valuable input. It is nice to know that other people ponder these same life situation questions and we have a forum to discuss them.

Was there something else you were hoping for?

Was there something else you were hoping for? It seems like you only have two options. Either keep it or sell it. You can either spend the money on gas or sell it and buy something with better mileage. I can’t see any other options unless you want to get further in debt, and that is usually what we

I have been pondering this same thing and good luck finding someone who wants to buy an SUV right now. I talked to 2 dealers and they are having problems moving SUVs secondary to the gas prices.

I had the same problem with some of my debts that had been turned over to collection but none of the CCCS or DMPs I contacted refused to take my case. They did say that some collectors are very difficult to deal with and they are not req’d by law to participate with CCCS’s. I was advised to continue to contact the collection agencies (in writing, certified/return receipt) and just continue to tell them all I could afford is x dollars, otherwise I was prepared to file bankruptcy. I would also contact some other CCCS’s for their input. Just out of curiosity, which CCCS’s did you contact?

I assume you are in the States

I assume you are in the States (I’m in Canada) but a scenario would be this.

  • SUV is ~$400 per month to purchase. Two years left on the loan.
  • Used Grand Prix ~$8000.
  • Trade in value on the SUV ~$8000.
  • Refinance the Grand Prix over 4 years ~$200 per month.

Is that some sort of a worthwhile idea? It cuts your vehicle payment in half, doesn’t take the equity from your home, gets rid of the gas guzzler, and leaves you with a decent sized car for your family.

I’m just guessing at numbers, you will have to see what you can get for your SUV and what a worthwhile replacement car is worth. This was just what I was considering.

Oh, and the discount on your insurance may be noticable as well. SUV’s are rated higher, especially the 2 door models.

I would rather have the house paid off faster

Everybody I talk to says that refinancing your home and using equity that you have in it to pay off other stuff is bad. But I don’t own my home yet so I have no first hand knowledge.

I would rather have the house paid off faster than be worrying about the car. Also, note that you should be paying down your mortgage bi-monthly. Make sure the ‘new’ mortgage is set that way. At least you will repay off your house faster than if you pay once a month.

I am toying with this problem myself, as I have an Explorer Sport (two door) and now that our baby is here, it’s a pain in the ass to get in and out of. It doesn’t bother me so much, but my wife complains about it anytime we go anywhere. We still have 2 years left for the payments on it, but I think I am going to suffer it out, and if it’s that big of a deal this summer, then we’ll get a used car, something like a 4 door Grand Prix. I’d like to trade the 2 door in on a 4 door, but I’m not sure it’s worth the hassle of figuring out the loan payment and all that.

You may be better off trading the SUV in on some sort of an economical car that you are interested in. It would mean keeping payments on something, but quite likely the new(er) car would be less.

I was very disappointed after contacting 2 CCCS programs

I was very disappointed after contacting 2 CCCS programs that the majority of collection agencies will not work with outside 3rd party debt management programs.

There was no mention of this warning on their websites either (FAQs) and I didn’t know this until I submitted the listing of my creditors and I was flat out told by one counselor not to bother with the program. My total debt is about $8K belonging to 5 creditors, all unsecured.

In addition, a few credit card companies that still had my account refused to work with these debt management programs also.

Is this a common practice for the collection agencies and some creditors to avoid the debt management programs? I’m trying to work directly with a couple of these collection agencies, but they have no interest at all for my credit well-being.

Question in reference to an auto

Can anyone give me any advice on this situation?

We are in the process of refinancing our home, done deal. However, we are using some of the equity we have earned to pay off the balance of our car of $10,000. Which I think is great. However, the car is an SUV and is a gas hog V8 and even when it is paid off we really would like to get rid of it, to get something more gas friendly.

We don’t really want to go and finance another car, either. But this one will be paid off.

Any suggestions from anyone out there on what they would do?

Shades of Green question

Well, we are going with my SIL and her family and they have 2 adults and 2 children. We will have 3 adults and 4 children, 3 and an infant.

We figured that one of our kids could sleep in their room and that we would have a crib for the baby. I know friends that went and took 2 kids and another adult and did fine.

So, my question is will they absolutely not allow it or is it cramped. Because my friend told me the rooms are some of the largest on Disney property. My mother is the one that is military so we have to take her.

LOL I hate to splurge and spend $$ on another room and they probably don’t have one available this late anyway, but possibly.

They fill up fast. We went to Corpus Christi, TX last summer and got 2 adjoining rooms. One child slept on a lounge (lawn) chair with an air mattress on it and the other 2 slept in the other bed. ( again 2 families, 9 total people) Seemed to work out fine. We did San Antonio this summer with 5 to a room and just got a trundle in our room at no extra charge.

Thanks for all your ideas on my food budget

My husband said I was crazy to think that we could eat well on that tight budget! Ha, I’ll show him. Since you are all experts, do you think that it is more economical to make bean dish, like black bean soup, red beans and rice, from dry beans and freeze it in portions or should I stick to using cans.

The cans are .59 and the bag is .69, but I think the bag will yield more meals, I have never tried this maybe some of you have. Also, I don’t have a chest freezer, should I have one for mass meal freezing and sale purchases.

I’m new to all this but am determined to succeed, a baby on the way and a stepson in college necessitate this challenge of mine. Thank you all for your kind suggestions.

Speaking of vacations

Have any of you ever vacationed or lived in Ireland?

My dream (with which my DH is cheerfully going along so far) is to go to Ireland, and we’ve decided to put a certain amount into various types of savings so that, once everything but my student loan and the house are paid off, we can take the family to Ireland.

That should be in about 4-5 years (it’ll take that long to save) but possibly sooner.

I was just wondering if anyone had any suggestions, discouragements, etc.