In December I moved my site to
www.lostndebt.savingadvice.com
I have successfully settled with all my creditors but one since that time.
Sunday, June 22, 2008
Sunday, March 16, 2008
Debt Settlement Update
I haven't said much lately about my credit card situation and thought that maybe you'd like to know what has been happening. First of all, my phone has been ringing daily, I still have four creditors with 7 credit cards that are calling. I have my answering machine set up so I don't hear the constant ringing, but I can see from caller ID, they are calling.
I have been sick since last Sunday with that horrid flu and today I'm not much better still. I did talk to my creditors the week before I got sick just to let them know I was here and waiting to settle with them.
What I have learned from this experience is that there are policies within each credit card company and you have to wait until you are at least 120 days past due before they will negotiate a settlement. I'm not 120 days past due yet, I'm only a little over 90 days and less on some cards.
This whole thing seems like it has been an eternity, probably because I saw my falling last October and have been worrying relentlessly ever since. I've made offers to two of my large accounts; one wrote to me that they were unable to settle at this point and thanked me for my good faith effort to settle this account and the other told me I was not eligible yet. So I asked the collection person what they meant by "I'm not eligible yet, did it have to be a number of days?" She said, "you've got it" and then I said, "how many days, 120 days?" and she said, "you said it", I guess we are talking in code because this is a company secret. So two weeks into April I will be 120 days on one of my accounts and I am going to make the offer and see if I am now "Eligble". I will be so glad when this is over so I can move on with my life.
I was offered a new job a few weeks ago, but had to decline because my credit is a mess and in my business, "Credit is Character"; they would not have hired me if they had seen my credit. Even after I have cleaned this mess up, I am going to have to wait until my credit score goes up before I can apply elsewhere and it will be embarrassing to explain that I was overextended and had to take this approach. With the housing market not budging, I may have to take a different job and it would probably be in sales, because I could never work in an office again and be stuck to a desk, I've been on my own for years and it's a scarey thought that I would be confined in an office cubicle.
So the saga continues and hopefully, by June, this whole thing will come to a closure. In the meantime, I hope the housing market opens up. I was unable to pay my mortgages this month and am having to use money from my debt settlement account to pay them; that is not good, I need that money to settle this mess.
I have a car I'm planning on selling and hope to take that out of storage this week and get it to a garage so he can get it repaired and put on his lot to sell for me; there has been so much snow I haven't been able to do that yet. This would be a huge boost to my situation if I sold that car. The current vehicle I am driving is 8 years old and needs work so if I sell the other car I can fix my current vehicle to run for the next few years until my credit comes back; but even when my credit comes back, I hope to save enough money to pay cash for a good used vehicle and hope not to borrow any money - I never buy new!
After this situation the best thing I can do for myself or anyone can do for themselves, is put their own money in the bank and borrow against it to start building a new credit history. I do have a couple of mortgages I am paying on that also will help, but I do hope to sell a house this year.
I have been sick since last Sunday with that horrid flu and today I'm not much better still. I did talk to my creditors the week before I got sick just to let them know I was here and waiting to settle with them.
What I have learned from this experience is that there are policies within each credit card company and you have to wait until you are at least 120 days past due before they will negotiate a settlement. I'm not 120 days past due yet, I'm only a little over 90 days and less on some cards.
This whole thing seems like it has been an eternity, probably because I saw my falling last October and have been worrying relentlessly ever since. I've made offers to two of my large accounts; one wrote to me that they were unable to settle at this point and thanked me for my good faith effort to settle this account and the other told me I was not eligible yet. So I asked the collection person what they meant by "I'm not eligible yet, did it have to be a number of days?" She said, "you've got it" and then I said, "how many days, 120 days?" and she said, "you said it", I guess we are talking in code because this is a company secret. So two weeks into April I will be 120 days on one of my accounts and I am going to make the offer and see if I am now "Eligble". I will be so glad when this is over so I can move on with my life.
I was offered a new job a few weeks ago, but had to decline because my credit is a mess and in my business, "Credit is Character"; they would not have hired me if they had seen my credit. Even after I have cleaned this mess up, I am going to have to wait until my credit score goes up before I can apply elsewhere and it will be embarrassing to explain that I was overextended and had to take this approach. With the housing market not budging, I may have to take a different job and it would probably be in sales, because I could never work in an office again and be stuck to a desk, I've been on my own for years and it's a scarey thought that I would be confined in an office cubicle.
So the saga continues and hopefully, by June, this whole thing will come to a closure. In the meantime, I hope the housing market opens up. I was unable to pay my mortgages this month and am having to use money from my debt settlement account to pay them; that is not good, I need that money to settle this mess.
I have a car I'm planning on selling and hope to take that out of storage this week and get it to a garage so he can get it repaired and put on his lot to sell for me; there has been so much snow I haven't been able to do that yet. This would be a huge boost to my situation if I sold that car. The current vehicle I am driving is 8 years old and needs work so if I sell the other car I can fix my current vehicle to run for the next few years until my credit comes back; but even when my credit comes back, I hope to save enough money to pay cash for a good used vehicle and hope not to borrow any money - I never buy new!
After this situation the best thing I can do for myself or anyone can do for themselves, is put their own money in the bank and borrow against it to start building a new credit history. I do have a couple of mortgages I am paying on that also will help, but I do hope to sell a house this year.
Sunday, February 24, 2008
Think yourself out of Debt!
I have been reading a few books lately, with all this time on my hands, "The Secret", "The Total Money Makeover" and "The Success Principles" and they all elude to how your thinking can bring about your financial position.
If I reflect on my life, it is apparent that my positive thoughts did bring me to places I never dreamed possible. Although, I am in a serious financial down right now, I know in my mind that this is a temporary state for me, I know that I will work my way out of this and from what I have learned here, this will not happen in my life again. The giant sucking sound has finally quieted and I'm learning a lot of important things, like the word "no".
One of the biggest things I have learned is that "it's not the hard times that will get you, it is the good times". Just living and doing everything I wanted to do for myself and others and not thinking about the "what if". That is why I am here.
This experience has also given me time to write and I've been doing a lot of that. Working in the finance industry for over 22 years, I know about credit and how banks work, know about credit reports and how to fix them, know about many people who have settled their debts, know many people working with debt management companies and many who have filed bankruptcy. I have assisted thousands of people through the years with their credit issues by giving them information and form letters to fix their problems. All free just to help people so that someday they could buy a home and be bank worthy. I have clients I have spent years with helping them finally get into a position to buy a home.
In the last four months I have spent a lot of time thinking about starting a side business for credit repair, settlement education and other alterntives to give people the tools to handle their own problems. I've consulted with the banking and insurance commission a few times, talked to an attorney about the business and I have wrote a manual that is already over forty pages long. I hope to use my experience and the experience of my clients (all anonymous), as examples with solutions.
While going through this process I noticed a lot of predatory companies who thrive on naive people who don't understand that they don't need third parties to handle their debts and etc. In my research I did find a few companies that seemed legitimate for people who just don't have the confidence to handle their finances on their own, but it took a lot of research. I'm afraid that many people panic and don't take the time necessary to find the right company. If a person has a true hardship they can deal with their creditors and the creditors actually prefer it that way. A person just has to have enough confidence and education to know how to handle their situation.
In the state I live, debt settlement companies are not allowed, however, educating people is. I could have seminars and sell my manual with standard form letters and etc. to help clients handle their own credit issues. They could then consult with me for an additional fee which I would put on a sliding scale based on income and need.
With the new bankruptcy laws, people don't know all their options. I think this could be a very helpful service and I would interested it others thought it would be as well?
If I reflect on my life, it is apparent that my positive thoughts did bring me to places I never dreamed possible. Although, I am in a serious financial down right now, I know in my mind that this is a temporary state for me, I know that I will work my way out of this and from what I have learned here, this will not happen in my life again. The giant sucking sound has finally quieted and I'm learning a lot of important things, like the word "no".
One of the biggest things I have learned is that "it's not the hard times that will get you, it is the good times". Just living and doing everything I wanted to do for myself and others and not thinking about the "what if". That is why I am here.
This experience has also given me time to write and I've been doing a lot of that. Working in the finance industry for over 22 years, I know about credit and how banks work, know about credit reports and how to fix them, know about many people who have settled their debts, know many people working with debt management companies and many who have filed bankruptcy. I have assisted thousands of people through the years with their credit issues by giving them information and form letters to fix their problems. All free just to help people so that someday they could buy a home and be bank worthy. I have clients I have spent years with helping them finally get into a position to buy a home.
In the last four months I have spent a lot of time thinking about starting a side business for credit repair, settlement education and other alterntives to give people the tools to handle their own problems. I've consulted with the banking and insurance commission a few times, talked to an attorney about the business and I have wrote a manual that is already over forty pages long. I hope to use my experience and the experience of my clients (all anonymous), as examples with solutions.
While going through this process I noticed a lot of predatory companies who thrive on naive people who don't understand that they don't need third parties to handle their debts and etc. In my research I did find a few companies that seemed legitimate for people who just don't have the confidence to handle their finances on their own, but it took a lot of research. I'm afraid that many people panic and don't take the time necessary to find the right company. If a person has a true hardship they can deal with their creditors and the creditors actually prefer it that way. A person just has to have enough confidence and education to know how to handle their situation.
In the state I live, debt settlement companies are not allowed, however, educating people is. I could have seminars and sell my manual with standard form letters and etc. to help clients handle their own credit issues. They could then consult with me for an additional fee which I would put on a sliding scale based on income and need.
With the new bankruptcy laws, people don't know all their options. I think this could be a very helpful service and I would interested it others thought it would be as well?
Friday, February 15, 2008
Discover Card
I have had some nasty collection calls from Discover card. They call daily, sometimes seven times a day. I speak to them about once every two weeks. Two weeks ago they wanted to set me up on a hardship plan; I told them I can't make a mortgage payment right now, why would I pay a credit card. The hardship plan was 17% interest for one year, keep in mind I have had this account since the late 90's and never have had a late payment with them; this is how they treat people when they are on hard times, no wonder their default rate is so high, it's just totally unreasonable.
This week they wanted to speak to family members to see if they could help pay my minimum payment; they asked to speak to my parents. I'm assuming this is part of the collection process to wear you down. It is very upsetting, but I guess in prospective they are just doing their job. I don't intend to speak with them again until I am over 90 days past due. I have basically told them that making a minimum payment when I have barely an income coming in and am only able to pay for the necessities, would only be a bandaid on a cut that is bleeding all over the place. I further told them that I want this over with and will only settle the account since I am receiving some money and creditors that want to settle will get what I have.
So now the phone is ringing - guess what, it is Discover again, they are relentless and will do this all day even though I spoke to them yesterday. Another little thing they do is the first caller takes sympathy and then says, "Oh, let me transfer this call to someone who can stop the calls from coming" , then you get pressured by another collection agent and then they call you again an hour after you're off the phone with them.
