Debt Dumpers - 2018

[Ngwira]

That sounds like a wonderful trip! Are you doing a trip report about Banff and Lake Louise?

We did the Banff gondola and hot springs. We went tubing and the kids did some sledding and tobogganing. We did the Calgary tower and Telus spark museum with the kids. We took a wildlife tour of British Columbia and Alberta( Banff and Yoho National Parks) although most of the wildlife was still hibernating. We did see some elk. It was a wonderful trip.

 

[ruadisneyfan2]

I say loan, but we all know don't loan to a relative with expectations, but I did specifically tell her this is a loan and I want her to pay me monthly back until it's paid. If she doesn't, well this will definitely be a problem and we won't go there.

Without knowing your daughter, I just want to say it’s not hopeless. I borrowed money from my grandmother twice. Both times I was in my 20’s, done school and working FT for my current employer. (I’ve been there 28 yrs.)
All through school, late 1980’s, I wanted either a Nissan 300zx or a Toyota Supra with the targa top.
I had a photo/ad from a Sunday newspaper stuck onto my bedroom mirror to remind me whenever I was feeling sick of school.
The Nissan got axed when they changed the body style a few months before graduation and the headlight design made it look cross-eyed.

While I was living at home and not so diligently saving up a down payment, my dad who loves to car shop and had an hour commute to North Jersey, stumbled onto my beloved at a dealer 90 mins away, even the exact colors I wanted. It was in the showroom and being early January it was heavily discounted for being a leftover.
I think my dad was excited too because it was his idea that I borrow $6000 from my grandmother to buy it.
He made a chart listing the balance and multiple blank rows for me to list each future payment with date, amount, and new balance owed.
There was no set schedule but I did pay it all back.

The 2nd loan was when dh and I were renting an apartment, not married yet, and dh was laid off from his welding job and to get through the slow winter season he started rehabbing houses that were forclosed and became property of HUD (all go to HUD if it was bought with FHA or VA mortgage).

When ppl lose their home they often trash it before moving out so he would fix them up to look presentable to sell.
Through these connections he found a small HUD-owned condo. It was only 3 yrs old for $59,000; cheap even by 1993 standards. Relatively clean inside and way bigger/nicer than our apt and only about $60/mo more than rent. It was $80k new to the previous owner so this was like getting it for 25% off!

We weren’t really in the market for a home at all and completely unprepared but it was almost too good to be true. Dh had bad credit and was temp. laid off but he had a couple thousand to help with the dp. We borrowed $3000 from grandmom and were back to the chart and making payments to her.
We put it all in my name until we were married then added him to the deed and mortgage to boost his credit & since he was in reality making all these payments but then finally getting credit for it.

Anyhoo, I didn’t set out to tell you my life story but both times I took these loans seriously. I would not have screwed over my lovey grandmother whose generosity and good faith in me helped me more than once.
I was so so grateful. Hopefully your daughter feels this way too.

 

[bababear_50]

jen7233
As a mom and Nana sometimes we just have to do what we know is right in our heart.
I just made a decision to pay my son's University fees and while he never asked
me for money I know it might just help him have a fresh start in the working world.
Being a Mom (Nana) is sometimes the hardest job in the World.
Good thoughts being sent your way.
Hugs Mel

 

[jen7233]

Without knowing your daughter, I just want to say it’s not hopeless. I borrowed money from my grandmother twice. Both times I was in my 20’s, done school and working FT for my current employer. (I’ve been there 28 yrs.)
All through school, late 1980’s, I wanted either a Nissan 300zx or a Toyota Supra with the targa top.
I had a photo/ad from a Sunday newspaper stuck onto my bedroom mirror to remind me whenever I was feeling sick of school.
The Nissan got axed when they changed the body style a few months before graduation and the headlight design made it look cross-eyed.

