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The Dirt on Debt Collectors

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
September 29, 2021 6:18 pm

The Dirt on Debt Collectors

MoneyWise / Rob West and Steve Moore

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September 29, 2021 6:18 pm

It’s a phone call no one wants to get—a debt collector bugging you about a bill you may not even remember. You may legitimately owe the debt in question, but maybe you don’t. So, it’s important to know your rights. On today's MoneyWise Live, host Rob West will talk about your options and how to deal with debt collectors. Then he’ll answer your calls and financial questions from a biblical perspective. 

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Kerwin Baptist
Kerwin Baptist Church
Rob West and Steve Moore
Rob West and Steve Moore
Hope for the Caregiver
Peter Rosenberger
Rob West and Steve Moore
Rob West and Steve Moore

This is Damon Baxter and I serve as business development director for MIDI radio. The only reason were able to spread the gospel of Jesus Christ on the radio is because of financial support from listeners like you. We also have businesses support us to like United States mortgage faith and family is at their core, it's why they choose to be such a close partner with our station is why they specifically advertise on Christian radio stations across the country.

It's wife, father and son, John and Ryan still lead the company to this day. Check out United faith mortgage in the direct lender thanks to you and to United faith mortgage for supporting Rudy radio United faith mortgage is a DBA of United mortgage Corp. 25 Belleville Park Rd., Melville, NY license mortgage backer for licensing information, go to an MLS consumer corporate MLS number 1330. Equal housing lender not licensed in Alaska, Hawaii, Georgia, Massachusetts, North Dakota, South Dakota and Utah. This is Damon Baxter and I serve as business development director for MIDI radio. The only reason were able to spread the gospel of Jesus Christ on the radio is because of financial support from listeners like you. We also have businesses support us to like United States mortgage faith and family is at their core, it's why they choose to be such a close partner with our station is why they specifically advertise on Christian radio stations across the country.

It's wife, father and son, John and Ryan still lead the company to this day. Check out United faith mortgage and their direct lender thanks to you and to United faith mortgage for supporting Rudy radio United faith mortgage is a DBA of United mortgage Corp. 25 Belleville Park Rd., Melville, NY license mortgage backer for licensing information, go to an MLS consumer corporate MLS number 1330.

Equal housing lender not licensed in Alaska, Hawaii, Georgia, Massachusetts, North Dakota, South Dakota and Utah. Phone: no one wants to get a debt collector bugging you may not even remember, you may legitimately so it's important to know your rights talk about your options of how to deal with debt collectors first little take your calls at 800-525-7000 800-525-7000: 24 seven. This is moneywise live with your financial may not know, but debt collectors have to follow a strict set of rules they can't harass you at the same time were not saying that debt collectors are all bad guys. In most cases the debts they are attempting to collect our legitimately owed them there within their right to collect them as you might guess they have to deal with a lot of individuals trying to avoid their obligations and as Christians we never want to be the guy who dodges his debts in Proverbs 327 is clear do not withhold good from those who deserve it. When it is in your power to act, we should do everything in our power to pay our debts and not run from our creditors, but toward them.

Don't be afraid to work with them. In many cases you can work out a payment arrangement with your initial creditor.

That way you can avoid having your debt being sold off to a collector in the first place. Now, as I said many debt collectors are honest folks playing by the rules and just trying to make a living. But you know what they say just takes one bad apple to give the barrel a bad reputation. So what you do if you are contacted by a debt collector. Well first of all make sure you're the right person and that you actually owe the debt often collectors don't have the latest address or phone number of the debtor, so they'll make cold calls to folks with the same name as the debtor.

If you get a call in error, be polite, calmly explained that you aren't the person they're looking for and you don't owe the debt but do not give them any personal financial information like your Social Security number. You can then tell them not to contact you again and if they do, you'll report them now.

What if you do owe the debt what's important to know that you still have certain rights under the fair debt collection practices act, which is enforced by the Federal Trade Commission. For example, debt collectors can't call you at all hours of the day or night there restricted to the hours of 8 AM to 9 PM unless you give them permission to contact you outside of those times. You have the right to tell the collector verbally or in writing that you're not allowed to take their calls at work and they should immediately stop trying to contact you there.

If they continue to call you at your place of work.

Again, you can report them.

And here's something else that will come as a relief, a debt collector is not allowed to contact the third party about you for anything other than to get your contact information and their prohibited from telling anyone that you owe money and here's something else. Debt collectors aren't allowed to live, mislead or use deception to collect a debt from you.