This is why people eventually file bankruptcy, they get tired of the harassment. I told the collection agent I was trying to avoid bankruptcy and he told me go ahead and get my bankruptcy filed and give him the information, he wouldn't settle. So he's willing to get nothing ... or maybe pennies on a dollar over a five year period, if I file Chapter 13 - who is the idiot here.
This week they wanted to speak to family members to see if they could help pay my minimum payment; they asked to speak to my parents. I'm assuming this is part of the collection process to wear you down. It is very upsetting, but I guess in prospective they are just doing their job. I don't intend to speak with them again until I am over 90 days past due. I have basically told them that making a minimum payment when I have barely an income coming in and am only able to pay for the necessities, would only be a bandaid on a cut that is bleeding all over the place. I further told them that I want this over with and will only settle the account since I am receiving some money and creditors that want to settle will get what I have.
So now the phone is ringing - guess what, it is Discover again, they are relentless and will do this all day even though I spoke to them yesterday. Another little thing they do is the first caller takes sympathy and then says, "Oh, let me transfer this call to someone who can stop the calls from coming" , then you get pressured by another collection agent and then they call you again an hour after you're off the phone with them.
This is why people eventually file bankruptcy, they get tired of the harassment. I told the collection agent I was trying to avoid bankruptcy and he told me go ahead and get my bankruptcy filed and give him the information, he wouldn't settle. So he's willing to get nothing ... or maybe pennies on a dollar over a five year period, if I file Chapter 13 - who is the idiot here.
Friday, February 8, 2008
Settlement; OMG
My largest debt is with Bank of America, it is at $59,900 right now with the interest and late fees. I had a dream on Tuesday night that they were suing me for the balance. I woke up at 2:00 am and couldn't go back to sleep.
For those who been following me, you know I have that "Privacy Corp" ID machine that let's my calls go to the machine and I don't hear it ring. I thought I had all the collectors so far, programmed in. So my mother is traveling and I was concerned about her and the phone rang and I assumed it was her, well it was BOA. I had not planned to talk to them again until March because I'm not yet 90 days.
So I told them my situation, which has not changed and told them I'm looking to settle my debt. The nice gentleman I spoke with offered me a settlement of $21,000, I asked for $18,000, so he told me he would go see his manager and call me back. He called me back with bad news, they wanted $27,000, which I don't have available to me right now and it would throw off my settlement plan making me short to settle all my debts. So he hooked me up with the Manager, she thought I was threatenig her with a bankruptcy which I told her I was not, but .... that didn't go well. She then told me that if I did not settle, she was sending me to arbitration, that means legal and they make the decision to sue me or not to sue and she told me they would sue me and garnish my wages and put a lien against my house. So then she and I compromised and we finally settled at $23,000. A little more than I have right now, but she let me spread it over 4 months so my tax refund will be here and I'll have enough. That is a 38% settlement and I'll take it with the threat of being sued over me. My account was large and it is usually the large ones that get sued.
I didn't realize how much this has been bothering me, I knew it was upsetting and I thought I was dealing with it okay, but after I hung up I literally cried for an hour and then I broke down a few more times during the day. I was mentally wiped out and couldn't do much the rest of the day. I am still in shock that they settled with me and I'm so relieved that it has finally started and I was able to take care of my biggest account.
The bad news is I have $74,500 still in credit card debt to settle with four more creditors. I owe Discover $25,000 and they are they are about 70 days deliquent now and will probably be willing to talk to me in another month.I checked out my 401k plan and I can now borrow more money than they told me I could, because I've lost so much money lately, I decided to put in a loan request so I can start planning how to finish this up.
There is a God and I may survive this (knock on wood).
For those who been following me, you know I have that "Privacy Corp" ID machine that let's my calls go to the machine and I don't hear it ring. I thought I had all the collectors so far, programmed in. So my mother is traveling and I was concerned about her and the phone rang and I assumed it was her, well it was BOA. I had not planned to talk to them again until March because I'm not yet 90 days.
So I told them my situation, which has not changed and told them I'm looking to settle my debt. The nice gentleman I spoke with offered me a settlement of $21,000, I asked for $18,000, so he told me he would go see his manager and call me back. He called me back with bad news, they wanted $27,000, which I don't have available to me right now and it would throw off my settlement plan making me short to settle all my debts. So he hooked me up with the Manager, she thought I was threatenig her with a bankruptcy which I told her I was not, but .... that didn't go well. She then told me that if I did not settle, she was sending me to arbitration, that means legal and they make the decision to sue me or not to sue and she told me they would sue me and garnish my wages and put a lien against my house. So then she and I compromised and we finally settled at $23,000. A little more than I have right now, but she let me spread it over 4 months so my tax refund will be here and I'll have enough. That is a 38% settlement and I'll take it with the threat of being sued over me. My account was large and it is usually the large ones that get sued.
I didn't realize how much this has been bothering me, I knew it was upsetting and I thought I was dealing with it okay, but after I hung up I literally cried for an hour and then I broke down a few more times during the day. I was mentally wiped out and couldn't do much the rest of the day. I am still in shock that they settled with me and I'm so relieved that it has finally started and I was able to take care of my biggest account.
The bad news is I have $74,500 still in credit card debt to settle with four more creditors. I owe Discover $25,000 and they are they are about 70 days deliquent now and will probably be willing to talk to me in another month.I checked out my 401k plan and I can now borrow more money than they told me I could, because I've lost so much money lately, I decided to put in a loan request so I can start planning how to finish this up.
There is a God and I may survive this (knock on wood).
Sunday, February 3, 2008
A View on Collection Calls
I am in enormous debt as you can read from my prior post. The Feds are lowering the rates and I'm starting to see some slow activity in my business. However, it is confusing, one day the 30 year rate drops to 5.75% and then the next it is back to 6.125%, customers don't want to lock in because they think the rates are going down and I fear it's going to excite the market and make the rates go up. One customer accused me of not giving them my best rate after the rate jumped ... this gets very stressful and I just wish they would lock when they see what we have at application ... it's a gamble and if I knew what was going to happen, I'd be rich!
Even though I'm seeing some activity and maybe my income will increase, I'm overextended, behind on all my credit cards and have rates up to 29.99% with about $80 a month in extra fees on each card and there are 8 of them, with five creditors involved. There is no way I can recover from this without settling my accounts, my credit card payments were $2,500 a month when this started and now they are at $4,000, the debt is climbing. I don't even bring home that amount after tax and I still have two houses to deal with and two car loans, my cars are almost paid and we need both cars for work. So I will continue my plan to settle and clean up what I can. I'm figuring by April I may be able to take care of the first creditor.
In the meantime, my phone rings about 12 times a day from three of the creditors, not all of them are calling yet, I still have two more that will be calling soon. So I decide to talk to one about 10 days ago, we go over my situation for about the fourth time since this all started, I hang up the phone and they call four more times that night. Do they think a miracle occurred and I instantly found wealth? The fact is this is legal harassment, they try to wear you down with the calls. What they don't know is I purchased a machine that makes the calls go right to the answering machine and they don't ring in my house, so I can pick up the calls when I choose. I will not talk to anyone for another month, it is too depressing and it ruins the rest of my day. I don't feel it is necessary to talk weekly, things like this don't change quickly. I also have the option of sending them a cease and desist to not call my home, however, sometimes that will accelerate the sitution right to a lawyer, so the machine is on and I stopped looking at the ID to see who has been calling, the creditors are programmed so family and friends can ring through. The caller ID machine is called "Privacy Corp" and it was the best thing I could do for my sanity through this.
In over 20 years I never missed a payment, this is all a learning experience for me. I have my fingers crossed that I will have settled all my credit card debt by August and I have been saving everything I can. I've looked at hardship ideas and debt consolidation and etc., but that would be a bandaid for this serious situation that is bleeding all over the place. I've consulted with a Bankruptcy Attorney who has encouraged me to file, but I just want this over and I'll give what I can and what the creditors feel is acceptable. They will get more money from me this way then through bankruptcy.
Even though I'm seeing some activity and maybe my income will increase, I'm overextended, behind on all my credit cards and have rates up to 29.99% with about $80 a month in extra fees on each card and there are 8 of them, with five creditors involved. There is no way I can recover from this without settling my accounts, my credit card payments were $2,500 a month when this started and now they are at $4,000, the debt is climbing. I don't even bring home that amount after tax and I still have two houses to deal with and two car loans, my cars are almost paid and we need both cars for work. So I will continue my plan to settle and clean up what I can. I'm figuring by April I may be able to take care of the first creditor.
In the meantime, my phone rings about 12 times a day from three of the creditors, not all of them are calling yet, I still have two more that will be calling soon. So I decide to talk to one about 10 days ago, we go over my situation for about the fourth time since this all started, I hang up the phone and they call four more times that night. Do they think a miracle occurred and I instantly found wealth? The fact is this is legal harassment, they try to wear you down with the calls. What they don't know is I purchased a machine that makes the calls go right to the answering machine and they don't ring in my house, so I can pick up the calls when I choose. I will not talk to anyone for another month, it is too depressing and it ruins the rest of my day. I don't feel it is necessary to talk weekly, things like this don't change quickly. I also have the option of sending them a cease and desist to not call my home, however, sometimes that will accelerate the sitution right to a lawyer, so the machine is on and I stopped looking at the ID to see who has been calling, the creditors are programmed so family and friends can ring through. The caller ID machine is called "Privacy Corp" and it was the best thing I could do for my sanity through this.
In over 20 years I never missed a payment, this is all a learning experience for me. I have my fingers crossed that I will have settled all my credit card debt by August and I have been saving everything I can. I've looked at hardship ideas and debt consolidation and etc., but that would be a bandaid for this serious situation that is bleeding all over the place. I've consulted with a Bankruptcy Attorney who has encouraged me to file, but I just want this over and I'll give what I can and what the creditors feel is acceptable. They will get more money from me this way then through bankruptcy.
Tuesday, January 29, 2008
Crock Pot Chili with Humor
I couldn't sleep again tonight so I got up and decided to cook up a fast batch of my signature chili. It's cold out today and I thought it would be nice to have something hot and a little spicy to eat, so here it is:
1 lb. ground beef
2 19 oz. cans red kidney bean
1 29 oz. large can tomato puree
1 14 oz. can cubed tomato chunks
1 t. garlic powder
1 t. black pepper
1 T. salt
1 T. oregano
1 T. Basil
1 t. cloves
1/2 t. red pepper flakes
1/2 cup brown sugar
Brown the ground beef in a pan and drain off the fat, put the ground beef into your crock pot, add all other ingredients and let simmer for two hours and its ready to serve, sprinkle some shredded cheddar cheese on top if you like and serve with rolls. It's a delicious and hearty meal.
