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Viewing the 'Medical Mortgage' Category

Reckoning

August 13th, 2012 at 06:46 pm

I've been a little bit down on what I see as our lack of progress this year on getting the debt gone. I did a reckoning at the beginning of the year of what we'd paid off last year, so I thought I'd sit down and add up the numbers and see what we've really paid off this year so far. This doesn't include the car loan because I don't have the beginning numbers for the year and can't go look it up because it's no longer owned by the same bank it was at the beginning of the year.

Anyway:

$20228.79 Credit Card Balance at start of year
-14135.56 Balance Now
------------
$_6093.23 Amount Paid Off for Good

$18544.28 Mortgage Owed at start of year
-16432.02 Balance Now
--------------
$__2112.26 Amount Paid Off for Good

$87,000 0% Loan from Mom at start of year
-81,000 Balance Now
---------------
$__6000 Amount Paid off for Good

So I have actually paid off $14,205.49 so far this year not including the car loan (which I think is around $3000 to $3500 paid off this year). I guess we are making better progress than I thought. Still doesn't stop me from wanting it gone yesterday, but makes me feel a little less like we've accomplished nothing this year. And there are still 4.5 months to go.

$57,010.88 paid off in 2011

January 7th, 2012 at 03:43 pm

Okay, so when I restarted blogging consistently in January last year we owed $67,457.32 in unsecured credit card debt. We now owe $20,228.79.

$67,457.32 Original amount owed
-20,228.79 Amount left on credit card debt
-------------
$47,228.53 Amount paid off in 2011

We really busted tail this year to pay off that much debt and before the surgery in July I was sure we could have paid off the whole thing by the end of the year. Well, life happened of course, and medical is expensive. But we made a lot more progress than I actually thought we had.

As for the mortgage, we started the year at $22,326.63, but it now sits at 18,544.28.

$22,326.63 Beginning amount
-18,544.28 Ending amount
--------------
$_3,782.35 Amount paid off in 2011

Then finally is the loan from my mother who originally covered over $100,000 in hospital debt for us with a 0% loan. At the beginning of the year we owed her $93,000. We now owe her $87,000.

$93,000 Starting 2011
-87,000 Amount left
-----------------
$_6,000 Amount paid off

So all told we have paid off $57,010.88 of debt this last year. Sometimes I really feel like we are getting nowhere, but to see it all added up like that, I know we are getting somewhere and the credit card debt, at least, should be paid off by summer.

We'll have around $8000 coming back to us in taxes, mostly because of our HSA, and we will get 5% of whatever DH's grandparents' house sells for, which should be around $7500, but we don't know when that will be. The buyers are negotiating at the moment and if that falls through there is another interested party waiting. All of that money is earmarked for debt payoff.

There is no rush on paying my mother back. She prefers to get $1000 a month and no more when we can manage the payments (we've skipped a few because of all the medical this year, with her blessing). That gives her a stipend to live on besides social security. If she dies before we pay it all back it is forgiven in the will and not owed to the estate.

So we are getting there. Faster than I thought, even.

EF Back Over $1000

May 30th, 2011 at 04:42 pm

I added $200 to my Emergency Fund today, bringing the new total to $1042.27. $827.36 is at ING and $214.91 is at local CU#2. I will be adding my coin jar savings tomorrow at CU#2 since I didn't make it over there before we went to Seattle. I've figured out the budget through June 24th and balanced the checkbook. I have $500 in savings for medical bills as they come in. I will be able to set aside $1000 next payday for that as well. I sent $500 to AMEX today and set aside $100 for property tax and $17 for dues.

Since I've budgeted very carefully we won't have to skip a car payment in June unless the medical bills are just ridiculous. We are still two months ahead and I'd like to save those two chances for a time when I might need them more.

My mother has said we can suspend all further payments to her until all of our medical bills are paid (originally she just said two months) since there will be one more surgery than was expected, so long as we keep doing the $300 worth of utilities and pay the garbage. That will help a whole lot. I wish all these surgeries could have waited until 2012 when our last credit card would be paid off. I'm still trying to be optimistic that we'll get it paid off this year.