While I was living at home and not so diligently saving up a down payment, my dad who loves to car shop and had an hour commute to North Jersey, stumbled onto my beloved at a dealer 90 mins away, even the exact colors I wanted. It was in the showroom and being early January it was heavily discounted for being a leftover.
I think my dad was excited too because it was his idea that I borrow $6000 from my grandmother to buy it.
He made a chart listing the balance and multiple blank rows for me to list each future payment with date, amount, and new balance owed.
There was no set schedule but I did pay it all back.

The 2nd loan was when dh and I were renting an apartment, not married yet, and dh was laid off from his welding job and to get through the slow winter season he started rehabbing houses that were forclosed and became property of HUD (all go to HUD if it was bought with FHA or VA mortgage).

When ppl lose their home they often trash it before moving out so he would fix them up to look presentable to sell.
Through these connections he found a small HUD-owned condo. It was only 3 yrs old for $59,000; cheap even by 1993 standards. Relatively clean inside and way bigger/nicer than our apt and only about $60/mo more than rent. It was $80k new to the previous owner so this was like getting it for 25% off!

We weren’t really in the market for a home at all and completely unprepared but it was almost too good to be true. Dh had bad credit and was temp. laid off but he had a couple thousand to help with the dp. We borrowed $3000 from grandmom and were back to the chart and making payments to her.
We put it all in my name until we were married then added him to the deed and mortgage to boost his credit & since he was in reality making all these payments but then finally getting credit for it.

Anyhoo, I didn’t set out to tell you my life story but both times I took these loans seriously. I would not have screwed over my lovey grandmother whose generosity and good faith in me helped me more than once.
I was so so grateful. Hopefully your daughter feels this way too.

I completely appreciate it. It's been a long difficult road, with her relationship with her father and she is also diagnosed bipolar, went through severe depression as a teen, still has some lingering there, and learning disabilities, and a bit of legal trouble. So, she's overcome a lot honestly, and is a young adult now with a toddler. Sort of kills me her dad that she was close to for many years with as we were not a couple since she was 4, will not help her one single bit but he's rather isolated himself from the picture with her at 16 and he went on to have four other children with three other women, lol. That really bothers her.

So, anyway, long story short, there's no easy answer I am just glad she finally finished up her school and hoping she will keep up a job and responsibility. It makes it so much harder that she has a child, very far away, to say take the bus when the daycare and work are on very opposite ends and it's really hard to be a single mom without a car in a state with terrible winters. I don't know, there just is no answer than to hope for the best. Thanks for replying!

 

[jen7233]

jen7233
As a mom and Nana sometimes we just have to do what we know is right in our heart.
I just made a decision to pay my son's University fees and while he never asked
me for money I know it might just help him have a fresh start in the working world.
Being a Mom (Nana) is sometimes the hardest job in the World.
Good thoughts being sent your way.
Hugs Mel

Thanks! I know, I just got done paying for her trade school thankfully that is all done!

 

[ruadisneyfan2]

I completely appreciate it. It's been a long difficult road, with her relationship with her father and she is also diagnosed bipolar, went through severe depression as a teen, still has some lingering there, and learning disabilities, and a bit of legal trouble. So, she's overcome a lot honestly, and is a young adult now with a toddler. Sort of kills me her dad that she was close to for many years with as we were not a couple since she was 4, will not help her one single bit but he's rather isolated himself from the picture with her at 16 and he went on to have four other children with three other women, lol. That really bothers her.

So, anyway, long story short, there's no easy answer I am just glad she finally finished up her school and hoping she will keep up a job and responsibility. It makes it so much harder that she has a child, very far away, to say take the bus when the daycare and work are on very opposite ends and it's really hard to be a single mom without a car in a state with terrible winters. I don't know, there just is no answer than to hope for the best. Thanks for replying!

