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Update on Line of Credit and Surgery

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Update on Debt Reduction Strategies

I called to find out about the line of credit I applied for. It’s a good thing I am decent at telephone negotiations, because they definitely gave me the runaround. The application was stuck somewhere in the system, but I finally found out it is now conditionally approved (pending income verification). No comment on how I was supposed to find this out (carrier pigeon? Smoke signals? They certainly didn’t call, write, or email). The problem is that they approved me at a much higher rate and told me the promotion I applied for had expired!

Politely, I noted that I applied a few days after I got the email, well before the deadline of the 19th. I’m not psychic and no one reached out. For some reason, I had to explain that to two different people over the course of 35 minutes. I dislike wearing the “can I speak to your manager” hat, don’t you?? Regardless, the application moved ahead and I’m now putting together my proof of income. Fingers crossed they accept it. I included my bonus in there which wasn’t smart, in retrospect, but I receive that bonus every year.  I’ll include my tax returns as evidence. I also have side income I need to submit proof of. The whole thing is still a bit shaky but I remain optimistic.

What to do with a $9500 line of credit?

I plan to pay off my two credit cards with it. They are both at 19.99% interest and the payments are stressing me out! I’m not sure what to do with all the payments and subscriptions that come off my main Visa card. Things like my weekly transit pass, monthly subscriptions such as Netflix and Spotify, pet insurance. I don’t account for these things properly in my (let’s be blunt, non-existent) budget. I’m thinking of closing one credit card and keeping the other one open for these items, and paying them off every Monday to stay on top of the balance. How do you handle monthly payments on a credit card? I prefer the protection of Visa to Visa Debit linked to my checking account. Getting money back from erroneous billing/fraud in your checking account is next to impossible, whereas it’s fairly easy with credit card companies.

Eventually, I’d really like to switch to a travel rewards card. I want the premium economy leg room and airport lounge access, baby! A girl can dream. For now, I need to demonstrate I can be responsible with credit and work with what I have.

Surgery went well

Update on the glomus tumour removal! I feel SO MUCH better this time around! My hand already has more mobility than it did three weeks in to healing last time. The surgeon went in from the side to avoid existing scar tissue, and I get to keep my fingernail this time. I also have to say, this was my first time at this particular hospital (Sunnybrook Hospital in Toronto). It was just so nice compared to the Scarborough hospital, which is down the street from me. Sunnybrook is far more advanced technologically! They were scanning the barcode on my wrist everywhere I went and had monitors in waiting rooms for families to see their loved one’s surgical status. I was able to give my parents my patient code and they could see my status online, too.

I moved around a bit in prep, and I was given three heated blankets in that time. The nurses would wrap the blanket around my shoulders and give a little squeeze. It felt so nice! And then in the OR, the surgeon noticed tears in my eyes, and he asked what was wrong. I said I regretted not having my parents there that day. He said his daughter is 30 and she would want him there if she was having surgery, too. He said, “We can go as slow as you want. I won’t do anything you don’t want me to do. Let’s talk through what’s next and you can let me know when you’re ready.” He was so compassionate, and I was so tired and emotional. His kindness warmed me right through. He held my hand for a bit, and I will remember that forever.

Next up…

Time to get the financial house in order. It still feels like I’m free-falling with spending and expenses. The goal: get the whole budget done to minimize anxiety. I’m beginning work on that right now. I’m off work til Wednesday!


The Financial Fallout from the Wreck

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So we had a wreck. And now I have to deal with the aftermath…The facts are:

  • The balance due on my car loan is $4,400.
  • Insurance will pay out $6,241 for my totaled car.
  • We have two other operational cars between the 3 drivers at home, with no balances due on them.
  • Because I work from home and Princess volleyball season is over, there are no regular driving commitments for me other than getting Princess to school everyday at 7am. (She rides a bus home.)
  • The twins don’t ever leave the house before 7:30am and that depends on their work schedules.
  • Sea Cadet leaves for his Americorps FEMA commitment at the end of July. And he will not be taking his car.
  • Oh, and we live in a tiny town and have 2 operational bikes.

I’m betting you can get where I’m going with this.

At this point, after over a week to think about it as I awaited word of the fate of my wrecked car, I think the best financial decision for this time is to NOT BUY another car. At least right away. This will eliminate the monthly car payment for a while as well as reduce our auto insurance costs.

Thoughts on this plan? Have I missed anything?

Down the road, there are a several of factors I will have to consider:

  • Princess will return to volleyball practice for the fall season at some point. Depending on the twins’ school and work schedule, it may become necessary for me to have a car. But I might be able to borrow my grandmother’s car, again depending on the schedule.
  • Our original plan was to sell one of the twins’ cars when Sea Cadet left (year long commitment) and put that money away towards the purchase of another car when he returned. While he has already offered to let me keep his car…well, I don’t want to mess up his plan.
  • It looks like my boyfriend may be moving here from Florida in the next couple of months, and this will be a null issue as we have already talked about being able to live with one car as a long term plan.
  • Princess will be driving in a year…yikes! And I had hoped to save enough money to buy her a car next year. (I bought the twins’ first car for $1,900 and cars are cheaper here.)

As you can see there are lots of variables and I’m really trying to make the best financial decision here. Please give me your feedback…good, bad and other!

 

 


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