I guess what made me start to crave some chili is a recent joke that I found on one of the forums. My chili is not from Texas and obviously will not compare because it is tasty and mild in spice, but you need to read this joke and see what could happen.
A Texas Chili Contest
Warning - If you can read this whole story without laughing out loud, then there's no hope for you.
Note: Please take time to read this slowly. If you pay attention to the first two judges, the reaction of the third judge is even better. For those of you who have lived in Texas, you know how true this is. They actually have a chili cook-off about the time Halloween comes around. It takes up a major portion of a parking lot at the San Antonio city park.
The notes are from an inexperienced chili taster named Frank, who was visiting from Springfield, IL.
Frank: "Recently, I was honored to be selected as a judge at a chili cooking contest. The original person called in sick at the last moment and I happened to be standing there at the judge's table asking for directions to the Coors Light truck, when the call came in. I was assured by the other two judges (native Texans) that the chili wouldn't be all that spicy and, besides, they told me I could have free beer during the tasting, so I accepted." Here are the scorecards from the advent: (Frank is Judge #3)
Chili # 1 Eddie's Maniac Monster Chili...
Judge # 1 -- A little too heavy on the tomato. Amusing kick
.Judge # 2 -- Nice, smooth tomato flavor. Very mild.
Judge # 3 -- (Frank) What the hell is this stuff?! You could remove dried paint from your driveway. Took me two beers to put out the flames. I hope that's the worst one. These Texans are crazy!
Chili # 2 Austin's Afterburner Chili...
Judge # 1 -- Smoky, with a hint of pork. Slight jalapeno tang.Judge
# 2 -- Exciting BBQ flavor; needs more peppers to be taken seriously.Judge # 3 -- Keep this out of the reach of children. I'm not sure what I'm supposed to taste besides pain. I had to wave off two people who wanted to give me the Heimlich maneuver. They had to rush in more beer when they saw the look on my face.
Chili # 3 Ronny's Famous Burn Down the Barn Chili...
Judge # 1 -- Excellent firehouse chili. Great kick. Needs more beans.Judge # 2 -- A beanless chili, a bit salty, good use of peppers.Judge
# 3 -- Call the EPA. I've located a uranium spill. My nose feels like I have been snorting Drano. Everyone knows the routine by now. Get me more beer before I ignite Barmaid pounded me on the back, now my backbone is in the front part of my chest. I'm getting pie-eyed from all of the beer...
Chili # 4 Dave's Black Magic...
Judge # 1 -- Black bean chili with almost no spice. Disappointing.Judge
# 2 -- Hint of lime in the black beans. Good side dish for fish, or other mild foods; not much of a chili.Judge
# 3 -- I felt something scraping across my tongue, but was unable to taste it. Is it possible to burn out taste buds? Sally, the barmaid, was standing behind me with fresh refills. That 300-lb. woman is starting to look HOT...just like this nuclear waste I'm eating! Is chili an aphrodisiac?
Chili # 5 Lisa's Legal Lip Remover..
Judge # 1 -- Meaty, strong chili, Cayenne peppers freshly ground, adding considerable kick. Very impressive.Judge
# 2 -- Chili using shredded beef, could use more tomato. Must admit the cayenne peppers make a strong statement.
# 3 -- My ears are ringing, sweat is pouring off my forehead, and I can no longer focus my eyes. I farted and four people behind me needed paramedics. The contestant seemed offended when I told her that her chili had given me brain damage. Sally saved my tongue from bleeding by pouring beer directly on it from the pitcher. I wonder if I'm burning my lips off. It really pisses me off that the other judges asked me to stop screaming. Screw those rednecks.
Chili # 6 Pam's Very Vegetarian Variety...
Judge # 1 -- Thin, yet bold vegetarian variety chili. Good balance of spices and peppers.
# 2 -- The best yet. Aggressive use of peppers, onions, and garlic. Superb.
# 3 -- My intestines are now a straight pipe filled with gaseous, sulfuric flames. I pooped on myself when I farted and I'm worried it will eat through the chair! No one seems inclined to stand behind me anymore. I need to wipe my butt with a snow cone.
Chili # 7 Carla's Screaming Sensation Chili...
Judge # 1 -- A mediocre chili with too much reliance on canned peppers.
# 2 -- Ho-hum; tastes as if the chef literally threw in a can of chili peppers at the last moment. **I should take note that I am worried about Judge #3. He appears to be in a bit of distress, as he is cursing uncontrollably.Judge # #3 -- You could put a grenade in my mouth, pull the pin, and I wouldn't feel a thing. I've lost sight in one eye, and the world sounds like it is made of rushing water. My shirt is covered with chili, which slid unnoticed out of my mouth. My pants are full of lava to match my shirt. At least during the autopsy, they'll know what killed me. I've decided to stop breathing; it's too painful. Screw it; I'm not getting any oxygen anyway. If I need air, I'll just suck it in through the 4-inch hole in my stomach.
Chili # 8 Karen's Toenail Curling Chili...
Judge # 1 -- The perfect ending, this is a nice blend chili. Not too bold, but spicy enough to declare its existence.
# 2 -- This final entry is a good, balanced chili. Neither mild, nor hot. Sorry to see that most of it was lost when Judge # 3 farted, passed out, fell over, and pulled the chili pot down on top of himself. Not sure if he's going to make it. Poor fella, wonder how he'd have reacted to really hot chili?
Well now I'm ready to start my day. Have a great one.
1 lb. ground beef
2 19 oz. cans red kidney bean
1 29 oz. large can tomato puree
1 14 oz. can cubed tomato chunks
1 t. garlic powder
1 t. black pepper
1 T. salt
1 T. oregano
1 T. Basil
1 t. cloves
1/2 t. red pepper flakes
1/2 cup brown sugar
Brown the ground beef in a pan and drain off the fat, put the ground beef into your crock pot, add all other ingredients and let simmer for two hours and its ready to serve, sprinkle some shredded cheddar cheese on top if you like and serve with rolls. It's a delicious and hearty meal.
I guess what made me start to crave some chili is a recent joke that I found on one of the forums. My chili is not from Texas and obviously will not compare because it is tasty and mild in spice, but you need to read this joke and see what could happen.
A Texas Chili Contest
Warning - If you can read this whole story without laughing out loud, then there's no hope for you.
Note: Please take time to read this slowly. If you pay attention to the first two judges, the reaction of the third judge is even better. For those of you who have lived in Texas, you know how true this is. They actually have a chili cook-off about the time Halloween comes around. It takes up a major portion of a parking lot at the San Antonio city park.
The notes are from an inexperienced chili taster named Frank, who was visiting from Springfield, IL.
Frank: "Recently, I was honored to be selected as a judge at a chili cooking contest. The original person called in sick at the last moment and I happened to be standing there at the judge's table asking for directions to the Coors Light truck, when the call came in. I was assured by the other two judges (native Texans) that the chili wouldn't be all that spicy and, besides, they told me I could have free beer during the tasting, so I accepted." Here are the scorecards from the advent: (Frank is Judge #3)
Chili # 1 Eddie's Maniac Monster Chili...
Judge # 1 -- A little too heavy on the tomato. Amusing kick
.Judge # 2 -- Nice, smooth tomato flavor. Very mild.
Judge # 3 -- (Frank) What the hell is this stuff?! You could remove dried paint from your driveway. Took me two beers to put out the flames. I hope that's the worst one. These Texans are crazy!
Chili # 2 Austin's Afterburner Chili...
Judge # 1 -- Smoky, with a hint of pork. Slight jalapeno tang.Judge
# 2 -- Exciting BBQ flavor; needs more peppers to be taken seriously.Judge # 3 -- Keep this out of the reach of children. I'm not sure what I'm supposed to taste besides pain. I had to wave off two people who wanted to give me the Heimlich maneuver. They had to rush in more beer when they saw the look on my face.
Chili # 3 Ronny's Famous Burn Down the Barn Chili...
Judge # 1 -- Excellent firehouse chili. Great kick. Needs more beans.Judge # 2 -- A beanless chili, a bit salty, good use of peppers.Judge
# 3 -- Call the EPA. I've located a uranium spill. My nose feels like I have been snorting Drano. Everyone knows the routine by now. Get me more beer before I ignite Barmaid pounded me on the back, now my backbone is in the front part of my chest. I'm getting pie-eyed from all of the beer...
Chili # 4 Dave's Black Magic...
Judge # 1 -- Black bean chili with almost no spice. Disappointing.Judge
# 2 -- Hint of lime in the black beans. Good side dish for fish, or other mild foods; not much of a chili.Judge
# 3 -- I felt something scraping across my tongue, but was unable to taste it. Is it possible to burn out taste buds? Sally, the barmaid, was standing behind me with fresh refills. That 300-lb. woman is starting to look HOT...just like this nuclear waste I'm eating! Is chili an aphrodisiac?
Chili # 5 Lisa's Legal Lip Remover..
Judge # 1 -- Meaty, strong chili, Cayenne peppers freshly ground, adding considerable kick. Very impressive.Judge
# 2 -- Chili using shredded beef, could use more tomato. Must admit the cayenne peppers make a strong statement.
# 3 -- My ears are ringing, sweat is pouring off my forehead, and I can no longer focus my eyes. I farted and four people behind me needed paramedics. The contestant seemed offended when I told her that her chili had given me brain damage. Sally saved my tongue from bleeding by pouring beer directly on it from the pitcher. I wonder if I'm burning my lips off. It really pisses me off that the other judges asked me to stop screaming. Screw those rednecks.
Chili # 6 Pam's Very Vegetarian Variety...
Judge # 1 -- Thin, yet bold vegetarian variety chili. Good balance of spices and peppers.
# 2 -- The best yet. Aggressive use of peppers, onions, and garlic. Superb.
# 3 -- My intestines are now a straight pipe filled with gaseous, sulfuric flames. I pooped on myself when I farted and I'm worried it will eat through the chair! No one seems inclined to stand behind me anymore. I need to wipe my butt with a snow cone.
Chili # 7 Carla's Screaming Sensation Chili...
Judge # 1 -- A mediocre chili with too much reliance on canned peppers.
# 2 -- Ho-hum; tastes as if the chef literally threw in a can of chili peppers at the last moment. **I should take note that I am worried about Judge #3. He appears to be in a bit of distress, as he is cursing uncontrollably.Judge # #3 -- You could put a grenade in my mouth, pull the pin, and I wouldn't feel a thing. I've lost sight in one eye, and the world sounds like it is made of rushing water. My shirt is covered with chili, which slid unnoticed out of my mouth. My pants are full of lava to match my shirt. At least during the autopsy, they'll know what killed me. I've decided to stop breathing; it's too painful. Screw it; I'm not getting any oxygen anyway. If I need air, I'll just suck it in through the 4-inch hole in my stomach.