Sometimes becoming a parent gives us a reason to be a stronger person and do more than we ever thought possible. My sister was always a difficult child and worse as a teenager, incredibly rebellious, eff you-ing principals in elementary school, by middle school hooky-ing over 100 days in one year. Really put my parents and everyone around her through the wringer. Decided against college. Made a LOT of really dumb choices. She was 20 when my niece was born and it completely changed her. She really got herself together. She eventually left her abusive ex-husband by the time my niece was 1, and returned to school and got a decent job that wasn't spectacular but enough to support herself and her daughter. She married a great guy by the time my niece was a teenager.
Telling a story of the past with a happy ending is always easier than being hopeful for the future when things may look bleak or difficult.
Hopefully your daughter is able to get the emotional help she needs to keep improving and feeling better. It's really hard when we as parents know our kids are at an age when they should be doing xyz, others their age are, but ours still can't, for whatever reason. It's hard to see them struggling. If they keep on trying though, I have to give them credit and keep being supportive of their efforts.
Best wishes to your daughter that her new job works out well for her.

 

[Dentam]

So, I'm moving to another option of I'm loaning her my car fund that I was saving for my own car replacement. $5000 is what I had saved. Then, I'm putting a little bit $3000 on my credit card. I should edit to say I want this car to last awhile a few years, so this price range seems to be where the miles and quality left in a vehicle are lining up with what we see.

My car, which is now 17 years old and which I've had for 16 of those years, was $7,500 when I got it used. It's been very good to me and is still kicking! I think it's Suzi Orman who says that basically a car is to get you from point A to point B and to get all the life you can out of yours. I think you can get your daughter a good vehicle in that price range and hopefully it will last her a long time.

 

[Bamaclan4]

I completely appreciate it. It's been a long difficult road, with her relationship with her father and she is also diagnosed bipolar, went through severe depression as a teen, still has some lingering there, and learning disabilities, and a bit of legal trouble. So, she's overcome a lot honestly, and is a young adult now with a toddler. Sort of kills me her dad that she was close to for many years with as we were not a couple since she was 4, will not help her one single bit but he's rather isolated himself from the picture with her at 16 and he went on to have four other children with three other women, lol. That really bothers her.

So, anyway, long story short, there's no easy answer I am just glad she finally finished up her school and hoping she will keep up a job and responsibility. It makes it so much harder that she has a child, very far away, to say take the bus when the daycare and work are on very opposite ends and it's really hard to be a single mom without a car in a state with terrible winters. I don't know, there just is no answer than to hope for the best. Thanks for replying!

Is moving closer to family a possibility in the future?

 

[jen7233]

Is moving closer to family a possibility in the future?

It certainly is and she’s going to try and build some job experience for a year and look to move.

Yeah, got the car situation all worked out , got her a 5 year old used car so that’s great with still under warranty on the power train for a while. Now have some time to square away finances. I was able to work it out with the credit card too and need to do a little transferring around but it gives me more time to shift some money around. I plan on paying it off my books over the next 15 months just to be done with it on my end and off my card, but she’s still to pay the full amount until completely paid and no interest to me, just the principal. She’s supposed to start repaying monthly next month so hoping it all works out.

 

[imbatman]

Car at the dealership this morning to get the engine replacement. Hoping the dealership doesn't mess this up, since this is the same place that ran my DH's grandma in circles over a minor fix. She ended up getting a lawyer...and a new car.

 

[ruadisneyfan2]

My car, which is now 17 years old and which I've had for 16 of those years, was $7,500 when I got it used. It's been very good to me and is still kicking! I think it's Suzi Orman who says that basically a car is to get you from point A to point B and to get all the life you can out of yours. I think you can get your daughter a good vehicle in that price range and hopefully it will last her a long time.