Specifically, they can't lie about the amount you owe. They can't falsely claim to be law enforcement officers and they can't claim you will be arrested if you don't pay your debt. Also a debt collector can't give false information about you to anyone including a credit reporting agency and finally they can't use a fake company name to collect the debt. If a debt collector is attempting to use any of those prohibited practices to intimidate you while you can file a complaint with the consumer financial protection Bureau you would do that There you will find even more information and tools to help you including sample letters you can use for dealing with debt collectors that will put those in other links in today's show notes but let me repeat, if you legitimately owe a debt as a witness for Christ.

You need to make arrangements to pay it.

As we said run toward your creditors, not away from them. Romans 13 seven is a great reminder about meeting our obligations.

It says paid to all what is owed to them taxes to whom taxes are owed revenue to revenue is owed respect to whom respect is owed honor to whom honor is owed for helping value debt to contact our They have standing arrangements with many creditors to lower your interest rates they can help you pay down your debt up to 80% faster than going it alone and I highly recommend that management is the preferred approach get out of credit card debt. Not to mention their believers to pray with you and encourage you as they counsel you along the way. Also, our volunteer coaches are trained, ready and waiting to help you get on a budget so you have an easier time eating your obligations. Just click connect with a coach when you visit moneywise love.look for links in today's show's that helps you, especially during what can be a difficult season as you navigate trying to pay off your calls or text 800-525-7000 800-525-7000 on Rob West. This is moneywise thanks for tuning in the moneywise live on Rob Webster host were so glad you're along with us today. Just a moment will begin taking your phone calls on anything financial will apply God's truth to whatever's going on in your financial life. Saving or investing.

Perhaps it's giving word debt reduction you want to talk about lifestyle. How do you establish your lifestyle you're spending in the midst of competing cultural message that juxtaposed with God's word and you process all that we can help you do that today. Here's number 800-525-7000.

That's 800-525-7000 would love to hear from you as we think about this idea of being set apart from the world. A good way to start is by practicing stewardship and we live in a culture that glorifies materialism and frankly true stewardship stands out in a we have to begin with this idea that God owns it all. He's created everything he owns everything we own nothing. Which means that what we are managing our God's resources.

That makes us the the Kings money manager. The question is are we going to be found faithful in managing those funds, we gotta be responsible as well because we have no rights. We temporarily propose that as the Lord's provision and we have to use responsibility to handle those resources wisely, but we also see this idea of reward as well. You know the reason we have to be good stewards is because of what God has already given us the priceless gift of his son for our salvation, but he promises even more blessings not always financial but certainly more blessings when were faithful stewards and I think one of the keys to all of it. Once we recognize God's ownership is holding everything loosely recognizing it's not ours. So therefore we have a posture of an open hand which means we give generously in one of the secrets to giving is that it breaks the grip of money over our lives. These are the big ideas that we explore on this program and it has a lot to do. I believe with our journey. Our faith journey with the Lord.

How we handle money.

It's one of the chief competitors to Lordship so together, let's get that right. By the way, we'd love to hear from you today.

We got some wives open again. Here's the number 800-525-7000 give us a call right now I'm working to begin today in Inglewood, Florida hi Terry, how can I help you know what you yes well I'm sorry to hear about the Terry know that's a challenging situation and obviously what's paramount is her spiritual condition and then beyond that would be your relationship you and her together and I think one of the first questions even before the financial piece of this is ill. How is the Lord leading you to handle this situation and what might you do to over time restore that relationship and then how can the financial peace be a part of that, you know, we are going to leave to our kids certainly financial capital but also spiritual and social capital, and I think we gotta consider all three that you know often if you have a child making poor lifestyle choices or not handling money. Well, giving them more money is actually going to make the problem worse.

And so that's not always the right answer and so we gotta consider that side of it. As we look at the spiritual condition of each child. We recognize that withholding may actually hinder or harm them coming to Christ, and so perhaps the Lord might lead you to give lavishly to what a distant family member in the case of the child were there's a disconnected relationship just because you believe that's going to lead to the greatest opportunity for an environment where he or she can come to Christ and so I think as you consider all of these things. Perhaps the Lord will make it clear to you how you should proceed.

Keep in mind as well Terry that a decision on a beneficiary is not permanent. You can change that as often as you wish. And so, you may decide based on the strained relationship are based on the decisions that your daughter is making to not include her as a beneficiary on this account that could certainly change and obviously as you prioritize that relationship and allow the Lord to work there, perhaps even restoring that over time you can change that it any point. I think another consideration is what Ron blue makes clear in his book splitting errors and that is that if we love our children equally.