Chili # 8 Karen's Toenail Curling Chili...
Judge # 1 -- The perfect ending, this is a nice blend chili. Not too bold, but spicy enough to declare its existence.
# 2 -- This final entry is a good, balanced chili. Neither mild, nor hot. Sorry to see that most of it was lost when Judge # 3 farted, passed out, fell over, and pulled the chili pot down on top of himself. Not sure if he's going to make it. Poor fella, wonder how he'd have reacted to really hot chili?
Well now I'm ready to start my day. Have a great one.
Wednesday, January 23, 2008
What Did the Fed Do?
Yesterday the Fed implemented two emergency rate moves in response to the continuing weakening of our economic outlook and the tumbling of the world markets. The Fed Rate and the Discount Rate were both cut by .75 bps bringing the Fed rate to 3.5% and the Discount rate to 4.0%.
So what does that mean to you the consumer? Fed Rates impact the prime rate, auto, credit card and home equity line of credit rates. First mortgage rates will also respond to a degree. The Discount rate impacts the cost to banks to borrow directly from the Central Bank, thereby making money less expensive to borrow for them. This can help banks increase profit by giving them cheaper money to lend for business loans,mortgage loans and consumer loans.
The market is still anticipating a further reduction in the prime rates of .25 bps to .50 bps, which will effect any loan tied to the prime lending rate; usually commercial loans, some consumer loans and eventually it will trickle down and effect mortgage rates.
Did this help? You bet it did, the Asian market has rebounded this morning. Will it continue to stimulate the economy? Only time will tell as it still appears investors have concerns about recession and global market stability.
Regarding the extra rebate this year for low to moderate income families; the Government is planning on having that in your pocket by the end of May according to the morning news. This rebate is expected to stimulate the economy as well and give people a little relief.
I'm curious to see how all this will affect the mortgage rates in the next few weeks. Of course my hope is that consumers will have more confidence and start buying homes and refinancing their current high rate mortgages and positioning themselves while the rates are low. Many people do not realize that they can do a streamline refinance if they have had a good payment history, a streamline requires no new appraisal and no income verification and lenders just put them through to give a better rate. Mortgage rates for a 30 year rate were as low as 5.625% APR yesterday, this was in the Northeast Region, generally they are lower out west and south, finally a rate we can live with.
So what does that mean to you the consumer? Fed Rates impact the prime rate, auto, credit card and home equity line of credit rates. First mortgage rates will also respond to a degree. The Discount rate impacts the cost to banks to borrow directly from the Central Bank, thereby making money less expensive to borrow for them. This can help banks increase profit by giving them cheaper money to lend for business loans,mortgage loans and consumer loans.
The market is still anticipating a further reduction in the prime rates of .25 bps to .50 bps, which will effect any loan tied to the prime lending rate; usually commercial loans, some consumer loans and eventually it will trickle down and effect mortgage rates.
Did this help? You bet it did, the Asian market has rebounded this morning. Will it continue to stimulate the economy? Only time will tell as it still appears investors have concerns about recession and global market stability.
Regarding the extra rebate this year for low to moderate income families; the Government is planning on having that in your pocket by the end of May according to the morning news. This rebate is expected to stimulate the economy as well and give people a little relief.
I'm curious to see how all this will affect the mortgage rates in the next few weeks. Of course my hope is that consumers will have more confidence and start buying homes and refinancing their current high rate mortgages and positioning themselves while the rates are low. Many people do not realize that they can do a streamline refinance if they have had a good payment history, a streamline requires no new appraisal and no income verification and lenders just put them through to give a better rate. Mortgage rates for a 30 year rate were as low as 5.625% APR yesterday, this was in the Northeast Region, generally they are lower out west and south, finally a rate we can live with.
Monday, January 21, 2008
Debt Settlement vs Bankruptcy
On a credit report, when you settle debt for less, it has a very similar affect as Bankruptcy 13, except it doesn't follow you around as a public record for seven years.
I am choosing to do Debt Settlement because I ethicially feel it's the right thing to do under my circumstances. Yes, it would be much easier to just file the Bankruptcy 13 and I wouldn't have the added tax implications of "cancelled debt", but I would be in a five year plan;five years of my life on hold making payments to a trustee and answering to the same. Also, everyone in town would know my situation as well, bankruptcies are published in our local paper, there wouldn't be a bank in town that would hire me. I think it will be much easier for me to just settle up this mess and move on and maybe no one will find out.
I have spoken with an attorney about what I am doing. He of course wants me to file bankruptcy and has asked me not to settle with anyone until I speak to him first. He advises that the credit card companies will only get pennies on the dollar if I file and etc., etc. If I fail at settlement and end up being sued, I will probably be forced into bankruptcy for protection and I'm praying that doesn't happen.
I'm finding it very difficult to deal with anything else in my life with all this debt hanging over my head. There is not a day that goes by that I don't think about it or talk about it. This has been going on since last October, when I realized my work was not going to change, the housing market was not going to rebound and my sinking ship was going down. The more you make the more you spend and your debt is higher as well. I never planned on this economic disaster. It is true that "it is not the hard times that will get you, it is the good times", living beyond your means and living the good life will destroy you financially when the bad times come. I certainly earned this and should have known better and planned better. I guess I needed to learn another one of those lessons of life.
In my community I am a highly respected professional, no one would have any idea the mess I am in. When I'm out and about and I see another business person and they start talking to me about how everything is going and how is my business doing; I usually just tell them everything is great, but inside myself I just think about the horror of my situation and pray they never find out, that no one finds out that a professional like myself, got herself in such a mess.
In my business head hunters are always calling and making offers for me to go work for them. There is one in particular that has been after me for three years. I haven't heard from her in about 9 months and I know it is due to the declining housing market, but I know that when things pick up she will start calling me again and will make an offer for me to go work for her; sign on bonus, commission tiers and etc. If I accept, the first criteria is for them to pull my credit; that is considered character in my business. I am so screwed I can't even change jobs, I'm stuck where I am and if my employer finds out about all this, I risk losing my job with them. Although we have very little work right now and I am only paid on performance (you can't work if there are no customers), I could still be let go because of my credit. My once 700 plus credit score has crashed to below 500 I bet, I don't really know because I don't dare to look. Legally they would not come right out and tell me why I was being let go, they would just eliminate my position or something, I know how this works. Several years ago a very nice lady in a bank I worked in, filed joint bankruptcy because her husband's business failed, the powers that be kindly took her aside and her job was eliminated. A small community where everyone knows everything and bankruptcy is published in the local paper.
I've been struggling not to fall into depression here, but with the long winters here, the lack of work and my obsession with my debt, it's very hard not to. I never sleep through a full night anymore, I don't do much outside of the house and I really don't have a lot of energy right now. All classical symptoms of depression. Well now I can tell the credit card companies that not only have I lost my income, I'm now mentally ill; maybe that will help my case.
Guess I'm just having a bad day here and anyone who is in my position or has been, will understand. Sometimes you just need to ramble on. I think I will go cook something ... I love to cook.
I am choosing to do Debt Settlement because I ethicially feel it's the right thing to do under my circumstances. Yes, it would be much easier to just file the Bankruptcy 13 and I wouldn't have the added tax implications of "cancelled debt", but I would be in a five year plan;five years of my life on hold making payments to a trustee and answering to the same. Also, everyone in town would know my situation as well, bankruptcies are published in our local paper, there wouldn't be a bank in town that would hire me. I think it will be much easier for me to just settle up this mess and move on and maybe no one will find out.
I have spoken with an attorney about what I am doing. He of course wants me to file bankruptcy and has asked me not to settle with anyone until I speak to him first. He advises that the credit card companies will only get pennies on the dollar if I file and etc., etc. If I fail at settlement and end up being sued, I will probably be forced into bankruptcy for protection and I'm praying that doesn't happen.
I'm finding it very difficult to deal with anything else in my life with all this debt hanging over my head. There is not a day that goes by that I don't think about it or talk about it. This has been going on since last October, when I realized my work was not going to change, the housing market was not going to rebound and my sinking ship was going down. The more you make the more you spend and your debt is higher as well. I never planned on this economic disaster. It is true that "it is not the hard times that will get you, it is the good times", living beyond your means and living the good life will destroy you financially when the bad times come. I certainly earned this and should have known better and planned better. I guess I needed to learn another one of those lessons of life.
In my community I am a highly respected professional, no one would have any idea the mess I am in. When I'm out and about and I see another business person and they start talking to me about how everything is going and how is my business doing; I usually just tell them everything is great, but inside myself I just think about the horror of my situation and pray they never find out, that no one finds out that a professional like myself, got herself in such a mess.
In my business head hunters are always calling and making offers for me to go work for them. There is one in particular that has been after me for three years. I haven't heard from her in about 9 months and I know it is due to the declining housing market, but I know that when things pick up she will start calling me again and will make an offer for me to go work for her; sign on bonus, commission tiers and etc. If I accept, the first criteria is for them to pull my credit; that is considered character in my business. I am so screwed I can't even change jobs, I'm stuck where I am and if my employer finds out about all this, I risk losing my job with them. Although we have very little work right now and I am only paid on performance (you can't work if there are no customers), I could still be let go because of my credit. My once 700 plus credit score has crashed to below 500 I bet, I don't really know because I don't dare to look. Legally they would not come right out and tell me why I was being let go, they would just eliminate my position or something, I know how this works. Several years ago a very nice lady in a bank I worked in, filed joint bankruptcy because her husband's business failed, the powers that be kindly took her aside and her job was eliminated. A small community where everyone knows everything and bankruptcy is published in the local paper.
I've been struggling not to fall into depression here, but with the long winters here, the lack of work and my obsession with my debt, it's very hard not to. I never sleep through a full night anymore, I don't do much outside of the house and I really don't have a lot of energy right now. All classical symptoms of depression. Well now I can tell the credit card companies that not only have I lost my income, I'm now mentally ill; maybe that will help my case.
Guess I'm just having a bad day here and anyone who is in my position or has been, will understand. Sometimes you just need to ramble on. I think I will go cook something ... I love to cook.
Friday, January 18, 2008
Buying a Weeks Groceries for Less Than $100
The first thing you need to do to plan your weekly meals is get out the sales fliers for your local food chain. So this is my grocery list for the week based on current sales and a family of three:
3-4 lb. Beef Shoulder Roast
5-6 lb. Roasting Chicken
4-5 lb. Ham, Butt Portion
1 10 lb. bag of potatos
1 Large bag of baby carrots
1 box white rice
1 bag of dried green peas
10 cans of veggies
Loaf of Bread
Bagels
2 Freacetta 4 Cheese Pizzas
1 can pineapple slices
1 bag brown sugar
1 lb. of cream cheese
1 Dozen Eggs
1 lb. butter
1 bunch Banana's
1 bag of apples
Coffee
Creamer
1 Gallon Milk
Box of Cereal
Sliced Cheese
Rolls in a bag
For simplicity sake we will assume that you can have eggs, bagels, toast or cereal for breakfast and fruit along with your coffee.
