indebted2debt

I made my bed, and now I must lie in it!

Archive for the tag “stress”

We’re moving!

Since we sold out building back in December we knew that we’d be moving July 1st. (Which is considered moving day here, even though a lot of people do move year round) but I was stressing over actually finding a place that # 1: Is nice and clean and fits all of us, and that #2: Allows animals, and finally #3: is affordable.

The affordable factor was much harder to deal with since rents have gone up SO MUCH! We finally did find a place that we fell in love with, the rent is more than what we are paying now but we can make it work, and for what we are getting and the area it’s in, it’s actually not bad at all.

With moving comes other costs though. Like general moving costs! We are planning on renting a U Haul and bribing our friends to come and help us. We have never hired movers, but I know people that have and that has set them back hundreds! Then there’s the costs of paint, cleaning supplies, and all the other little things that come up.

Do any of you have any tips for us to save some money?

Gah!

So I met with the advisor and have been stressed ever since that meeting. I left there feeling even more down in the dumps than I had felt before. Maybe it’s a “you’re going to feel worse before you feel better” kinda thing but either way it sucked. I got into my car and could literally have cried for days but the tears never came.

What came was PANIC. How the fuck am I gonna do this?

The advisor was amazing! I’m not sure what I thought might happen in there. Maybe judgement? There was none of that at all. There was actually sympathy! She compared 2 scenarios to me, I guess the only 2 that made sense in my situation. Since I had done a lot of research I knew a lot of info before going in, but what I wasn’t sure on what the calculations! Well ladies and gentlemen, now I know! LOL!

She had to compare bankruptcy to consumer proposal since you need to offer more money in a consumer proposal than you would repay in a bankruptcy. I did not know that! So basically, after giving her all my salary and debt info she figured out that I would have to pay around $18,000 (or $360.00/month) for a bankruptcy, and therefore would have to at least offer $20,000.00 for a consumer proposal. (which is $350/month) You repay that monthly amount for 5 years.

The bad news? Each is almost just as bad on your credit score. Bankruptcy is a R9 and a consumer proposal is a R7.

At this point I’m paying $720/month on my debt. If I were to do a consumer proposal (I’ve decided against bankruptcy) that means my debt is cut in half.

Pros? My debt is cut in half!

Cons? I have no credit, and will not have any for 5+ years.

My question to myself is, can I do this myself? If I get a better paying job, I could very well bring in $300.00-$400.00 more a month that could be put on my debt.

I need advice. I need tips. I’ve been reading a lot about Dave Ramsey and actually reserved his book at the library (The Total Money Makeover). A quote I read of his makes perfect sense: “If you will live like no one else, later you can live like no one else.”

It makes perfect sense, and that is my goal!

Stressed!

So I’m feeling kinda stressed lately with my debt. I mean, I’m always stressed about it but lately it’s been hard. I don’t see the light at the end of the tunnel. We’re barely making ends meet, and that’s us just paying the minimums which is all we can afford to pay. The only way that we’ll be able to pay more is if I work 7 days a week or I get a better paying job. Even then I’ll only be bringing in an extra $300-$400 extra. I’m not sure what to do but I think I need to sit down with a financial advisor and discuss options. It’s not manageable anymore and it seems to be getting worse. The last thing I want is to file bankruptcy and I know there are other options besides that so I need to look into what they are. Most of all, I see how this is affecting my health, stress wise I’m probably at my worst. I mean, it’s almost 3 o’clock in the fucking morning and I’m still awake!

Anyhow, I wish I had an update that was good news, but quite frankly our financial situation is quite grim. My bank account is actually in overdraft until payday which is 2 weeks from now . Lovely!

Leaving out debts….

So, I may have overlooked some debts. What kind you may ask? Oh, nothing much, just a little thing called a mortgage, a car payment, and some store cards that I have equalized payment plans with that charge zero interest.

 

I decided to leave the mortgage out because I’m in the process of selling. It’s a long horrid story that involves buying a duplex with family, and it all went horribly wrong. I cannot sell fast enough and unfortunately this market sucks big huge hairy monkey balls right now. Boo that!

 

The car payment loan…it’s a biggie that’ll be with me for around 5-6 more years. I can afford the car payments, and I absolutely need a car so this is a must and something I cannot get rid of.

 

The store cards….I bought a fridge when mine broke. Ok, so I didn’t have to buy the Cadillac of all fridges but I did. It’s a monster and will probably never fit into any kitchen when I have to move but whatever. I’m stuck with it now.

 

The other big purchase? A 60 inch flat screen smart TV. The smart part totally sold me, and guess what? I have never used any of those features. The TV is fucking smart and I’m fucking stupid. The end!

SO, if we tally in all that added debt you want to know what my new debt total is? Brace yourselves!

Store card 1 – $1552.24

Store card 2 – $1938.34

Car loan – $23,129.69

Mortgage- $338,193.24

 

TOTAL: $ 364,813.51

 

TOTAL DEBT INCLUDING ALL DEBTS = $398,059.78

THIS is why I did not include the above debts in my debt total, that number is crazy scary.

Hopefully I will have soon sold the duplex and then I won’t have that hanging over my head.

As for my store cards they do not accrue interest and I pay them on time every month and therefore the totals are going down quickly.

As for my car payment, I was lucky enough to get a good interest rate when I applied for the loan so the principle has been going down.

In the meantime I have been paying my minimums on all other debt and trying to decide a plan of action. Every time I think I can pay this all off on my own something gets in the way. I have recently thought about bankruptcy but then I have to live with a really bad credit score for at least 6 years. I don’t know that I can do that.

I’m torn. In the meantime I plan on spending the least amount of money possible and just maintain all my payments. I need to decide soon though because this debt is making me super stressed and has been for some time now.

Any tips, or advice is always appreciated. I find comfort in reading other blogs like mine, it’s encouraging and makes me very hopeful for the future. 🙂

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