Wow, what kind of car is this? What a great value.
The advice from Suzi is spot on and my rational half believes this 100%. Yet so many people feel so connected to their car. I only drive 2.7 miles to the train and then it sits in the parking lot all day while I'm at work. Then on weekends I'm mostly doing laundry or maybe a few errands. We almost never take road trips; anything further than 6 hours away we fly. I know I only need reliable transportation but most American's love of the automobile goes far beyond "practical, reliable transportation."
I'm guilty on that too. I haven't even started car shopping yet and I already feel like I have an angel and a devil next to each ear; one telling me to be practical, buy slightly used and the other is telling me You work hard, you won't be disappointed with a new Acura and it will last you a long time. lol

My dad has been keeping his cars longer and longer. When I was in middle school, we teased him for having a car that was 11 yrs old. There was nothing wrong with it besides being like a tank/gas guzzler. I think it got 8 miles per gallon.
Now, they have an Explorer they bought new 20 yrs ago, immaculate but has 100,000 miles on it and he doesn't want to get rid of it.

 

[jen7233]

My car, which is now 17 years old and which I've had for 16 of those years, was $7,500 when I got it used. It's been very good to me and is still kicking! I think it's Suzi Orman who says that basically a car is to get you from point A to point B and to get all the life you can out of yours. I think you can get your daughter a good vehicle in that price range and hopefully it will last her a long time.

That is amazing! My car is going on 9 years this fall. I was going to replace it next year, but now I'm just a bit sidetracked from that with all the financial surprises so I'll probably keep it 2 more years assuming the engine doesn't give me trouble!

Car at the dealership this morning to get the engine replacement. Hoping the dealership doesn't mess this up, since this is the same place that ran my DH's grandma in circles over a minor fix. She ended up getting a lawyer...and a new car.

Oh no, hope they don't mess it up and keep it straight with you. How frustrating!

 

[Eureka]

Mailing our taxes tomorrow. We're getting a total of $300 back between state and federal. Between DS17 needing new dress shoes, signing him up for SAT subject tests, and paying for DS15's lifeguard certification class, it's already gone, lol.

 

[Dentam]

Wow, what kind of car is this? What a great value.

It's a 2001 Pontiac Sunfire. It has 164,000 miles on it. Granted it's a two door and has been a royal pain in the butt to transport much of anything in, including my large dog, but I've made it work! It's only the second vehicle I've had in my life and I'm 39. My first car in high school was a Ford Tempo which I would not recommend to anyone. lol It fell apart piece by piece fairly quickly.

Now, they have an Explorer they bought new 20 yrs ago, immaculate but has 100,000 miles on it and he doesn't want to get rid of it.

Only 100k miles - still lots of life left in it! My parents say that about my car too. Their blazer has 240k miles on it and they're prepping it for a multi-state road trip right now. I limit my driving to just around town now since I don't really want to get stranded anywhere further away in it, so I think they're a bit nutty to do this. They do have road side assistance though if anything were to happen and my mom says that if they need to buy a new vehicle in another state along the way so be it, lol.

That is amazing! My car is going on 9 years this fall. I was going to replace it next year, but now I'm just a bit sidetracked from that with all the financial surprises so I'll probably keep it 2 more years assuming the engine doesn't give me trouble!

I'm pretty amazed at how much life you can really get out of a vehicle if you keep up on the routine maintenance and take good care of it. I bet you can get two years and then some out of your car!

 

[DisneyMandC]

Only 100k miles - still lots of life left in it! My parents say that about my car too. Their blazer has 240k miles on it and they're prepping it for a multi-state road trip right now. I limit my driving to just around town now since I don't really want to get stranded anywhere further away in it, so I think they're a bit nutty to do this. They do have road side assistance though if anything were to happen and my mom says that if they need to buy a new vehicle in another state along the way so be it, lol.

I drove my last car for 10 years and 265,000 miles! It was still running when I sold it. I miss that car and would still be driving it, but it was starting to have problems that would have cost more than the value of the car to fix.