For lunches you can have leftovers to make a sandwich or just eat leftovers and add some fruit. My husband always takes leftovers to work with him so he doesn't have to spend money on the road and he has a microwave at work. I work at home so I eat leftovers as well. My son eats school lunch.
Dinners:
Day 1 - Beef Roast, Potatoes & Carrots
Wash and scrub 6-8 medium potatoes and put them in the bottom of a crock pot, put in desired amount of bagged carrots, wash your beef roast, salt and pepper and put on top of veggies in crock pot, pour one cup of water in the crock pot. Put on the lid and turn up to high for about two hours then turn down to low-med for the additional six hours. It is delicious and you will be able to cut it with a fork. Save all the juices from the crock pot and put them in the refrigerator in a sealed container.(You can make small slits with a knive in the roast before cooking and add small cloves of garlic to enhance flavor).
Day 2 - Beef Stew & Rolls
Cube up remaining beef, potatoes and carrots. Take the juice you saved from the refrigerator, skim off the fat, put the juice and the cubed veggies and meat into the crock pot, add a can of cubed tomotoe pieces. Add an additional four cups of water and spices to taste; I usually add some basil, garlic powder, salt, pepper and a little red pepper. Turn crock pot to high until it begins to boil and then turn down to med for about an hour. Makes a hearty meal if served with rolls. (I sometimes add 1/2 cup barley and a cup of sliced mushrooms to this stew).
Day 3 - Roast Chicken, Baked Pototoes & Green Beans
Turn on oven to 350 degrees, plan on 20 minutes per pound. Wash and prepare your chicken in a roasting pan. Salt and pepper the chicken, add a 1/2 cup of water to the bottom of the pan, put cover on and start baking. Wash and stab a few potatoes and place them in the oven about an hour before your chicken is done.
Open a can of green beans, put in microwavable dish and warm for about two minutes in the microwave add butter, salt and pepper to taste.
Day 4 - Chicken Rice Soup & Rolls
Boil your remaining chicken from the day before in about six cups of water, until the meat falls off the bone.Using a colander placed in a another cooking pot, pour contents of boiled chicken into the colander. Put the broth into a crock pot, let the chicken in the colander cool then sort through it and put what meat you choose into your broth in the crock pot. Add a can of corn, can of green beans, can of cubed tomatoes and 1/2 cup white long grain rice add spices to taste (I usually add some salt, pepper, basil, poultry seasoning and garlic powder), turn crock pot onto high until it begins to boil, then turn down to med for an additional hour. Serve with rolls.
Day 5 - Ham Roast, Rice & Corn
Turn oven on at 350 degrees, plan on 15 minutes per pound if it's a precooked ham.
Put Ham in Roasting Pan, add 1/2 c. water to bottom of pan. With toothpicks, put pineapple slices on the ham and save the juice. Cover and put in the oven. When there is only a half hour left take juice from pineapple, add 1/4 cup brown sugar and 2 T flour, stir well and cook on the stove until it thickens, take your ham out of the oven, and spoon the mixture over the ham and put back in the oven to cook for the remaining half hour.
While the ham is cooking, put two cups of water in a large baking dish with 1 cup of rice and 2 T. butter. Put in the microwave for 15 minutes. Make sure the pan is high enough so the rice won't boil over into your microwave.
Open canned corn and warm in microwave in a microwave dish for two minutes and butter, salt and pepper to taste.
Day 6 - Friday Night is Pizza Night
Cook two Pizzas in the oven - I like to add sliced mushrooms, black olives and onion to my pizza. You can add whatever you like - maybe ham and pineapple from the night before (save out a couple of slices of pineapple and slice ham thinly).
Day 7 - Pea Soup and Rolls
Prepare your dried green peas per package directions, cube up a cup of ham, cube up some baby carrots, add an onion (optional) - simmer until done and serve with rolls & Butter.
There are always lots of leftovers at our house so there is plenty of food. A larger family would obviously have to increase the amount I prepare.
I go through the sales flyers weekly and take advantage of all the buy one; get one free sales that my family eat. Many times, beef, pork, chicken, ham, bread, bagels, butter, juice, and etc are buy one; get one free. I freeze the extra items. I buy canned veggies, chopped tomatoes and puree when it's on sale at the price of 10 cans for $10.00. I buy rice in a four pound bag for $4.49 and store it in a plastic container for easy access. Potatoes are constantly on sale here with the buy one; get one bag free. The list goes on and if you are vigilant and use coupons, the savings is even higher.
It is worth the investment to buy a small chest freezer, I bought one at Home Depot for $165.00, I've noticed them at the same price at Walmart.
Also, regarding paper products, laundry supplies and cleaning products, I usually watch flyers for Walmart and buy them in bulk when they are on sale.
3-4 lb. Beef Shoulder Roast
5-6 lb. Roasting Chicken
4-5 lb. Ham, Butt Portion
1 10 lb. bag of potatos
1 Large bag of baby carrots
1 box white rice
1 bag of dried green peas
10 cans of veggies
Loaf of Bread
Bagels
2 Freacetta 4 Cheese Pizzas
1 can pineapple slices
1 bag brown sugar
1 lb. of cream cheese
1 Dozen Eggs
1 lb. butter
1 bunch Banana's
1 bag of apples
Coffee
Creamer
1 Gallon Milk
Box of Cereal
Sliced Cheese
Rolls in a bag
For simplicity sake we will assume that you can have eggs, bagels, toast or cereal for breakfast and fruit along with your coffee.
For lunches you can have leftovers to make a sandwich or just eat leftovers and add some fruit. My husband always takes leftovers to work with him so he doesn't have to spend money on the road and he has a microwave at work. I work at home so I eat leftovers as well. My son eats school lunch.
Dinners:
Day 1 - Beef Roast, Potatoes & Carrots
Wash and scrub 6-8 medium potatoes and put them in the bottom of a crock pot, put in desired amount of bagged carrots, wash your beef roast, salt and pepper and put on top of veggies in crock pot, pour one cup of water in the crock pot. Put on the lid and turn up to high for about two hours then turn down to low-med for the additional six hours. It is delicious and you will be able to cut it with a fork. Save all the juices from the crock pot and put them in the refrigerator in a sealed container.(You can make small slits with a knive in the roast before cooking and add small cloves of garlic to enhance flavor).
Day 2 - Beef Stew & Rolls
Cube up remaining beef, potatoes and carrots. Take the juice you saved from the refrigerator, skim off the fat, put the juice and the cubed veggies and meat into the crock pot, add a can of cubed tomotoe pieces. Add an additional four cups of water and spices to taste; I usually add some basil, garlic powder, salt, pepper and a little red pepper. Turn crock pot to high until it begins to boil and then turn down to med for about an hour. Makes a hearty meal if served with rolls. (I sometimes add 1/2 cup barley and a cup of sliced mushrooms to this stew).
Day 3 - Roast Chicken, Baked Pototoes & Green Beans
Turn on oven to 350 degrees, plan on 20 minutes per pound. Wash and prepare your chicken in a roasting pan. Salt and pepper the chicken, add a 1/2 cup of water to the bottom of the pan, put cover on and start baking. Wash and stab a few potatoes and place them in the oven about an hour before your chicken is done.
Open a can of green beans, put in microwavable dish and warm for about two minutes in the microwave add butter, salt and pepper to taste.
Day 4 - Chicken Rice Soup & Rolls
Boil your remaining chicken from the day before in about six cups of water, until the meat falls off the bone.Using a colander placed in a another cooking pot, pour contents of boiled chicken into the colander. Put the broth into a crock pot, let the chicken in the colander cool then sort through it and put what meat you choose into your broth in the crock pot. Add a can of corn, can of green beans, can of cubed tomatoes and 1/2 cup white long grain rice add spices to taste (I usually add some salt, pepper, basil, poultry seasoning and garlic powder), turn crock pot onto high until it begins to boil, then turn down to med for an additional hour. Serve with rolls.
Day 5 - Ham Roast, Rice & Corn
Turn oven on at 350 degrees, plan on 15 minutes per pound if it's a precooked ham.
Put Ham in Roasting Pan, add 1/2 c. water to bottom of pan. With toothpicks, put pineapple slices on the ham and save the juice. Cover and put in the oven. When there is only a half hour left take juice from pineapple, add 1/4 cup brown sugar and 2 T flour, stir well and cook on the stove until it thickens, take your ham out of the oven, and spoon the mixture over the ham and put back in the oven to cook for the remaining half hour.
While the ham is cooking, put two cups of water in a large baking dish with 1 cup of rice and 2 T. butter. Put in the microwave for 15 minutes. Make sure the pan is high enough so the rice won't boil over into your microwave.
Open canned corn and warm in microwave in a microwave dish for two minutes and butter, salt and pepper to taste.
Day 6 - Friday Night is Pizza Night
Cook two Pizzas in the oven - I like to add sliced mushrooms, black olives and onion to my pizza. You can add whatever you like - maybe ham and pineapple from the night before (save out a couple of slices of pineapple and slice ham thinly).
Day 7 - Pea Soup and Rolls
Prepare your dried green peas per package directions, cube up a cup of ham, cube up some baby carrots, add an onion (optional) - simmer until done and serve with rolls & Butter.
There are always lots of leftovers at our house so there is plenty of food. A larger family would obviously have to increase the amount I prepare.
I go through the sales flyers weekly and take advantage of all the buy one; get one free sales that my family eat. Many times, beef, pork, chicken, ham, bread, bagels, butter, juice, and etc are buy one; get one free. I freeze the extra items. I buy canned veggies, chopped tomatoes and puree when it's on sale at the price of 10 cans for $10.00. I buy rice in a four pound bag for $4.49 and store it in a plastic container for easy access. Potatoes are constantly on sale here with the buy one; get one bag free. The list goes on and if you are vigilant and use coupons, the savings is even higher.
It is worth the investment to buy a small chest freezer, I bought one at Home Depot for $165.00, I've noticed them at the same price at Walmart.
Also, regarding paper products, laundry supplies and cleaning products, I usually watch flyers for Walmart and buy them in bulk when they are on sale.
Bank of America, Again!!!
Last night I received a call from Bank of America. They called to advise me that my account was now being transferred to collection (I thought I was in collections, they are calling almost daily). They further advised if I could give them $$$$ they would not send it to collections.
So I'm thinking to myself, this person is doing their job so I'm going to be real here. I tell the guy that if I had the money I would have paid my payment, I explain my financial situation and my lack of income. I further explain that I can't sell my home and pay them because my house is worth what I owe, a company that big and one that deals with mortgages, has to know about the housing crisis (they are buying Countrywide; what is up with that?).
