Hello everyone, I'm new here.

[Anonymous]

"With the amount of cards you have, you should be able to do without a DMP"

I just felt that I needed someone to help get my payments lowered.  Here's why

I net $3300/month

Expendatures:     Mortgage- $655/month

                            Car #1    -   $ 351/month  11 months left

                             Car #2   -     205/month    23 months left

                       Electric & Gas-  $120/month

                Water,Trash,Sewage- $100/month

                               Cable- $70/month

                 Phone & Cell  - $150/month

                 Groceries- $320 or so /month

                    Car insurance-  $ 125/month

                    +  other misc. items,  gas for the car, 401k, school supplies & lunch, internet,

              When I did it on Dave Ramsey's website ( 7 day free trial) I had like $70 left for the month.

        I know your gonna say, well cut some things out like the cell. It's mostly for safety reasons, son going out, car breaks down on wife, etc.  Everything else seems like a necessity. Yeah I know- dish network isn't, but we  took our antenna off our house when we  re-roofed. (LOL paid cash for that)

                   Just wrote this  FYI.    Any Comments?

[Anonymous]

     Cut the cable down to the lowest package, I think its like 29.99 mthly, you gain a few dollars there.

     Make sure the cell is at the lowest price plan, if everyone has a cell you could cut the home phone.

     Check your car insurance, can you raise your deductable? read my thread so you understand how much inquiries can affect your insurance premium.  I just saved over 1000. a year changing the insurance with my name first instead of hubbies.  Plus I pay in one payment that saves a lot of money (i know not an option for you now, but in the future).

     Have you called your CC's yet??  This is major important to do ASAP (meaning yesterday).  What was the results of that?

     Is it possible to refi auto loan #1, not the greatest option but could help a bit depending on the refi terms.  

     Pack lunches, that saves a bunch.  Make sure you combine trips so you save on gasoline.  The kids also need to be made aware of the problem so they can understand when you say no going out if you have to use the car.

     Make a budget, get that pen and paper out, the most important financial move.  Knowing what money you have and where it goes. 

     I write every dime we spend down.

                                                                   Good Luck Vicki

[Anonymous]

Bigray -

Can your wife work? I moonlighted as a waitress at a local Irish pub for the LONGEST time. It was exhausting - as this was on top of my regular 40-hr/wk office gig, but that 2-4 nights a week made a HUGE difference for our income. We also didn't have to pay babysitting, because it was at night & DH was home to watch the girls. I would bring home anywhere from $200-$600/wk in tips, plus my hourly paycheck.

[haulingthescoreup]

Or maybe either of you can pick up a weekend job. Bagging groceries can get you an employee's discount on your food, too!

Like ivy said, figure out a way so that one of you is home with the kids, so that you don't have to worry about child care and the extra stress and $$$ associated with this.

When I was a stay-at-home mom, I actually had fantasies about the 5 a.m. Mickey D's shift (how pitiful is that!) --just to have some extra cash and get away from the little darlings for a bit. Unfortunately DH has a very irregular schedule, and there was no way to work around it.

You guys are a family, and this is a family challenge. I'll bet when you let them know what's up, they're all going to be willing to pitch in! Celebrate with family picnics in the park. Good luck, and please keep us posted.

[marty56]

---

Bigraydaddy1 wrote:

BTW, marty, is this who you went through?

---

No the one I used was a partner of 40debts.  I cant post the URL due to forum rules.  I sent you a PM with the info.

Message Edited by marty56 on 05-20-2008 06:23 PM

[Anonymous]

Thanks marty, going to explore all my options. Just got off the midnight shift this week, gonna call the CCC's and see if they'll work with me with no middle-man.

I've tried it before (months ago), but maybe I went about it the wrong way.  Alot of good advise on thei forum...Thanks guy's

[Anonymous]

Hello again.  I talked to a couple of my creditors, and the responses were negative. With my Citicard, I am on a repayment program, 4months left, and when I'm done my interest rate would go to 15.9%. (if I took their "special offer". If I refuse the special offer, my interest rate would be at 29%)

They said it would be approx. 18 months before they would talk about lowering the rate. I figured my minimum payments on the numbers they quoted me, and my payments on all my debts would be $782/month. Too much for me.  Takechargeamerica quoted me a payment of $681/month, which would have me debt free in 50 months.

The thing I am more concerned about is my FICO score, and it seems a DMP would be my best way to raise that quicker, with less headche. I'm not worried about being able to use the cards again, as I NEVER want to be in this situation again. (I would like one later, of course, lower limit, for emergencies)

Any suggestions, on my next step, you guy's have been so helpful.

A couple of my cards are at 7.9%-9.9%, but I can't keep them off the DMP.  My other interest rates on the other 3 cards are 22%-29%, which will keep me in debt longer that 50 months.

Suggestions- PLEASE

Thanks,  RAY

[Anonymous]

So the DMP is an all-or-none kind of approach? Wow, I don't know what I would tell you... the cards that are already at 7.9-9.9% are really great. I'd hate for you to lose those as a sacrifice to manage the higher-interest cards.

I will wait for others to give their advice.

[Anonymous]

Of course after my car(s) are paid off, I'd be able to put more towards my payments, whichever route I took. But not being able to negociate with Citicard for at least 18months kinda puts a damper on staying off the DMP

HELP  !!!!!!!!!!!!!!!!!!

[demi]

It's hard to give up the cards, and I told myself for years I could do it on my own.  I would get a new card, transfer the balance, and then charge again.  I have had great success with Takechargeamerica...personally, I think the sooner you do it, the better.  I delayed doing it, and if I hadn't, I would be free and clear.  3 1/2 years into it, I am in the 683-694 range, and buying my first house.  I will get new cards, to help further rebuild my credit, but I will never, never let this happen again.  The only negative impact will be as you close cards, which won't happen until they are paid off.