The kids want to take a road trip instead of going to camp this year. That will save us quite a bit of money. Three days driving around the Olympic Rain Forest and touring the capitol (overnighting with family) and then we'll end up in Seattle at the Inn at Virginia Mason the night before my surgery, stay there for two days and then come home. I have to overnight in the hospital one night so after I come safely out of surgery they will go and do some stuff in the city center, since I'll just be asleep anyway.

Mom will drive me down for my follow up three weeks later since DH will be back in Alaska then. I won't be allowed to drive myself yet and anyway, Seattle traffic scares the heck out of me. While I am at VM Mom will visit my dad in his nursing home in Issaquah. I'm not sure whether we'll take the kids or not.

I'm hoping MIL will take them overnight which she almost never does. I can count on one hand how many times they've stayed overnight there and they are 14 and 11, so it probably won't happen. SIL would likely do it, but she has to work. They are old enough to stay by themselves during the day, just not at night. If they have to come, they have to come, but Mom will keep them with her. It'll all work out one way or another.

Some Breathing Room

May 17th, 2011 at 03:27 pm

My mother has said that we don't have to pay her the usual $1000 a month on our loan from her for this month or next because of all the medical bills. She said she's fine for money right now and that she'd much rather we not have to put anything on a credit card or wipe out our meager emergency fund. We will continue to pay the $300 a month for utilities, the $40 a month for garbage, and the $65 a month for internet. Those aren't part of the loan payment anyway.

It's a bit of a relief to know I can put away that $2000 for medical and not have to scrounge AND not have to take so much from debt repayment.

Today I paid the garbage bill for this house and the phone bill for the old house. $37.68 and $44.92.

Payday and the Evil that is Racoons

April 22nd, 2011 at 08:25 pm

DH put his airline ticket on the wrong credit card. I went to go pay off the interest that always comes through after you pay off a credit card, which was $40 and some change and noticed he'd put it on the paid off Master Card instead of the air miles reward VISA. The two cards look very similar, both black, both from BoA.

It's an easy mistake to make. *sighs* But now it's got $355 on it, so I can't pay it off again until May 13th. Frown It's not the end of the world, I was just looking forward to seeing it zero out again, and at least it means that the VISA is still under $20,000 which it wouldn't have been if he'd put it on the air miles card. He's going to take it out of his wallet and stop carrying it altogether.

I made a payment of $1000 on the interest free medical debt loan I owe my mother, which brings our balance to $89,000, with seven years and six months and 89 payments to go, $21,000 paid off so far.

This was the little payday, it only has two days wages on it, so the rest of the money, plus what I've put aside, is going to stretch over the next two weeks of no paychecks.

I didn't take any cash out of the bank as I still have $52 in my wallet. I think I can get by on that for the next week.

A racoon got into Mom's chicken coop last night as she forgot to do the locks. Racoons are very capable of opening simple doors and it did. It killed 4 chickens. What really gets me is that it only ate one of them. It killed the other three just for sport, I think. Racoons are just such nasty creatures. So we are down to zero ducks and two chickens.

I kind of wish she'd give the chickens to this lady she knows on a farm. I think it's just too much work for her and that's why she's gotten so lazy about things. But her laziness has lost her one duck three days ago and now four more chickens. She started with 10 chickens and 4 ducks. Only one animal death was not due to her being careless about something. I'd rather see the chickens go than have to listen to that inhumane screaming in the middle of the night as a racoon kills a chicken. It's one of the most awful sounds in the world.

Blogoversary

April 9th, 2011 at 01:38 pm

On April 9, 2006 I started this blog. It's hard to believe it's been five years (even if I took one year off from blogging there in the middle). In that time we have paid off a lot of debt, most of it incurred from having really bad medical insurance and multiple surgeries. We started at around $200,000 and had medical expenses somewhere in the middle that added to that total as well as bought a new car (at one point we were as high as $250,000).

