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Expected but Unexpected Debt

December 13th, 2012 at 12:27 am

I need to give you a little history...

Back in 2000/2001 my ex-husband (i call him ex even though we're only legally separated) he took out two loans in order to get microsoft certified or something like that. It was one of those ITT schools. I credit was NOT good but mine was the better of the two. In order for him to attend he needed to take out two loans. I think they both totalled $25,000.

Well I took one out for him with Sallie Mae for $15,950. This means that the loan was in my name but he is listed as the student because the loan is for him but I'M the one responsible for it. The other loan HE took out but my parents co-signed on it (which I didn't know about til 3 years ago).

We made payments to the Sallie Mae loan but if you're familiar with private loans you know how this goes. We made payments but didn't know they only went to interest although now it goes towards principal. So after 11 years I still have about $10,000 left to pay. The Sallie Mae loan is what I've been paying ever since we've been separated. I knew about that so I pay it diligently. It will be one of the first things I pay off in the next few years because I don't want to be responsible for loans that weren't for me anymore.

Now the other loan... I didn't realize that he had stopped paying on it when we separated. So of course they went after my parents. They've been paying it ever since. Fortunately it's only $110/mo and currently there is about $6,500 left to pay on it at 6%.

I wanted to take up the payments then but I simply couldn't afford it but my parents could. I had alimony, rent, utilities, car repair (95 altima), gas and bills. I pretty much had about $50/mo extra at first. I would do side jobs but it wasn't guaranteed monies so I wouldn't count that into my monthly income.

When I joined the military after the first two months in I realized that I could handle those payments especially with my parents handling my bills (they're like debt payor gurus or something. plus since they have learned from past mistakes they apply their knowledge to my finances so i don't suffer as they once did).

After talking to them when I was in AIT (job training school) I told him to add the other loan to my finances. I didn't want them to pay for my past. Plus both of my parents are retired so this frees up more of their finances which is what I really want also.

So I spoke with them the other day (i love skype) and we spoke about my finances. I told them that I wanted to pay extra towards my car loan because when I refi, it'll be for a lower debt and the payments will be lower. They told me that if I do that then it'll only save me about $11/mo in payments. It would be better to save. So I said that I would think about it.

But then I mentioned paying Sallie Mae with it because it'll get paid off sooner. And they mentioned the other loan which was $110/mo that my ex has that THEY ARE STILL PAYING. I was shocked!! I told them that I thought that they had added that to my bills but they told me I didn't. UGH!! So I told my dad to add it to my bills please so that they aren't paying for it.

So as of this month I will be paying another debt because of my ex. But it was a debt I was already expecting but unexpected because I thought I was already paying it.

So I had worked out an extra $275/mo when I got back home. Now that has dwindled to an extra $165/mo when I get back home...

$110/mo less makes a big difference. Not sure how to handle it at this moment in time but I'll figure it out. I'm a bit OCD-ish so I know that it'll get figured out.

2 Responses to “Expected but Unexpected Debt”

  1. creditcardfree Says:

    Darn...I can see that is disappointing, but you are doing the right thing. Too bad your EX doesn't feel responsible. I don't know how alimony works, but it seems paying his old bills/loans should be enough!!

  2. Sian Says:

    ha. i wished! they took that "into account" with the alimony amount that i pay him. although i have it in my paperwork that it's only for a fixed amount of time. but it's ok. i've dealt with it and i've moved on. it is what it is. i'm makin my situation better everyday by payin the bills i have and payin off the other bills. this will be more beneficial to me in the long run b/c i'm learnin abt my finances and workin towards my future.

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