We will treat them uniquely in the idea. There which perhaps flies in the face of what we believe to be fair, quote and quote as Americans is we may choose to transfer wealth differently to one child over another based on where they're at financially or again, lifestyle choices, their spiritual condition.

So I think you need to look at all of it and don't feel guilty about a decision you make.

I think what you want is the Lord's discernment on the best path forward again to promote number one. Her relationship with the Lord first and then secondly, her relationship with you and whatever it will take to restore that over time, I think that you know that's the direction you should perhaps head but give me your thoughts on some of the things I've shared that her mother can bring you more about yes I think that's often the case, and I think that's really wise, thinking perhaps even different than the thinking you had coming into this conversation so I think out of this process that a bit to ask the Lord to give you some wisdom.

The other thing I'd like for you to do as you really consider this is to read this book I'll I'll send it to you as our gift. It's called splitting errors e.g. IRS and I think as you unpack in this book, the principles that Ron outlines from Scripture specifically related to how we handle wealth transfer to the next generation made perhaps will give you some new thoughts and new ideas and lead you to a decision that you can have some confidence in. But again, that can change over time and it will and it's as easy as updating the beneficiary so Terry, you stand the wine will get your information and get that book splitting errors right out to you.

I think it will be an encouragement to you. We appreciate your call today. Some both lines are open 800-525-7000 call right now. Jepson Chicago, Illinois hi Jeff, I can help my call love your program so I'm getting a couple years away from retirement and probably got 68 and out. My wife and I were talking and were not interview some financial advisors and I've been on your website. Look at some CPAs and some say their fiduciary, some don't mention it, I'm not sure I need.

I financial more tax advice maybe estate planning. I'm not sure I need investment advice.

Although I'm open to hear about it from somebody. Some call a little bit confused about do I need fiduciary and maybe you can explain that a little more detail.

Yeah, absolutely. This is something that's gotten a lot of that were there's been a lot of discussion about it in the media and it simply means that this is somebody who's going to put your best interest before their own fiduciaries are bound by a fiduciary duty, as they recommend. In particular, investments related to your goals and objectives and so I think choosing somebody is if they're going to manage money for you that's going to serve in a fiduciary capacity is a good decision but backing up even before that, Jeff. I think as you've already alluded to.

The first thing you have to do is solve for what type of professional do you need based on what you're looking to accomplish.

Is it planning which can be done even on an hourly basis which removes all bias from the situation because you know if a insurance policy is recommended or is particular investment strategy.

There's no benefit financially to the advisor or professional. In that case, because you're simply paying them for their time to help you plan and make decisions moving forward.

Is it an estate planning attorney where you can work on wealth transfer issues and legal documents to carry out your estate plan is a tax planning retirement planning or college planning or are you looking to delegate or per can at least consider delegating investment responsibility for your investable assets and that that case you would need an investment advisor and often with a wealth manager they would combine both the planning and the investments, but that's not necessary, depending upon what your needs are. So I think really bringing some clarity into what you're looking for is the first decision and then based on what you need. Clearly, if you want to consider somebody to take over investment management.

At that point, I would be looking forward fiduciary on the planning side. I would be looking for somebody who you can pay by the hour and the same would be true for an estate planning attorney when you get beyond that decision and decide what professional you need.

I think somebody who shares your worldview and that's why we promote the certified kingdom advisor and then I think a clear understanding Jeff of how they are compensated. Your gonna want to know how they get paid how they plan to communicate with you and whether they can adapt that to how you would prefer to be communicated with both frequency and method of communication and what is their experience. How are you going to fit into their overall client mixer you to be at the bottom.

Ron were in or near the top are they going to involve another advisor in that relationship. I think these are all questions you want to include as a part of your discovery and then clearly they're going to need to ask you a lot of questions to make sure so hopefully that helps my friend. We appreciate right that delighted to have you with us on moneywise I would get some phone lines open 800-525-7000 800-525-7000. Let's head to Holland, Michigan.

Next, Steve like you for your call today.

How can I take my call. Regular listeners appreciate two-stage question. My wife and I are looking at some estate planning.

We recently retired and do not have an up-to-date email or powers of attorney or anything like that. Looking at getting a revocable living trust set up and wondered what the benefits of that would be and and the cost because the proposal we have seems fairly pricey but it is kind of an all-inclusive package and then the second stage to all that is.

