I've looked into 3 different ones today and they can all cut my 1500$/month credit card payments in half, BUT they want me to stop paying my credit cards. This really scares me, especially as a renter to have multiple missed payments on several accounts. Any experience/advice?
I work 3 jobs, my husband works part-time midnights and is primary caregiver for our 4 kids. Our combined takehome is 8k-10k a month (one of my jobs is contract work and workload varies). We have a whole 9000 in savings which we dip into regularly to make ends meet each month, so it's been and is dwindling. How are we supposed to survive once student loans come due? The credit card debt is insane, we stopped using them, but can only make the minimum payments which makes no dent because the interest is so high. My husband will be finishing an IT program soon with job placement, but then 2 of our kids will need childcare and I don't know if he will make enough to cover that at entry level (I'm estimating child care to be 2000/month, 3000 in summer for 3 kids unless we have our 17y quit his job to watch them over the summer).
Monthy expenses:
1500 credit cards
450 misc loans
2800 rent and utilities
365 car payment (one is payed off)
350 all insurance
500 medical expenses
90 internet
300 phones
400 kids activities
1200 groceries
1000? student loans (I'll figure out a plan and payments this fall)
Edit to add: my husband has collections for some of his credit cards, they want like 3000 between the 2. He's trying to dispute since 1 was payed off and the other the website seems fishy so he is asking for proof and all that jazz.
Also adding 300 per month for husband's credit cards not in collections
From what I understand, the PSLF buyback will be at the pyment rate of the missed payments in forbearance. Am I correct in this?
I don't qualify for buyback until this July when everything goes haywire and I need to start the transition to the IBR plan. This means that I'll have to recertify my income which is going to put me at around 1k a month (if I used the calculator correctly and which I have no idea how to afford).
Also, since it seems to take an age to get the buyback approval back, will take into account all the payments I made while waiting or will I have to hope for a refund on those?
Anyway, I'm worried after I recertify that my buyback will be at my new rate instead and that my payments, while waiting for things to go through, won't count.