I advise him I'm totally insolvent, owing more than I'm worth, I further inform him that I will be getting assistance from family and etc. to "settle" my debts with them. I advise him that I have consulted with a bankruptcy attorney and that is an option, but because of my strong convictions to pay what I can, I will settle with them at a later date.
The gentleman I spoke with was very nice and told me he was sorry to hear about my situation and wished me the best. He said he was following policy transferring my account to internal collections and he also said that later on I may be able to settle.
I then had a conversation with him about the IRS rules about cancelled debt. I told him that the lawyer had encouraged me to file bankruptcy because of the tax liability associated with cancelled debt and that with the state of our economy, I would think that the major credit card companies would lobby to eliminate that tax because it discourages people trying to settle their debt and this must be affecting the credit card companies and the number of filings people are doing (Bank of America was one of the biggest advocates for changing the bankruptcy laws and they lobbied for the change). He eluded that there may be other tax benefits to the credit card companies when a person files bankruptcy? Hmmmm, never thought about that.
With all the talk from the politicians about reducing tax and etc., you would think with all the foreclosures and credit issues people are suffering today, the cancelled debt tax would be eliminated, a good place to start instead of cutting tax for the rich.
To those readers who do not know about this tax, if you have debt that is forgiven, you will receive a 1099C and you have to claim this forgiven debt as income. Otherwise, if I have a credit card for $20,000 and I settle for $5,000, I will have a 1099C for $15,000, which I am to count as income on my income tax forms that year. However, if I am insolvent, meaning I owe more than I'm worth, I can file IRS form 982 and not be taxed on the 1099C to the amount of my net worth. Otherwise, if I owe $100,000 and I only have $50,000 in assets, I do not have to claim the first $50,000 in 1099C income. The flip side of this is if you file Bankrutpcy, you are exempt from the tax (doesn't that encourage bankrutpcy for many people?)
Well the wheels are rolling now and it will still be several months before I can settle. The credit card companies raised my rates from 2.99% to 29.99% and they are charging over limit fees of $39.00 per month and late charges of $39.99 per month, really trying to help me out here. Most credit cards will not settle until you are at least 120 to 180 days delinquent. I need the time to save money and pull things together, but there is a part of me that just wants this all over now. I can't imagine how much I will owe when I get to settlement, probably at least $150,000 - it scares me just writing it.
So I'm thinking to myself, this person is doing their job so I'm going to be real here. I tell the guy that if I had the money I would have paid my payment, I explain my financial situation and my lack of income. I further explain that I can't sell my home and pay them because my house is worth what I owe, a company that big and one that deals with mortgages, has to know about the housing crisis (they are buying Countrywide; what is up with that?).
I advise him I'm totally insolvent, owing more than I'm worth, I further inform him that I will be getting assistance from family and etc. to "settle" my debts with them. I advise him that I have consulted with a bankruptcy attorney and that is an option, but because of my strong convictions to pay what I can, I will settle with them at a later date.
The gentleman I spoke with was very nice and told me he was sorry to hear about my situation and wished me the best. He said he was following policy transferring my account to internal collections and he also said that later on I may be able to settle.
I then had a conversation with him about the IRS rules about cancelled debt. I told him that the lawyer had encouraged me to file bankruptcy because of the tax liability associated with cancelled debt and that with the state of our economy, I would think that the major credit card companies would lobby to eliminate that tax because it discourages people trying to settle their debt and this must be affecting the credit card companies and the number of filings people are doing (Bank of America was one of the biggest advocates for changing the bankruptcy laws and they lobbied for the change). He eluded that there may be other tax benefits to the credit card companies when a person files bankruptcy? Hmmmm, never thought about that.
With all the talk from the politicians about reducing tax and etc., you would think with all the foreclosures and credit issues people are suffering today, the cancelled debt tax would be eliminated, a good place to start instead of cutting tax for the rich.
To those readers who do not know about this tax, if you have debt that is forgiven, you will receive a 1099C and you have to claim this forgiven debt as income. Otherwise, if I have a credit card for $20,000 and I settle for $5,000, I will have a 1099C for $15,000, which I am to count as income on my income tax forms that year. However, if I am insolvent, meaning I owe more than I'm worth, I can file IRS form 982 and not be taxed on the 1099C to the amount of my net worth. Otherwise, if I owe $100,000 and I only have $50,000 in assets, I do not have to claim the first $50,000 in 1099C income. The flip side of this is if you file Bankrutpcy, you are exempt from the tax (doesn't that encourage bankrutpcy for many people?)
Well the wheels are rolling now and it will still be several months before I can settle. The credit card companies raised my rates from 2.99% to 29.99% and they are charging over limit fees of $39.00 per month and late charges of $39.99 per month, really trying to help me out here. Most credit cards will not settle until you are at least 120 to 180 days delinquent. I need the time to save money and pull things together, but there is a part of me that just wants this all over now. I can't imagine how much I will owe when I get to settlement, probably at least $150,000 - it scares me just writing it.
Wednesday, January 16, 2008
Collection Calls Keep Coming
So the phone is ringing today, the number is 999-999-9999, so I finally pick it up and it's Bank of America again. Didn't I just talk to them yesterday? The lady says "is this xxxxx"? I say, "yes", and she says, "this is Bank of American and you need to hold for a very important message about your account". Before she can transfer me, I advise her that I just talked to Bank of America yesterday. She says she didn't realize that and she wanted to know if I had made my payment. I told her I did not and she should check what we had discussed. She said she would and said good bye. Then just a few minutes ago, as I'm eating my dinner, the phone clicks, I look at the caller ID and it's 999-999-9999 that I've programmed to go directly to the answering machine. I've really got to stop looking at that ID machine, out of site, out of mind.
So did anyone see Dr. Phil today? Some young guy was on there, he is 24 years old and his name is Casey, he has been blogging for 10 months about his $2.2 Million in debt. He admitted on television, and apparently in his blog, that he lied to lenders through subprime stated income programs to obtain loans. He has bought eight pieces of real estate to flip and one sold that he made $30000 on, I'm not sure on the second property, but the other six are now in foreclosure. His wife left him and he sold his first blog for $50000 and now he has started another blog about his debt and his foreclosure experience. Unfortunately, I didn't get his website; I was in the kitchen cooking my famous "Lemon Chicken" (in an earlier blog). I think I will research and see if I can find him. According to Dr. Phil, even the FBI is in on this one and have called this guy about his blog and his events. (The last thing I would do, when the FBI is calling me, is go on National Television and admit I had this site, admit I lied on applications and etc.). I don't know if he realizes it, but he just admitted to bank fraud on a National Television program.
So did anyone see Dr. Phil today? Some young guy was on there, he is 24 years old and his name is Casey, he has been blogging for 10 months about his $2.2 Million in debt. He admitted on television, and apparently in his blog, that he lied to lenders through subprime stated income programs to obtain loans. He has bought eight pieces of real estate to flip and one sold that he made $30000 on, I'm not sure on the second property, but the other six are now in foreclosure. His wife left him and he sold his first blog for $50000 and now he has started another blog about his debt and his foreclosure experience. Unfortunately, I didn't get his website; I was in the kitchen cooking my famous "Lemon Chicken" (in an earlier blog). I think I will research and see if I can find him. According to Dr. Phil, even the FBI is in on this one and have called this guy about his blog and his events. (The last thing I would do, when the FBI is calling me, is go on National Television and admit I had this site, admit I lied on applications and etc.). I don't know if he realizes it, but he just admitted to bank fraud on a National Television program.
Tuesday, January 15, 2008
Bank of America
Just got off the phone with Bank of America and they called to collect a payment. I gave them the same story I gave to Discover yesterday and the first rep I talked to transferred me to a second rep and she advised I needed to pay my payment or my credit would be ruined. I told her my credit would be trashed in a few months so that was the least of my concerns. I told her I would let her know when I had some money, in a few months, and we would talk about my options to settle my debt because I see that as my only option besides bankruptcy. So I've talked to the first two creditors now.
Yesterday I cooked that beef shoulder roast and it was delicious:
5-6 lb. Beef Shoulder Roast
8 Small Red Potatoes
3 Cups Baby Carrots (bagged and prewashed)
1 Cup Hot Water
Salt & Pepper
Garlic Cloves
Wash potatoes and place in crock pot, place carrots in crock pot and the cup of hot water. Put some small slices in the beef roast and insert small garlic cloves, put salt and pepper on the roast, put it in the crock pot and cover. Turn the crock pot up to high for a couple of hours until you see steam on the top of your cover, do not open crock pot as this will let your heat out. Turn the roast down between low and medium for an additional six hours. This makes a tender beef roast that you can cut with a fork.
Usually I save the juice in the refrigerator and the next day I skim off the fat and make a beef stew with the remaining broth and roast, potatoes and carrots by cubing them up adding about four cups of water and the broth and if you want a little more variety, I add a half a cup of barley and a cup of sliced mushrooms, and a chopped onion. The barley and potato will thicken the stew and I let it cook for about four hours on medium heat in the crock pot and I season to taste with a little basil, oregano, pepper, garlic powder and salt. Serve it with rolls and you will have a hearty meal.
Yesterday I cooked that beef shoulder roast and it was delicious:
5-6 lb. Beef Shoulder Roast
8 Small Red Potatoes
3 Cups Baby Carrots (bagged and prewashed)
1 Cup Hot Water
Salt & Pepper
Garlic Cloves
Wash potatoes and place in crock pot, place carrots in crock pot and the cup of hot water. Put some small slices in the beef roast and insert small garlic cloves, put salt and pepper on the roast, put it in the crock pot and cover. Turn the crock pot up to high for a couple of hours until you see steam on the top of your cover, do not open crock pot as this will let your heat out. Turn the roast down between low and medium for an additional six hours. This makes a tender beef roast that you can cut with a fork.
Usually I save the juice in the refrigerator and the next day I skim off the fat and make a beef stew with the remaining broth and roast, potatoes and carrots by cubing them up adding about four cups of water and the broth and if you want a little more variety, I add a half a cup of barley and a cup of sliced mushrooms, and a chopped onion. The barley and potato will thicken the stew and I let it cook for about four hours on medium heat in the crock pot and I season to taste with a little basil, oregano, pepper, garlic powder and salt. Serve it with rolls and you will have a hearty meal.
My First Talk with a Creditor about Late Payments
So for days now Discover card has been calling relentlessly, even Saturday and Sunday. So since I'm right out straight working (yeah, right!) I decided to answer the phone yesterday when they called and begin the process.