Speaking of cars, DH told me last night that he is receiving his first stock bonus payout this year from his work (have to work there three years to qualify for it). We'll be receiving $2800, which I'm very pleased about. We're going to take part of that and do a little bit of work on our house. Our front door looks terrible and doesn't really latch as it should, so we're going to buy a new door and have it installed and redo the trim around it and whatnot. We've been saying we want a new front door since we moved in, so I think two and a half years is long enough to have waited!

We were talking about what to do with the money we have left after redoing the door. I really thought about throwing the extra into student loans, but now I'm thinking I might put it in our Ally savings for a car purchase. I don't have one planned soon, but both of our cars are currently sitting at 100k miles and I HATE to have a car payment. We paid cash for my used car three years ago and it would be nice to do that again when the time comes. Or at least finance as little as possible.

 

[Tygerlilly]

It's a 2001 Pontiac Sunfire.

My first car was a 1997 Pontiac Sunfire. Electric Blue and 2 doors. I got it for my 16th birthday back in 2001. I thought I was the coolest kid for having a "sporty car". Lol. Definitely not practical for anything other than driving yourself and 1 passenger around though.

 

[Tygerlilly]

I found out Wal-Mart has a money card that offers cash back up to $75 a year and a 2% discount at walmart gas stations (where we normally go unless I have enough rewards money from Reasors to make going to Quick Trip worth it). Since I'm a walmart employee, there are no monthly fees, no costs to add money, and no fees to withdraw money and i can direct deposit right to it.
Oh a whim I went ahead and got one. I'll be direct depositing a little each paycheck and use this as a vacation card. I feel like I'd do better with this instead of a traditional savings account and neither of us can get a traditional credit card.
I'm also thinking of signing up for a secured credit card to start building my credit back up from where it is currently in the toilet.

In other news, our community wide garage sale is set for May 12th and 13th, 2 days before we leave for vacation. While I'm glad it's before we leave, I was really hoping for it to have been a weekend earlier. Oh well, hopefully I can sell all this baby stuff and have some extra spending money for vacation!

 

[Dentam]

My first car was a 1997 Pontiac Sunfire. Electric Blue and 2 doors. I got it for my 16th birthday back in 2001. I thought I was the coolest kid for having a "sporty car". Lol. Definitely not practical for anything other than driving yourself and 1 passenger around though.

I've moved cross country twice with mine packed full of belongings. Also tote a 90 pound dog around in it. I have a barrier between the front seats and backseat and she crawls in the backseat... I swear I can hear her grumbling and asking when I'm going to get a new bigger vehicle every time...

My plan was to get a Rav4 this fall or next but now that's not going to happen with the big increase in my rent.

 

[imbatman]

Car at the dealership this morning to get the engine replacement. Hoping the dealership doesn't mess this up, since this is the same place that ran my DH's grandma in circles over a minor fix. She ended up getting a lawyer...and a new car.

And....there's a problem. The tech found a crack exhaust manifold. Have it fixed today, $220. Fixed later, $600+. No brainer, but also eats up the $200 check I'd just put aside to deposit to buy two of the airline tickets for December.

Making me more sad? DH says his brakes are grinding. It's a large truck, so it's $400-$600 to fix.

Excuse me while I go cry for a bit.

 

[DisneyMandC]

Feeling so unbelievably fortunate today. I posted about DH's stock bonus this morning. Well, today he found out what his annual bonus will be this year. Their bonuses were very small last year, so we weren't expecting a whole lot this year. Well, after taxes it is enough to pay off the $5600 balance of my student loan!!!



I'm so excited and so thankful! I thought about doing the same with this as the stock bonus I posted about this morning (putting it towards a new car for down the road), but it doesn't make sense to put THAT much in savings or a CD when I have a student loan sitting at 5% for the same amount that I can pay off and save $1000 in interest on. We won't get this bonus until mid-May, so I'll make two more student loan payments before then to get it down a little lower.

I can't believe it! I feel like I should play the lottery too haha. Tomorrow is our three year wedding anniversary, so someone must be smiling down on us!