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Hope’s Debt Update – June, 2018

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I didn’t realize it had been so long since I published a debt update. You can see my last one published in February here.

June, 2018 Debt Update

Here are my debt numbers as of yesterday. Despite limited income over the last few months, and primarily living off savings, I have stayed on track with paying off debt.

Creditor
Balance

(as of 10/14/17)
Interest
Min. Payment
Student Loans$34,3752.88%$0 (income based deferment)
Car$6,8647.00%$308
Credit Card$4,98217.00%$36
Collections 3 (Ex-husband)$4,9536.25%$246
Collections 2 (Apartment)$499$0
Self Lender$29110.57%$97
Summer Camp (2018)$00.00%$0
Taxes (State)$00.00%settled with refund for 2017
Total$52,150$687

I removed the debts that were previously settled. Since the February update, the kids’ summer camp was paid off and my VA state tax debt was settled with my 2017 refund.(Received word of this, this week – yeah!)

State and Federal Taxes

I had both VA and GA earnings so had to file in both states. I am still waiting on the GA results, but I anticipate a refund. Because I am a first time filer in GA, I had to file via paper and their website says it can take up to 9 weeks to hear anything.

I am also anticipating a federal tax refund. More on that once I hear from the IRS. (Because of the final year of the adoption tax credit, W2 job where I had more than required withheld and my estimated tax payments from my consulting business, I was well covered.)

Looking toward the Future

As I put in the comments yesterday, I have now contracted out full time hours with my consulting business. While some hours I only earn $17 per hour, the bulk of the hours are contracted at $40 per hour.

After I get a month under my belt, I will publish an anticipated budget. For now, as many BAD readers advised when I wrote about the unemployment benefits I was to receive, I am only spending the minimum on the monthly bills and saving the rest.

Once I get back on stable ground with all the new clients, I will begin with a new debt pay off plan. My first goal…pay off my single credit card!

Your advice has been invaluable these last four years, but most importantly the last few months. Doing at this debt update gave me a lot of hope that being debt free is not too far off.

 


Hope’s February, 2018 Debt Update

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It seems like a lifetime ago that I did my last debt update, but it was just two months ago.

Debt Balances as of Feb. 26

Creditor
Balance

(as of 10/14/17)
Interest
Min. Payment
Car$8,2737.00%$308
Credit Card$5,01417.00%$36
Summer Camp (2018)$1,4310.00%$0
Student Loans$34,0732.88%$307
Taxes (State)$5,8000.00%Re-negotiating
Self Lender$67910.57%$97
Collections 1 (Medical)$186$0
Collections 2 (Apartment)$499$0
Collections 3 (Ex-husband)$5,8216.25%$246
Computer Equipment$022.90%$0
Amazon$026.99%$0
Total$61,776$994
There does not seem to be much needs explaining. I am only paying the minimum due on each debt right as I job hunt.  The tax debt is being renegotiated because the state’s number were evidently based on the federal tax returns that were returned saying I owed $18,000 but have since been corrected.  (Issue was the result of my adopted sons’ last name change.)

Cash on Hand

As of today, I am down to my last $200 in my everyday account. I have not received my final paycheck and have not heard whether my unemployment benefits have been approved. The local career center for the Georgia Department of Labor representative told me to call back tomorrow. It sounds like my employee is continuing to dispute my claim. No words!

They are also still holding my 401K hostage with their approval process. It’s been two weeks since I requested the move. I made another phone call to Voya today, and they said since I had already called the employer, they would prompt the account manager. I don’t know what good it will do, but my hands seem to be tied.

Next Steps

Needless to say, I’m applying like a crazy person.  I think last count I have applied for over 153 jobs through LinkedIn and have now added Indeed, Guru and several other job sites to my daily hunt. Do you have any other suggestions of places to look?

I will begin drawing from my savings at the end of this week if nothing else comes through.  This makes me so sad, but also so grateful. But mostly mad!


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