We have IRAs and the attorney is proposing a what's called a Medicaid asset protection trust which would basically protect assets from the five-year look back that Medicaid has as far as current recovering potential assets and things like that so I am not sure that all ties together or use a can of paint a picture.

It does yeah and I'm glad to hear you're addressing these issues because you know the getting your estate plan in order thinking about the decisions that you're going to be making as a wealth transfer process being the last stewardship decision that you make is key and then executing that in an estate plan with the necessary documents is really important and I concur having a professional do that is really the way to go. I wouldn't use a free solution online or anything like that just to make sure everything is up-to-date in line with your particular state, and appropriately reflects the decisions you and your wife have made with regard to the revocable trust.

I think ultimately that's something you need to talk through with estate planning attorney. Some of the benefits at a high level would be that it happens outside of probate that there can be triggering events both before death, which is not the case with a will that goes into effect at death. But if you are incapacitated, the trustee could make decisions on your behalf. Based on the trust documents if you wanted disbursements of your assets to take place in periods following your death based on again. Certain triggering events. If you have a lifelong dependent or minor children. The trust is great in that case as well. It's more it is anonymous happening outside of the public record so there are several benefits but not everyone needs one. And as you said, it's a bit more expensive. So I think you just need to talk through your goals and objectives and decide whether a revocable trust is necessary or would be effective for you. You would also want to have a will as well because the trust is only to take care of things that are retitled in the name of the trust and so the will would cover everything else in terms of the Medicare or Medicaid look backs and Medicaid planning know I would obviously take the advice of a legal professional there as well in elder care attorney or estate planning attorney could help you understand the difference between an IRA that sent the payout status where you are taking required minimum distributions versus a non-payout status which may make it exempt or nonexempt from Medicaid asset eligibility. Of course, once in a payout status they would look at the income is affecting that as well and then trusts also are considered there revocable trust generally considered a countable asset here revocable is generally considered non-countable.

But again, there are various types of trusts and that's where an attorney could really help you think through all of that soap I would just proceed in the path that you're on taking care of not only the trust in the will that those other documents as well which would be really key in making sure your wishes at the end of life are carried out as well so we appreciate your call today. Thanks for listening, Steve will write back, grateful to have you with us today on moneywise and check out our new website link love for you to visit moneywise. can access broadcast archives great content from our 14 content providers, including the National Christian foundation generous giving sound mind investing in many more. You can also jump into her moneywise community and post questions. Once you create a free account, you'll get responses from our moneywise coaches. You also see where you can access our moneywise app. It's all there on her website moneywise. check it out today. We got slides open would love to hear from you. Whatever's on your mind today, financially speaking, that is, will apply God's principles to what's going on in your financial life and see if we can help you make some decisions and move forward with confidence. Here's the number 800-525-7000. That's 800-525-7000 work and head south to West Palm Beach, Florida hello Norma, how can I help you all down on and bringing you not to go. Current rental property.

I'm looking around and switched on rental and the pages are just very high 1900 x 70. We should have 20% a percent that my delight, thank you. Well, I appreciate the question and it is a challenging market is no question about that. Norman rental prices because of what's happening in the real estate market are very elevated right now and it puts you in a real bind. I understand you said you are in the process of saving for a down payment based on what you would hope to spend and I realize things are more expensive today than they were a year ago.

What is your goal in terms of what you need to save to get that 20% down payment will need to wear next, you will have 20% Sleeping next to you knowing yeah and so what are you able to put aside every month toward the down payment fund 2000 a month. Okay, that's great.

And what are you paying now and rents and what would you need to pay to find something comparable. We cannot find comfortable. I will have to go up to find comparable I and how much of you already put aside in the down payment fund okay and is that including your emergency fund or do you have that separate from the 7000 cases okay but 7000 is the extent of the savings that you have all incorrect okay yeah you know I'm and encourage you to wait as much as I don't like you know continuing to pay for rent, especially given that the rent prices are going up. You know it for you to try to get into a home with $7000 and not having anything left over to fall back on. In the event of the unexpected.

Not to mention the private mortgage insurance that you have to pay for a conventional loan on top of the mortgage payment, which doesn't do you any good. You know I think you're going to end up in a situation where you have little to no equity in of the housing market were to take a dip. You'd be upside down. At that point stuck in this house with the PMI on top of that, and you know we just are going to have to go to credit cards. If something happens so I think you just need to continue to look, let's probably lock in maybe a shorter term lease hopefully will see you prices come down a bit by the time you're ready to sign another lease or Lord willing. If you're able to stay on this trajectory. I realize you will be able to save quite as much.