The representative says hello and says he is calling to remind me that I'm late on my Discover payments and he'd just like to debit my checking account for the $537.00. I advise the rep that if I could make the payment, I would have done it myself, that I have a very serious financial problem. I further tell him that my business is real estate housing and I have no work and have lost my income. I advise him that I'm in over $130,000 in credit card debt and I can't pay anyone right now and I've consulted with a bankruptcy attorney, but am looking for alternatives and am talking with friends and family to see what they can do and I don't think I will have a solution for a few months, not until I know how much money I can come up with.
The representative advises me that he needs to transfer me to someone else so they can stop calling me so much. I get a lady who wants to know if I own real estate. I advise her that I do, but I have borrowed against it to the maximum while trying to avoid the situation I'm in and I have no equity left and with the failing housing market, I can't even sell it. She wants to know what company I work for. I advise her that that is irrelevant since I have no income coming in and I am a performanced based income and basically self-employed. I further advise her that there is no work, housing is not moving and where I live I can't find the kind of income I was making prior to the housing crash and I will not easily be able to fix this problem, I owe too many people and I just don't have the income and haven't had since January of last year, I've been floating myself with credit and that is how I got in this mess. She wants to know if I am married. This is a hard question for me, I got married in August 2007, no one knows because I did not change my name. Also, my husbands financial situation was terrible when we married, he has since been able to get debts settled, with my help, but his income is low and he has a daughter in college so he has been unable to help much here, basically he pays for most of our groceries and that is it.
I don't want to disclose to the representative that I got married, I was divorced nine years, I know they will think he has an income that I can tap into and they will put more pressure on me and it will make it more difficult for settlement. Also, this is not my husbands debt, it is mine and in just my name so he has no financial obligation to pay it, so I tell her I am not married (I just lied). We have no joint credit, we just have one piece of real estate together and I hold the mortgage on it because his credit was so bad he couldn't get a loan and almost lost the house. Currently the house is rented until we can sell either this house or that one, the sad thing is right now neither property has much equity and I've owned my house for 25 years and he owned his for 15 years, that is what divorced and being a single parent will do to you. I put two kids through college and it's expensive. He has a daughter in college and went through an ugly divorce that almost ruined him, bad things happen to good people.
I hear her typing away, she then tells me she has a program where they can reduce my payment to $700.00 a month until things are better. Let me see, I think I know my math, didn't the payment just go up? I advise her that I can't pay what I owe now and can't possibly pay more. I guess because my rate is up to 30% my payment just increased. She then says she will be in touch. She wasn't too bad and seemed sympathetic, but I know this will continue from here and will probably get worse before it gets better.
Today, my only daughter, wants me to go to a bridal shop with her. She is getting married in June and we are picking out her wedding dress and her brides maids dresses. My daugther is 31 and she lost her father several years ago, so I am it. She knows financially that I am having problems, but I have told her I will do what I can for her and I want to pay for her dress, it is the least I can do. In the old days I would have paid for the entire wedding, but I can't do that now (kind of makes me sad). She is self sufficient and they bought a home last year and they had a baby, so they are adults and I am an official grandmother. I just can't believe time goes by so fast.
The representative says hello and says he is calling to remind me that I'm late on my Discover payments and he'd just like to debit my checking account for the $537.00. I advise the rep that if I could make the payment, I would have done it myself, that I have a very serious financial problem. I further tell him that my business is real estate housing and I have no work and have lost my income. I advise him that I'm in over $130,000 in credit card debt and I can't pay anyone right now and I've consulted with a bankruptcy attorney, but am looking for alternatives and am talking with friends and family to see what they can do and I don't think I will have a solution for a few months, not until I know how much money I can come up with.
The representative advises me that he needs to transfer me to someone else so they can stop calling me so much. I get a lady who wants to know if I own real estate. I advise her that I do, but I have borrowed against it to the maximum while trying to avoid the situation I'm in and I have no equity left and with the failing housing market, I can't even sell it. She wants to know what company I work for. I advise her that that is irrelevant since I have no income coming in and I am a performanced based income and basically self-employed. I further advise her that there is no work, housing is not moving and where I live I can't find the kind of income I was making prior to the housing crash and I will not easily be able to fix this problem, I owe too many people and I just don't have the income and haven't had since January of last year, I've been floating myself with credit and that is how I got in this mess. She wants to know if I am married. This is a hard question for me, I got married in August 2007, no one knows because I did not change my name. Also, my husbands financial situation was terrible when we married, he has since been able to get debts settled, with my help, but his income is low and he has a daughter in college so he has been unable to help much here, basically he pays for most of our groceries and that is it.
I don't want to disclose to the representative that I got married, I was divorced nine years, I know they will think he has an income that I can tap into and they will put more pressure on me and it will make it more difficult for settlement. Also, this is not my husbands debt, it is mine and in just my name so he has no financial obligation to pay it, so I tell her I am not married (I just lied). We have no joint credit, we just have one piece of real estate together and I hold the mortgage on it because his credit was so bad he couldn't get a loan and almost lost the house. Currently the house is rented until we can sell either this house or that one, the sad thing is right now neither property has much equity and I've owned my house for 25 years and he owned his for 15 years, that is what divorced and being a single parent will do to you. I put two kids through college and it's expensive. He has a daughter in college and went through an ugly divorce that almost ruined him, bad things happen to good people.
I hear her typing away, she then tells me she has a program where they can reduce my payment to $700.00 a month until things are better. Let me see, I think I know my math, didn't the payment just go up? I advise her that I can't pay what I owe now and can't possibly pay more. I guess because my rate is up to 30% my payment just increased. She then says she will be in touch. She wasn't too bad and seemed sympathetic, but I know this will continue from here and will probably get worse before it gets better.
Today, my only daughter, wants me to go to a bridal shop with her. She is getting married in June and we are picking out her wedding dress and her brides maids dresses. My daugther is 31 and she lost her father several years ago, so I am it. She knows financially that I am having problems, but I have told her I will do what I can for her and I want to pay for her dress, it is the least I can do. In the old days I would have paid for the entire wedding, but I can't do that now (kind of makes me sad). She is self sufficient and they bought a home last year and they had a baby, so they are adults and I am an official grandmother. I just can't believe time goes by so fast.
Sunday, January 13, 2008
Sunny Sunday
It's a nice sunny winter day here in the North. The snow is melting and it feels like spring. I've gotten calls all weekend from Discover on my answering machine, they are relentless. I love my new "Privacy Corp" caller ID, if it is one of those annoying calls it goes right to the answering machine without even ringing, so if they think they are harassing me with numerous calls all day, they are mistaken, I don't hear a ring.
So what am I doing exciting today? I went through my sales flyer for groceries and went shoppping. I found some great buys one being a Beef Shoulder Roast at $1.99 per pound and I'm going to cook that in the crock pot with potatoes and carrots, then I'll take the leftovers and make a beef stew out of it. I made a huge pot of chili today, it's quick, easy, inexpensive and very healthy for you:
My Secret Chili
1 lb. of ground beef
1 can red kidney beans
1 can white beans
1 can black beans
1 jar of Ragu mushroom & green pepper tomatoe sauce
1 can of diced tomotoes with oregano, basil and garlic
Red Pepper Flakes to taste
1 T. Garlic Salt
1/2 t. of Black Pepper
1 T. Basil
1 T. Oregano
1/4 c. brown sugar
1/2 t. Cloves
Fry up the hamburger and drain off the fat, add all the remaining ingredients (draining the beans), let simmer on low for about 30 minutes.
Makes a large pot of chili, serves 8 at least.
So what am I doing exciting today? I went through my sales flyer for groceries and went shoppping. I found some great buys one being a Beef Shoulder Roast at $1.99 per pound and I'm going to cook that in the crock pot with potatoes and carrots, then I'll take the leftovers and make a beef stew out of it. I made a huge pot of chili today, it's quick, easy, inexpensive and very healthy for you:
My Secret Chili
1 lb. of ground beef
1 can red kidney beans
1 can white beans
1 can black beans
1 jar of Ragu mushroom & green pepper tomatoe sauce
1 can of diced tomotoes with oregano, basil and garlic
Red Pepper Flakes to taste
1 T. Garlic Salt
1/2 t. of Black Pepper
1 T. Basil
1 T. Oregano
1/4 c. brown sugar
1/2 t. Cloves
Fry up the hamburger and drain off the fat, add all the remaining ingredients (draining the beans), let simmer on low for about 30 minutes.
Makes a large pot of chili, serves 8 at least.
Wednesday, January 9, 2008
Change in Plans
Recently my servicing of my retirement plan was transferred. I called them today to double check on my planned loan. My old company was Fidelity and they had advised me that I would be eligible for a $31,000 loan. My new company advises that that is not correct, that I will only be eligible for $17,000 to $19,000 if my 401k doesn't lose any more money. Big difference to $31,000 and a major hole in my financial plan for settlement. So now I need to revamp.
I currently have secured a $23,000 family loan and approximately $18,000 from a 401k. I am expecting a $3,000 tax refund, $3,300 hardship withdrawal, $2,000 repayment from a loan I made to a family member, so right now I have $46,300. I wanted to have at least $60,000, so I'm about $13,700 short. I can probably save an additional $5,000 by June and I have a car I'd like to sell for $7,000. I'm not sure if the car will sell with the economy what it is, but I will keep my fingers crossed. This is getting very close and now the pressure just went up.
I received two calls this morning from Discover, I'm 8 days late on one account and only 1 day late on the second, I'm wondering if they are calling because I am late or if they are calling because I closed my accounts with them? I'm 24 days late on my Bank of America large account and 13 days late on my small credit card with them. Nothing else is late yet, although I made my payment with Chase a day late and they raised my rate to 29.99%, they are just so kind! I can't believe how they think raising rates, charging late fees and overlimit fees are going to encourage me to pay my account, don't they know how discouraging this can be because you can never get ahead and eventually you just stop paying and they lose. If credit card companies tried harder to work with customers, locked into a fixed rate and couldn't change it (like a mortgage payment or car loan), they wouldn't have as many defaults and losses. I really believe our government needs to get involved with stricter regulations on the credit card companies. My prediction is that the credit card crisis will supersede anything we have seen in the mortgage business.
So how will I sleep tonight and sleep for the next six months until this all comes to a head? I really don't know and I'm trying to just take a deep breath and one day at a time.
I currently have secured a $23,000 family loan and approximately $18,000 from a 401k. I am expecting a $3,000 tax refund, $3,300 hardship withdrawal, $2,000 repayment from a loan I made to a family member, so right now I have $46,300. I wanted to have at least $60,000, so I'm about $13,700 short. I can probably save an additional $5,000 by June and I have a car I'd like to sell for $7,000. I'm not sure if the car will sell with the economy what it is, but I will keep my fingers crossed. This is getting very close and now the pressure just went up.
