Finance question

We have a first mortgage, a consolidation loan which is really a home equity loan, and an RV loan. We live in our RV in a warmer climate 3-6 months a year as my dh has healthy problems if he stays up here in the NW year round. My question is: in my budget would all 3 of these loans be considered housing or is only the 1st mortgage housing and the rest are debt?

umm i’m not sure but i would think a home equity loan is debt… the first mortgage is housing and i am not sure abou the RV loan..i would think that the loan that your in for at least 6 months out of the year would be housing? i am not sure though…. GL nad hope you find the answer you need :)

I think the RV is considered a vehicle loan??? I would think that the mortgage is the only one considered housing. Can you claim the interest for your equity loan on your taxes under property taxes??? If so, then I would think you could consider that one housing too; same with the RV. If not, then I would consider those to be debt.

Yes I can claim the taxes and interest on all 3 of these loans on my tax form. we are only a week late in paying our mortgage, and this is the first time that we have been late, ever, in the 2 years that we have had the mortgage. my question is, the mortgage company has called my work to ask about payment. And what really makes me mad is that I was not here to answer the phone, so one of my co-workers took a message. Can they do that?

What kind of message did they leave ? If they just left a message indicated their company name and asked you to call back, they are ok. If they left the message mentioning you were late for the payment, they violated Federal Fair Debt Collection Acts and you could complain them.

I realize that it took me awhile to get where I am. If I sell the car, I will not get enough out of the sale of it to pay all of it off. The truck pretty much pays for itself with the hobby farm and what I make there but then again, I could make do with a truck of less quality. I will look into the Dave Ramsey website and see what I can glean from that.

Need help with collection account

When my daughter moved out of her college apt last summer, she left a balance on her internet that I didn’t know about. Unfortunately the cable account was in my name. I had worked 2 years to clear all debt from my credit and am trying to re-establish credit. Anyway, when my credit was pulled in December 09, there was a collection for $61 for Charter Fort Worth. I didn’t even know what it was!

I immediately called the credit agency and arranged full payment of the $61 and explained I did not know about the debt. The lady said she couldn’t remove it, only Charter FW could. I called them and they said their account w/me is closed and that it was the collection agencies decision. The account is listed as ‘paid’ on my credit reports.

The collection agency informs me that can not remove it, it was against their policy. MyFico report shows ‘recent collection’ as a red flag against me. The reason I was hopeful that they remove it is because my daughter had a few small medical bills on her credit totalling $82 and paid it and they removed it from her credit. I really need my scores to improve!!!! Is there anything else I can try to get this off? Thanks!

You typically would need to negotiate a “pay for delete” with the collection agency at the time you pay them. Once you have already paid them they have no motivation or reason to delete. Maybe somebody else knows something you can do, but once you have paid them they typically won’t delete. Medical collections are a little different then regular collections because of the HIPAA laws (learn more from this document).

I used to work for a collection agency. The agency is suppose to remove it once paid…You can actually go to the credit bureau and have it removed yourself by sending a copy of the payment to the agency showing it was paid and ask them to remove it. They will remove it for you.

I got spending problem

Ok, i have a spending problem and i was wondering if anyone knows something i can do. If i don’t figure out something it may ruin my marriage. The thing is that i don’t go out and buy expensive things or anything. But i think that i am doing good and next thing i know, my car payment is gone.

I understand and have been working on myself and my finances for years.

To truly succeed at staying on a budget, you do have a budget? I highly recommend working on overcoming emotional barriers, whether they’re based on life’s anxiety-factors or emotional traumas.

There is no greater enemy to your health or finances than high stress. Many people initially succeed at implementing a budget — but then fall back into old habits… Why? Because the emotional barriers were never overcome in the first place.

keep working, one day at a time.

I would tell your Husband whats going on before it gets worse about your spending habits. Then, get all your bills out and see how much you owe together with your hubby. Start making cuts with little things – groceries, utilities, etc. Then work on the big stuff loans, credit cards etc….

