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The Next Step, Part II


This is a follow up post to The Next Step. There was an over-whelming consensus that this should be my next debt tackled even though people didn’t agree on how.  So here is my plan…

Because I have eliminated all other consumer debt other than this car loan…I have two lines of credit open with no balance.  I called and asked if the introductory offer still stood that I used last December…any transferred balance 0% interest for 6 months.  Wonderful news…it does!

So I have transferred the balance of HIS car loan to my line of credit, effectively paying off the car and I should receive a clear title.  Yeah!

That gives me a balance of just at $3,000 at 0% for 6 months…$500 per month to pay it off with no new interest.  Seems like a good deal to me.  He will continue paying $246 per month to me until the balance is paid, but I will have cleared it off my credit by early 2016.

(We have also dealt with his moving the car out of state…after research done with the state’s DMV in question and insurance company.  All above board when that move actually happens which I have no ETA on that from him, but I’m prepared for when it does.)


    • Reply Hope |

      I agree! At this point I’m not telling him I will have it paid off…but if it gets too hairy being out of state and transferring registration I will probably do that. I trust him to complete paying his balance. I’m pretty excited about how easy this one was to figure out.

  • Reply Jen from Boston |

    Excellent! (I’m assuming that you can pay off the total balance within the 0% interest period.)

    I’m sure once this is all settled it will be a nice relief for you. One less paperwork item and more simplicity!

    • Reply Hope |

      That is the plan…had to get this figured out before I put together plan for final debt – STUDENT LOANS. Now that I have this worked out, I can get to work on looking at that plan. Hopefully will have a new budget and estimates for pay off by the end of the month.

  • Reply k |

    What a quick and easy fix! Congrats on getting that taken care of so quickly, and pain free!

  • Reply Maureen |

    This sounds like a good plan. I am glad you were able to get it figured out so quickly. Per comments.

  • Reply Brooke |

    Glad the balance was so low. I was afraid it would be a big balance! This seems like a great plan to knock it out quickly. It would be a great stretch goal to be done with this by Jan 1, 2016. Imagine starting the year with just student loans! You have done so much to better your situation over the last, and it shows!

    • Reply Hope |

      Me too! As many readers pointed out, it couldn’t have been much since it’s been so long, and now that I have officially moved it over to “my debt” I am more comfortable revealing the numbers.

      • Reply Jean |

        I REALLY hate to say this, but legally it was your debt all along. If you would have pulled your credit report, the loan would have shown up on your report since it’s in your name. I know that psychologically you didn’t see it as your debt, but if he would have missed a payment, the bank would’ve come to you, not him. I’m glad that you have a good relationship with your ex-husband and that he’s not ever fallen behind on his commitment to pay the loan. I’m also glad that you have the room in your budget to move the loan to a credit card with 0% interest and pay it off in the allotted time. You’ve come so far!

  • Reply Joe |

    This sounds like a good plan!

    Hope, I wouldn’t worry about the comments. The fact is that most of the comments were trying to be helpful as indeed, as well as the agreement you made with the ex has worked out, it was always the possibility of liability exposure that was the most pressing concern. I’m quite relieved that you will have resolved this.

    I would point out to all the commenters that I can see how some would think that
    Hope gets too defensive and is not receptive to reasonable advice. But the fact is that she took out by far the largest chunk of her debt by selling her old car, following suggestions from many that were made very early on after she started blogging. So this demonstrates that in fact she is willing to change her way of doing things to tackle her debt in an aggressive way, and that is to be admired!

    • Reply Hope |

      Thanks, Joe! I am definitely willing to make BIG changes to achieve a better financial future for myself and thus my kids…but there are certainly lines I won’t cross.
      I am very open to hearing different perspective and suggestions, but in the end it is us who have to live with the consequences of my decisions and also me who sees the “big picture” which as readers people can’t see.

  • Reply debthaven |

    Great news Hope! I’m very happy you were able to resolve this issue.

    • Reply Hope |

      Thanks, debthaven, I’m finding if I spend the time looking at things from all angles and perspectives I can come up with a workable and palatable solution that works for me.

So, what do you think ?