We have paid off a lot in the last five years, but honestly the real progress has been made this year since January by paying off the $38,323.87 from the BoA Gold Star Loan and $8000 of credit card debt (paid off one card and most of a second card).

What we are left with now is:

$90,000.00 owed to Mom for medical debt
$21,224.97 mortgage
$15,839.43 car loan
$21,044.92 total credit card debt
------------
148,109.32 total debt owed

But of the unsecured debt owed it is $111,224.97. Hopefully we will be able to sell the house within the year and then that debt will be gone and we'll have a substantial down payment for our next house. The credit card debt will be gone by the end of the year and then the car debt should be gone by April of 2012. It feels good to know that in a year we will be free of everything but what we owe to my mom.

Mom doesn't want more paid back then $1000 a month because she is using it to live on and likes having a steady income. But if she dies before it is paid off then the debt is forgiven and is not owed to the estate. Which will be nice not to worry about, but I'd rather have her around for the next seven and a half years it'll take to pay her back.

Procrastination Station

April 4th, 2011 at 03:58 pm

Well, I finally got off the procrastination train and finished paying bills for Friday's paycheck and then I balanced the checkbook.

Money out:

$1000.00 to medical loan from Mom
$--19.07 Electric for old house
$--35.90 Life Insurance DH
$--32.70 Life Insurance Me
$--95.59 Car Insurance
$--41.00 House insurance for old house
$-500.00 Amex
$-300.00 Groceries
$--90.00 Medical
$-375.86 Mortgage on old house
$--96.00 Six weeks allowance for 2 kids
$---2.00 Tooth Fairy money
$--78.68 Clothing and shoes for DS
$-100.00 Cash for me
-------------
$2766.80 Total Spent


$91,000.00 Medical debt payback to Mom
$-1,000.00 Amount paid
-----------
$90,000.00 Amount still owed to Mom

So we have officially paid back $20,000 and we have 90 payments left to make. 7 years and 7 months to go.

The majority of next week's check will go to the Master Card and some of the following one, too. So it should be completely paid off by the 15th as long as nothing unforeseen arises.

I still have $204 left in the checkbook and $49 in cash. I doubt I will use what is in the checkbook and will just add that to what I pay on the MC on Friday.

Big Medical Debt and Wills

March 29th, 2011 at 08:13 am

On my way back in from dropping off my daughter at high school this morning, Mom stopped me to tell me she was redoing her will. She's needed to do this for a while. Ever since she drained the IRA and put Dad in the nursing home. She still wants me to be executor (which, ugh, but I agreed to it, with my older sister as back up if I can't).

Anyway, she said that if she dies before I am done paying back the money I owe her for the medical debt, that the debt is free and clear. Before it was expected that I would either continue making payments to my sisters for their part of the inheritence (which I don't think could be legally enforced as I never signed anything, but I still would have done it) or give up my third of the house. But since I've been here taking care of her since the fall she's decided to just make the loan void on her death.

Quite frankly I don't think she'll be dead before we finish paying her off. She's in pretty good health. But it's nice to know that if she were to go unexpectedly, that that financial burden would be lifted.

Now DH and I just need to get around to making our own will. We've been putting it off for too many years. Even if we just do one of those form letter ones and take it down to the CU to have it notarized, that's better than what we have now, which is pretty much nothing.

Payday--Money Out

February 25th, 2011 at 05:31 pm

Today is payday and Iím really happy with how things shaped up.

$1000 to BoA VISA. This is the second payment this month and this one goes completely to principle since the one I made last week was to cover all of DHís work travel expenses and the monthly interest charge.

$1000 to Momís 0% interest loan, dropping the amount we now owe her to $91,000.00. We have 7 years and 8 monthsí worth of payments to go. We have paid off $19,000.00 so far. This was originally all medical debt.

$300 to Mom to help her with utilities.

$34 to the EF and $1 to the holding tank since the electric bill for the old house was $1 less than Iíd budgeted for. That brings the holding tank to $204.30 and the EF to $7468.65, with $1000 of that in the safety net at the local CU and the rest in ING.