I have a spending problem, too. It’s a hard one to deal with, but I’ll tell you two things that I did that had a PROFOUND impact:

1. I tracked my spending for 3 months– saved every receipt and wrote out every other non-receipted purchase/payment on an envelope that also held all the receipts. I have to say, I was SHOCKED at how fat the envelope got and how much money I was spending. All those little amounts here and there really added up quite quickly. I was spending WAY more than I thought I was. I also learned a lot on how to get 1000 dollar loan with bad credit from WeGot1000 company. Anyway, I then simply sorted the receipts: Bills, Household Expenses, Personal Purchases, Medical, Gas & Car, Dining out. Guess which two were the highest? Hint– it was not the bills!

2. I started (and I’m really embarrassed to admit that I got into the habit of NOT doing this) to track my spending in the checkbook register. You know, write a check, write it down in the register. Get cash for the ATM, write it down in the register. Make a debit purchase, write it down… There’s nothing like seeing my balance draining out to slooooooow down the spending on my end. I found myself getting pinchey and stingy. If that’s what it takes to get financially healthy, I’ll take it! And I’ve reduced quite significantly the number of overdraft charges I was getting because I now know down to the last penny how much money I actually have. I know this should be very obvious, but I thought I was keeping a pretty good loosey-goosey mental track of things, and of course, by checking my balances online. It’s not enough, at least not for me! Esp since some banks like to play games. Granted, it’s still my fault, but the damage could be much less if the banks didn’t have certain practices.

It really helps to actually see where you’re spending money and how much, kind of like keeping a food diary when you’re trying to lose weight– it’s no longer a guessing game or an estimating game, it’s cold hard facts. This would be a pretty good place to start because it’ll allow you to not only see what your particular weakness(es) may be, but also perhaps give you an “a-ha!” moment about why you spend. I waste money when I’m stressed, sad, happy, and bored. So, knowing that gives me an opportunity to see what else I can do about my stress levels, sadness, happiness, and boredom. Anyway, then, you’ll have to make decisions about what you can cut out (or what you NEED to cut out), what you can reduce, and what you can’t go without (for example, gas, or your monthly bus pass). It’s not necessary I don’t think to track for 3 months. I just did because it took me that long to feel “strong enough” to look inside the envelops and analyze my spending habits.

HOpe this at least gets you started in the right direction– you may find other methods work better, like the envelope method.

Trying to get out of debt…

I thought I paid off all my cards but I ran a credit report and found 2 cards open.

  1. card states transferred, closed $3739 written off.
  2. account charged off $1715 written off, $2929 past due

Card # 1 has gone to a collection angency. I have not received any letters or request for payment. But on the credit report show $4322 past due. Should I contact credit card company or collection angency

Card # 2 should I contact credit card company via phone or letter. what are my options?

Did you check all credit reports or just one it may be payed off it might not be showing up.
I had that happen to me mone credit report showed i still owed on a credit card and the other showed it payed off. I would call credit card company on both.

You have a few options, but first make sure they are in fact you are in debt with this credit card.

To answer your first question, the credit card company releases its responsibility once it charges it off to a collection agency, hence the name charge off (which is shown on the credit report). If you look at your credit report, you should see another inquiry on there showing the agency and contact information with the amount (which you already know). So, you need to contact the agency at this point, as it looks like this account has been closed by the creditor.

It is not uncommon for you not to receive correspondence from them, but that doesn’t mean you are still not responsible for them. I would contact the collection agency.

As for the answer to your second question, I would start by calling them on the phone and cordially talk with them regarding your obligations. They should (and legally will) remain pleasant to deal with. More than likely they will come up with a deal for you to make half the payment or a third if you can pay things in full with them by a certain time. If things need to be monthly, they’ll work with you. They have numerous avenues of help, as it becomes a win-win situation for both sides: you pay off the debt, and they get some of the money as well.

I hope this will help you get started.

Main topic of website changed

Hi, guys,

It’s been a while since we last talked. We promise you to update our blog on a regular basis.

We have also decided to change main topic of our website and now we are going to talk about personal finances, budget management, debts, loans, credits etc.

Let us know what you think!

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