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Home > Debt Update - 2 new zeros! New goal!

Debt Update - 2 new zeros! New goal!

August 22nd, 2015 at 11:26 pm

Well.....where to start!? Less then 2 weeks till the wedding! We are busting our butts to get everything done....my parents have offered to give us $500 to help with expenses so that is great, that will pretty much cover all of my clothing (dress, shoes, bra, undies, jeweled sash, and hair pins), so that is a huge help!

House Closing - STILL NOT DONE. The bank is being ridiculous....seriously every time we get them the giant pile of paperwork they asked for, then they ask for another big pile of paperwork. We have been working on this since mid June! They actually told us we needed to provide a signed and dated letter that said "Why we were moving down the street".....UM WHAT? We have to tell you WHY we are moving? So I typed a letter that said "I want a different house". So annoying! Lucky for the bank, DF has been handling 95% of dealing with them and he is less b*tchy then me...lol. But we are both pretty fed up. If this would have closed in a reasonable time frame, we could have been closed on the house 6 weeks before the wedding, and had time to get moved....as is we will probably close the week before or the week of the wedding, so we won't be able to work on moving, and the week after the wedding is the BIG rummage sale so we won't be able to move that week either, so instead of moving mid to late July, it will more likely be mid to late September! Grrr!

New Zeros - The bank also wanted us to make the numbers look a little better so they asked us to pay off the 2 cards we had balances on, David's Bridal ($400) and Ring - Iddeal ($2700). So we took money out of savings to pay those 2 off. It wasn't the way we wanted to do things, but it will be good to be rid of the ring payment ($213 per month). Yeah for 2 new zeros!!

New Goal - So now the next goal is paying off the loan from my Mom. Our payment is $300 per month, and interest is only 4%, so we should be able to pay it off relatively quickly, our goal is 1 year. Our plan is to just make our regular payments to her each month, and we will have a separate savings account that we will be putting any extra money into, once that savings account balance equals the balance we owe her, we will then make payment to her in full.

Celebrations for this update:

-2 new zeroes!

-Bad Debt race is under $30K!

-HELOC is under 30K!

Student Loan $0
Payback Savings $0
David's Bridal $0
Scheel's Card $0
Total Rewards $0
LOC - US Bank $0
Ring Iddeal $0
Loan from Mom $14,750.00
Store Loan $14,009.96
HELOC $29,815.81
DF Mortgage $88,712.74
My Mortgage $159,400.00
Total = $306,688.51

Down $3918.39 in 2 weeks!

Starting total was $314,391.18, so we are down $7,702.67 since 6/19/15.

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