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  1. #31

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    Re: Had to make a change.......

    PA - I`m no financial planner, but since you are already used to spending the money on debt payments every month, you might consider to keep "spending" that money and fund a Roth IRA or similar (either by opening up one or "super-funding" one you may already have). You could stock-pile a LOT for retirement that way. Certainly not telling you what to do with your money - hope that doesn`t come across that way. Just brought it up as that`s what I will be doing fairly soon. There`s also an argument to not paying off your mortgage early, and using the extra money to fund an interest bearing account instead. There`s a Youtube video on it somewhere with examples, the returns compounded over time were pretty insane. No matter how you do it, just keep on truckin` and major congrats on the pay-off

    edit - found the video

    https://www.youtube.com/watch?v=oR-SxrPPqRc&t=671s
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  2. #32
    DETAILED TODAY? PA DETAILER's Avatar
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    Re: Had to make a change.......

    Quote Originally Posted by trashmanssd View Post
    Congrats, nice to hear about someone being responsible and working hard and paying off there debt. Way to many people just file bankruptcy to get out from under debt and seem to have or suffer from no ill effects after 3-5 years.
    Well that`s the thing. So easy to file bankruptcy. But your credit is screwed for 3-7 years. This way, I still have a good CR. I have heard some people filing twice!! Dunno. Wanted to do the right thing I guess. But I will tell you right here, having that money drafted each and every month was HARD! Never missed a draft. Could have had a brand new car for that. I was working for the debt consol. place all those months. But now that income is back in my pocket where it belongs. And paid off all that CC debt. AMEN.
    2018 Chevy Colorado ZR2
    www.autiopia.org

  3. #33
    DETAILED TODAY? PA DETAILER's Avatar
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    Re: Had to make a change.......

    Well it is official as of today. Even tho my drafts stopped in August, there was one account still unsettled. Found out they do not do debt neg. So advised from the co. I worked with, they said let it go past the statue of limitations. I had asked if I could just pay off the account. They said you could, but then we could not legally represent you then. So that is what I did. Waited. And this way it`s more money to me. Well today was the day. I AM OFFICALLY DONE. I will be getting my completion packet in the mail plus money back I had in escrow. It was long process, but now that I am done it feels great.
    2018 Chevy Colorado ZR2
    www.autiopia.org
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  4. #34
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    Re: Had to make a change.......

    Congrats!
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  5. #35
    Long Time Member GearHead_1's Avatar
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    Re: Had to make a change.......

    Came into this thread by way of new post search. I had to go back and re-read it from the beginning. 4 years is a along time. YOU are the man and you should give yourself a pat on the back. I’m so happy for you.
    A society willing to trade liberty for temporary security deserves neither and will lose both
    ΜΟΛΩΝ ΛΑΒΕ
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  6. #36

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    Re: Had to make a change.......

    Just saw this thread today. Congrats PA. Good for you.
    Back in 2004 I sold my 51% interest in a small company to my partner. In 2010 it went into bankruptcy. I had no interest in it then but because I had co-signed on some lines of credit, the banks came after me. This is 6 years after I had sold it. (my old partner had used the lines of credit to fly multiple times to China to adopt some kids. he got in too deep). So they came after me for about $100k, right as my kids were getting ready to start college. I opened that bank letter in front of my wife and kids and balled like a baby. I hadn`t cried in probably 25 years. I felt that I was the failure. Good news is I was able to educate the bank that my ex partner had used business lines of credit for personal use. They dropped the action against me--which they had no legal obligation to do. Ever since then I`ve paid down all debt except my mortgage. I have a 25k line on my CC but only have a balance of $400.00 My daughter earned a 50% University academic scholarship and my son got an athletic scholarship. (he is now playing professionally). I went from the financial shock of my life to getting my affairs in order. Learn from this PA, get into good habits, or at least keep the good habits you`ve learned in the last 4 years so the leverage can stay on your side. There will be more speed-bumps, but you will overcome them. I highly recommend Dave Ramsey`s teachings, even though I think he`s an arrogant jerk at times.
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