I received two calls this morning from Discover, I'm 8 days late on one account and only 1 day late on the second, I'm wondering if they are calling because I am late or if they are calling because I closed my accounts with them? I'm 24 days late on my Bank of America large account and 13 days late on my small credit card with them. Nothing else is late yet, although I made my payment with Chase a day late and they raised my rate to 29.99%, they are just so kind! I can't believe how they think raising rates, charging late fees and overlimit fees are going to encourage me to pay my account, don't they know how discouraging this can be because you can never get ahead and eventually you just stop paying and they lose. If credit card companies tried harder to work with customers, locked into a fixed rate and couldn't change it (like a mortgage payment or car loan), they wouldn't have as many defaults and losses. I really believe our government needs to get involved with stricter regulations on the credit card companies. My prediction is that the credit card crisis will supersede anything we have seen in the mortgage business.
So how will I sleep tonight and sleep for the next six months until this all comes to a head? I really don't know and I'm trying to just take a deep breath and one day at a time.
Tuesday, January 8, 2008
First Collection Call
I've been preparing myself for that first collection call. Today I get a recorded message that leaves an 800 number and asks me to call back. So I call the number and hear "Credit Card Services" and it ask me to put my last four digits of my credit card in. I'm not sure which credit card is calling and if it is a collection call or someone calling to get me to open back up my credit card, since I closed them all on January 2nd. I'm not yet 30 days late on any card. I guess I'll just wait and see if they call back. However, my thought is not to really talk much to anyone for the first 60 days and then to send out a letter to the creditors advising them of my situation.
I've been spending a lot of time reading about people and their debt for the last six months and I'm not surprised to see how debt can affect emotions. When you look at the whole scope of things, debt does control most peoples life's. I was very upset when I finally realized I was not going to recover from the housing market crash and that my income would never be the same and there was no way I could continue making credit card payments. I had many sleepless nights, went on depression medication and anxiety medication and etc. Then about six months after I knew where I was heading, I finally made up my mind that this was not a bad thing, this was a good thing. I was finally dealing with my credit cards and I was finally going to be forced to pay them off and no longer use them. I was actually going to be freeing myself from the credit cards and the huge monthly payments I've been paying for the last ten years. I've been living on the edge for at least that time, if not before. It's time to get rid of cards and learn how to manage my money better and I think "everything happens for a reason"; and I needed this lesson in my life.
One of my passions is cooking, so while I'm waiting for my opportunity to settle my debt, I've been looking for ways to save money grocery shopping, yet still feed my family tasty and nutricious meals. The first thing I do on Sunday is take out the Super Market flier and see what the deals for the week are. I look for the two for the price of one specials. I had purchased a small chest freezer so I can freeze foods and use them at a later date. So this weeks special was to buy one package of boneless pork chops and get a second one free and chicken breast was $2.29 a pound for the family package. So I bought the pork chops and the chicken breast. I froze the second package of pork and split the family pack of chicken into two packages with freezer bags and froze the second package. Two of the meals I will prepare this week will be grilled pork and lemon chicken.
Grilled Pork
3-4 pork strips
1 T minced garlic
1/4 cup olive oil
salt & pepper
Take your pork strips and place them in a bowl, usually four pieces, coat them with olive oil, 1 tablespoon of minced garlic, salt and pepper. Place in refrigerator for at least four hours, turning at least once. Then grill them on the barbeque grill until cooked through.
I usually serve these with herbed potatoes - cut red or gold yukon potatoes into bite size cubes, lightly coat a baking dish with olive oil, sprinkle garlic powder, cajun spice, salt and pepper over potatoes, bake at 350 for 20 minutes, turning potatoes after the first ten minutes. Serve wth a side of corn, one can kernel corn and one can creamed corn mixed together.
Stove Top Lemon Chicken
3-4 chicken breast
1 can chicken broth
1/4 cup lemon juice
1 T lemon pepper
1/2 c. flour
1 egg
Pound out four chicken breast until they are flat, make a mixture of flour and lemon pepper, whip one egg, dip your chicken in the egg and then coat with the flour mixture. Place chicken in a lightly greased fry pan and saute until golden brown. Remove the chicken from the fry pan, pour in one can of chicken broth and 1/4 cup of lemon juice, sprinkle a half a teaspoon of lemon pepper then add two heaping tablespoons of gravy thickener (I like Wonder sauce and gravy). Heat until the mixture thickens and then add your chicken breast back into the sauce. Let simmer for about five minutes then serve over hot rice with a side of green beans.
Both of these meals are under $10.00 and they are delicious.
I've been spending a lot of time reading about people and their debt for the last six months and I'm not surprised to see how debt can affect emotions. When you look at the whole scope of things, debt does control most peoples life's. I was very upset when I finally realized I was not going to recover from the housing market crash and that my income would never be the same and there was no way I could continue making credit card payments. I had many sleepless nights, went on depression medication and anxiety medication and etc. Then about six months after I knew where I was heading, I finally made up my mind that this was not a bad thing, this was a good thing. I was finally dealing with my credit cards and I was finally going to be forced to pay them off and no longer use them. I was actually going to be freeing myself from the credit cards and the huge monthly payments I've been paying for the last ten years. I've been living on the edge for at least that time, if not before. It's time to get rid of cards and learn how to manage my money better and I think "everything happens for a reason"; and I needed this lesson in my life.
One of my passions is cooking, so while I'm waiting for my opportunity to settle my debt, I've been looking for ways to save money grocery shopping, yet still feed my family tasty and nutricious meals. The first thing I do on Sunday is take out the Super Market flier and see what the deals for the week are. I look for the two for the price of one specials. I had purchased a small chest freezer so I can freeze foods and use them at a later date. So this weeks special was to buy one package of boneless pork chops and get a second one free and chicken breast was $2.29 a pound for the family package. So I bought the pork chops and the chicken breast. I froze the second package of pork and split the family pack of chicken into two packages with freezer bags and froze the second package. Two of the meals I will prepare this week will be grilled pork and lemon chicken.
Grilled Pork
3-4 pork strips
1 T minced garlic
1/4 cup olive oil
salt & pepper
Take your pork strips and place them in a bowl, usually four pieces, coat them with olive oil, 1 tablespoon of minced garlic, salt and pepper. Place in refrigerator for at least four hours, turning at least once. Then grill them on the barbeque grill until cooked through.
I usually serve these with herbed potatoes - cut red or gold yukon potatoes into bite size cubes, lightly coat a baking dish with olive oil, sprinkle garlic powder, cajun spice, salt and pepper over potatoes, bake at 350 for 20 minutes, turning potatoes after the first ten minutes. Serve wth a side of corn, one can kernel corn and one can creamed corn mixed together.
Stove Top Lemon Chicken
3-4 chicken breast
1 can chicken broth
1/4 cup lemon juice
1 T lemon pepper
1/2 c. flour
1 egg
Pound out four chicken breast until they are flat, make a mixture of flour and lemon pepper, whip one egg, dip your chicken in the egg and then coat with the flour mixture. Place chicken in a lightly greased fry pan and saute until golden brown. Remove the chicken from the fry pan, pour in one can of chicken broth and 1/4 cup of lemon juice, sprinkle a half a teaspoon of lemon pepper then add two heaping tablespoons of gravy thickener (I like Wonder sauce and gravy). Heat until the mixture thickens and then add your chicken breast back into the sauce. Let simmer for about five minutes then serve over hot rice with a side of green beans.
Both of these meals are under $10.00 and they are delicious.
Wednesday, January 2, 2008
Beginning the Process
After reading much information regarding "debt settlement" I made the decision to call all my credit card companies today and close my accounts. As I called each one they wanted to know why I was closing the account and I advised them that I was having serious financial difficulties and didn't feel I could responsibly keep the accounts open any longer. From information that I have read, if I close the account my score is not impacted as badly as if the creditor closes the account.
I had tried to close my account with BOA in October because the rate was 24.98%, but they didn't want me to and they talked me out of it; I wish I had done that then. They told me that if I closed the account they couldn't give me a better rate and I'd have to leave it open and they would give me a better rate, they did give me a rate of 11.99%, but then they reduced my line of credit so I was over my limit and charged me $39 a month over limit fee, how nice! So today when I called I just closed the account, they asked me when I was going to make my now over due payment and I advised I'd call them back at a later date.
So all my credit cards are closed by me, it's probably not that big of a deal, but it begins the process for me and mentally I need to prepare.
I had tried to close my account with BOA in October because the rate was 24.98%, but they didn't want me to and they talked me out of it; I wish I had done that then. They told me that if I closed the account they couldn't give me a better rate and I'd have to leave it open and they would give me a better rate, they did give me a rate of 11.99%, but then they reduced my line of credit so I was over my limit and charged me $39 a month over limit fee, how nice! So today when I called I just closed the account, they asked me when I was going to make my now over due payment and I advised I'd call them back at a later date.
So all my credit cards are closed by me, it's probably not that big of a deal, but it begins the process for me and mentally I need to prepare.
Tuesday, January 1, 2008
Happy New Year
I'm truly hoping for a Happy New Year. I'm glad to see 2007 pass and I'm looking forward to a fresh start in 2008.
I'm currently looking at approximately $133,000 in credit card debt and I'm setting a plan on how I will settle this debt with my creditors. I'm putting together what I think my settlements could be and hope that I can do this as planned and my settlements won't be much higher than my projections. I only have a set amount of money to work with and I want to settle this whole mess this year:
Creditor Balance Possible Settlement
BOA $52,300 $15,000
BOA 6,400 2,500
Chase 17,500 7,000
Citi 24,400 10,000
Sears 6,700 3,000
Discover 25,500 11,000
$132,800 $48,500
Wow, now that would be great, but is it realistic? The total payout is at about 37%, my guess is that I will be more at 40% and with interest and late charges, my balances will be much higher by the time I can settle, probably about $150,000 in debt at 40% will be $60,000, I can probably have that much together by June, 2008. I hope to settle this mess by August.
This is an aggressive strategy and it would be a huge relief if it works. So here's to a Happy New Year.
I'm currently looking at approximately $133,000 in credit card debt and I'm setting a plan on how I will settle this debt with my creditors. I'm putting together what I think my settlements could be and hope that I can do this as planned and my settlements won't be much higher than my projections. I only have a set amount of money to work with and I want to settle this whole mess this year:
Creditor Balance Possible Settlement
BOA $52,300 $15,000
BOA 6,400 2,500
Chase 17,500 7,000
Citi 24,400 10,000
Sears 6,700 3,000
Discover 25,500 11,000
$132,800 $48,500
Wow, now that would be great, but is it realistic? The total payout is at about 37%, my guess is that I will be more at 40% and with interest and late charges, my balances will be much higher by the time I can settle, probably about $150,000 in debt at 40% will be $60,000, I can probably have that much together by June, 2008. I hope to settle this mess by August.
This is an aggressive strategy and it would be a huge relief if it works. So here's to a Happy New Year.
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