$20 for the electric bill at the old house

$212.66 for term life insurance for me and DH, house insurance on old house, and car insurance

$39.37 security system on old house

$131 to storage

$200 to AMEX

$375.86 to mortgage on old house

$407.75 on propane

I have a couple hundred left for groceries and miscellaneous items for the week. I doubt I will spend it all. Any extra will go to the laptop fund. I did spend $60.11 on Chinese food from the no MSG place. I got enough to have several meals out of it so I donít have to cook while I am still so sick. I really wish this cold would leave. I am just too out of it to cook like normal. I hate spending that much money but itís good food with lots of veg so I donít feel too bad about it.

Out of next weekís payday I will pay an additional $500 to AMEX, $500 to the holding tank for medical, $124 to renew AAA, $1000 to the EF and $1000 to the holding tank for the two week period of no paycheck. There should be about $600 left and $300 of that will go to the property tax portion of the holding tank, $100 to the laptop fund, $100 for groceries and $100 for miscellaneous. If there is anything beyond that it will go to the laptop fund. The payday after that, which is only two and a half dayís pay will also be for stretching across the two week period of no paycheck.

I took back the 3 cans of chicken and rice soup I bought on Tuesday by accident and got 3 cans of chicken and stars soup in exchange. The price had dropped 10 cents a can on the new sale week, so I got 30 cents back in change. Also at the Chinese place the lady didnít want to use so many pennies by giving me back the 14 cents she owed me so she gave me 15 cents instead, so thatís a total of 45 cents to the coin jar today. I also grabbed some penny wrappers while I was at the CU paying the mortgage, so I can roll coins today and add that to next weekís laptop fund deposit.

All in all a satisfying payday and I canít wait until next week when everything posts and I can update my numbers again and see some real progress this time.

Oh, and DH has heard from three different people, one his direct supervisor that heíll be getting a raise in April at the six month mark. It will add $525 to his gross income for a six week pay cycle if the amount he was told is correct, so Iím thinking we will at least get $400 of it and that can go to debt repayment probably. If Iíve done the numbers right, with that extra amount we should hit the end of the year no problem with having BoA paid off completely. Iím not counting it yet, though, in my budget. Itís one of those things where Iíll believe it when I see it.

The BoA VISA should now have a little over $3000 between what we owe and what the limit is on it, so with that cushion there I am going to now switch to paying only $1500 on the BoA VISA each month (expenses, plus interest, plus about $100 to principle) and take the extra $1000 and add it to the $400 payment we make on the BoA Master Card. That will pay it off by the end of May and then weíll be able to pay $2900 to the VISA each month until it is paid off. I may try to scrape up an extra $100 each time to make it $3000. Weíll see whatís available.

Once that is done the money will then go to finish paying off the car, unless DH talks me into trading in the Matrix for a Sienna sooner than we planned.
If we stick to the plan, we should be out of debt, except what we owe to Mom, by the middle of 2012, possibly sooner if he gets the raise.

Mom doesnít want us paying her back any faster than $1000 a month because she is using that to supplement her income from social security (and saving as much of it as she can for the future). She likes having it come in steadily and our system seems to be working for everyone.

Edited to add: I was cleaning out an old purse and found $1.95 in coins. I then rolled coins and I have $7.50 to add to the laptop fund.

$467.94 beginning laptop fund balance
$=07.50 amount added
---------------
$475.44 ending laptop fund balance

It Feels Like I Made Lots of Progress Today

January 21st, 2011 at 02:29 pm

I paid Mom $1000 on the medical loan I took from her today. I paid off the AMEX today ($1000 out of the paycheck and $500 out of the EF, leaving EF at $7,600) and the last bit of interest on the loan I paid off earlier this month hit our account so that was $218.18, which I also went ahead and paid so we should now be able to close that account down and have it marked as closed and current on our credit report. Yay.

