Recognize that Life is out of control day one
Current debt to income: 140%
Future debt to income: 185%
- Overwhelmed with paper/bills and household stuff
o Laundry basket full of “stuff” – who knows how many bills are in there? hopefully none!
o Savings bonds/cash in random places
o 95% sure current month bills are paid
o Passwords/account numbers and logins stuff everywhere on little piece of papers
o no homeowners insurance on second rental property
- Wife out of a part-time job in 7 weeks
o Benefits increase$600.00/per month
o No monthly income from her (1200)
- Debt to income ratio: monthly debt (personal and business) 6200 – total income: 5000
o Current house: worth 170,000 – owe 95,000. 15 year mortgage – owe $1000.00/month
o Second property: condo worth 275,000 – owe 245,000 – 30 yr mortgage – 2,000/month
o Private loans:
§ Father 1: 40,000 -- $220/month 2% unsure who many years – haven’t paid since borrowing in May 2008
§ Father 2: 25,000 -- $400/month – currently paying and caught up with payments
§ Mother 1: 35,000 -- $450/month (to be honest – unsure of amount)
o Credit Cards: 9500+2500+1000+9500=21,600
o Currently owe: 9500 on credit card. Rest paid off using father/mother loaned money
- Credit: shot
o paying 9500 on a credit card – 12% paying 220/month
o Between april 2008 and april/may 2009 – did not any (ok some) credit card bills. Interest rate shot to 39% and 24%. Cards closed everywhere – credit calls all day long
o April 2009: Talked to consumer credit as option to get out
o April/May 2009: began private debt settlement negotiations between ourselves and creditors
o June 2009: credit cards (accept for 9500) closed and settled.
o Outstanding BANK loan for overdraft fees: 1000.00
- Life:
o Awesome parents together
o Ongoing summer custody issues for no reasons – why? we never know?
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