Debt Report August 2008
Debt balances:
- Dentist (crown): $325
- Attorney: $449
- IRS: $3,648.91
- CFCU Visa: $4,826.15
- Chase HELOC: $4,847.58
- Capital One HELOC: $21,440.60
First mortgage balance: $117,050
Debt Balance excluding co-signed student loans and first mortgage: $35,537
Total debt including first mortgage, excluding student loans: $152,587
Student Loans:
- Co-signed student loan, approximate balance: $45,238 (need a complete audit on these accounts; not sure this balance is correct or even close)
Possible total balance including 1st mortgage: $197,825
Discussion
I got a letter from the IRS telling me I owe them money and how to pay it by various methods. I have to call them tomorrow or Monday and get the payment plan option going. My accountant said I have 3 years to pay them in full and that should be plenty of time. I plan to pay them $110 per month as of now. That may be changed when I talk to the IRS and work out a payment schedule.
I haven’t heard from the State of Louisiana about my tax bill to them, but I’m sure it will be soon. They tend to keep the same schedule as the IRS.
Surprisingly, I will get my $900 economic stimulus check even though I owe the IRS. I plan to use it to pay my dentist the rest I owe for my crown and my attorney the rest I owe her for the bankruptcy. Whatever is left over will go back to the IRS. It may be used to put gas in my car and buy a few groceries like bread and milk that we run out of each week.
The mortgage problem I talked about last month was solved, and my mortgage payments have been properly credited to my mortgage account. Chase will begin autodebiting my mortgage payment from my checking account each month in September.
Doctor and dentist bills are what broke the budget this month. My son was sick and he was no longer eligible for Medicaid at the time, so I had to pay cash for him to go to the doctor, have some test run and pay for his prescription. I have to reapply for Medicaid for him and I may qualify now. It would help a lot if they would pay for my prescriptions. I’m also looking into private health insurance but having pre-existing conditions is such a pain that I haven’t even been able to get a quote let alone apply.
Whoever the next president is, I hope he will get some private insurance laws changed so that those of us with pre-existing conditions can buy health insurance for reasonable premiums. I’m all for a market solution, but it needs to solve the problem for everyone who needs insurance but can’t buy it at any cost. I’d be willing to pay into Medicaid and I believe they have a low premium pay plan for those who make too much to qualify for free Medicaid. If we could pay a reasonable premium there it would solve our problem of being uninsured. At this point with the way the insurance business is now, both my son and I are uninsurable at any cost. If I went back to work for a company that has insurance, we would have to wait a year to qualify for benefits on our pre-existing conditions.
Just one of my son’s regular prescriptions costs $340/month with a discount card. His other one costs $122. All mine together cost $275. That doesn’t include doctor visits or tests, and God forbid, an ER visit or hospital stay.
No one can answer my question: What are we and people like us supposed to do about health care?
The only answer I get regularly is I’d better earn a whole lot of money and have a huge emergency fund just for medical costs. That isn’t realistic, at least not soon.
Does anyone reading this have any ideas? I’m wide open for suggestions.
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