That leaves us with $21,021.22 on the VISA and $4540.42 on the MC and that's it for our unsecured interesting bearing debt. That's a total of $25,561.64 left to pay. If we can manage $2500 a month in payments (which should be no problem) we can have it paid off by the end of the year. I think the MC will be paid off by the end of April. Wow, that light at the end of the tunnel just keeps getting brighter and brighter.

So this leaves us at:

$92,000.00 (no interest loan to Mom)
$25,561.64 (VISA 11.4% and MC 12%)
$22,053.10 (Mortgage 5.5%)
-----------
$139,614.74 Total

I looked up how much was left on the car after Wednesday's payment went through and it is $16,640.84. At the current rate of payments it'll be paid off 7/21/14, but once we get the credit cards paid off we will be doubling the car payments so I'm thinking more towards the end of 2012, probably.

I didn't make it to the pharmacy before it closed yesterday, so went today and paid $19.59 for 2 RX and then we went to WalMart to get non-prescription meds at $56.68. 4 boxes of nasal spray, 2 big bottles of antacids, and 2 mega packs of Dayquil/Nyquil gelcaps. Hopefully that will get us through the rest of the winter. I'll have to pick up more Sudafed at some point, but that can't be bought in bulk without a doctor's note so that comes a bit at a time.

Massive Updatiness

January 9th, 2011 at 04:33 am

We have set a goal to have all of our unsecured interest bearing debt paid off by the end of the year. As such, I am determined to start blogging again for real to help us in accomplishing this. The last year has been really unfocused and I need to find that focus again. I know we can do it, but it's going to take dedication and the determination not to be lazy about things.

So where we stand at the moment as far as total debt is concerned (minus the car):

$ 93,000.00 medical debt
22,326.63 mortgage
38,323.87 personal loan
+ 29,133.45 credit card debt
-----------
$182,783.95 total

So we have paid off quite a bit this year. And considering when I started this blog we owed around $250,000 I think we are doing pretty well.

The credit card debt is spread over 4 cards. We will be paying one of them off this month and we will also be paying off the entirety of the personal loan this month, which will bring that debt total down to around $123,000. We should be able to pay off a second card by the end of March.

The $93,000 is a non-interest bearing loan from my mother. We are paying her back at a rate of $1000 a month. At that rate it will be 7 years and 9 months to be paid off. She doesn't want us paying it back any faster than that, because she wants a steady influx of cash to live on each month. I'd prefer to add more to it, but I suppose once all other debt is paid I can always just put any extra in a savings account dedicated to paying her back.

My husband is working for a new company and it came with a substantial raise in income of about $2000 more net each month. He started there in November. He's guaranteed work (on contract) for the next three years so we are going to make hay while the sun shines.

We need to finish fixing up the house by mid-Spring so we can put it on the market. At this point I don't care if we get the true value of it, I just want to be rid of it. I'm tired of maintaining two households. As long as it pays off the mortgage and gives us $50,000 in the bank towards our next downpayment on a house, I will be happy. I think if we price it right and as a fixer upper we could probably unload it faster than the other people selling houses in our area. They have so overpriced their houses for the location and the depression.

We've got somewhere around $20,000 left to pay on the car. It's about three and a half years left. I'm not sure of the exact amount because it is on autopay and so I kind of don't pay attention to it or count it in the overall total. I should, but I don't. I know we are three months ahead on it, though. It will be the next focus after the unsecured debt is paid off. I think we can finish paying it off by the end of 2012.

I'm not sure when we'll start looking for a new house but it's not going to be this year. It's not something I'm prepared to even try to do until the unsecured debt is gone.

We've got $8000 in the emergency fund and I will add to it a little bit at a time, but not aggressively, this year. Just mostly saving change, throwing in whatever I cut from the grocery budget, and adding $100 or so a month consistently. Eventually I'd like to have $50,000 in there as a long term goal.

Okay, I think that about sums up where everything stands. Now if I can get myself back into the habit of doing this again on a regular basis I'll be a happy camper.