Every month of the rent goes up. But let's say maybe it's not next June, but next fall. You're in a position where you're able to go and buy. I think you may even find that housing prices are a bit more attractive. At that point I would also be thinking Norma in terms of both saving first for the emergency fund. I get at least one month worth of expenses in your emergency fund and then now you know pivot back to the housing fund.

I realize you could pull from it. In either case, but what I don't want you to have is a situation where you say okay we we made it we have our 20% down.

But in order to do that. You gotta spend every available dollar. I would really separate those two and prioritize not pulling from the emergency fund when you're ready to make that 20% down payment. I realize that's going to take a bit longer but I just think it's gonna put you in a stronger financial footing and not have you in a situation where you're either upside down paying PMI or finding yourself with some unexpected expenses you don't have the resources to cover it. And now on top of that mortgage payment that stretching you Raven to run up some credit card debt to cover an unexpected expense. I think we just gotta wait this one out. I realize it's not ideal, but I do think you'll be glad you did. Especially if something comes out of left field. So you hang in there.

Keep but being diligent in keeping your lifestyle at a minimum, so you have as much margin as possible to continue to save and I think at the end of the day, you'll be excited that you took this path, we appreciate your call today where to stay in South Florida Fort Lauderdale hi Mary, thanks for taking my call art give to someone looking to pay for their final act and I had heard it.

I thought I heard it one time on your program. Prearrangement likely in our hung the what hat not the best thing to do.

Idea and that was something that I want interest in doing. But after hearing that you know making that call to get more clarity on or you know what better yeah I appreciate you asking. You know it's can give you some peace of mind, of course, to know that your arrangements have been prepaid. There are potential problems, it doesn't mean that this is going to happen for sure, but of course the first issue is those funds are tied up and you might need them for other things like medical expenses, so you once you prepay a funeral. There's no getting that money back. Secondly, if the funeral home went out of business. There's been a steady decline in the US of the number of funeral homes for the past decade and you know if we see that continue. You could be prepaying a funeral for a funeral home. The goes out of business unlikely again, but certainly I can happen and then it's difficult to change your mind you know if you prepay your funeral and later move somewhere else.

Those funds don't go with you so you know what is often recommended in place of that is a payable on death bank account where you saved the money there. Over time, it remains liquid and then it's designated for that purpose. But if you need to access it. You could do that in any point, so I think that's another way to go about it where you're essentially kind of being your own bank for these funds that are earmarked but again if you need them. You can hold them back or you want to change your mind about how this is being done. You have that ability to do so. Financially speaking, and that doesn't mean you can go ahead and make decisions and plans that make this really simple for your loved ones. In the event of your death so that's already been decided. So I would just gotta think through that before you make that final decision. We appreciate you checking got some wines openly love to hear from you. Take a quick break and come back with the right back to the phones 800-525-7000 got several lines open 800-525-7000 stay with you joining us on moneywise live on Rob West. Your post you consider joining our money wise community and is supported certainly be grateful moneywise moneywise, our listener supported.

We can do what we do without your generous word so if you consider a one-time or monthly gift would be grateful. You can do that quickly and securely on our website moneywise. just click the donate button in our gift to you between now and the end of the year is the brand-new book from Paul David Tripp called redeeming money.

It's one of my favorite new books on biblical finance and we'd love to send you a copy of it again is our gift. Just click the donate button when you had the moneywise we got a couple of lines open 800-525-7000 Sharon I understand is driving in Fort Lauderdale. You be careful Sharon, but tell me how I can help you and I tomorrow I might. She passed away from COBIT 19 fill out your prayer this year and so I left my job.

I was ready to return part time but So I have 57,000 in my 401(k).

I do need to know what to delete it. So I have 10 months mortgage and I have a wonderful husband I do not need that money so I have 35,000 left on my mortgage. I need to know where to put that 90 yeah I would encourage you to leave it inside a retirement account so either transferred to a new 401(k). If you're planning to go back to work and they allow you to do that or roll it into an IRA and individual retirement accounts. What is your plan sharing Sharon moving forward with regard to work are you seeking employment right now with someone else and employed full time and have a wonderful husband so I don't Money program. Okay, great. And do you have a 401(k) with your current employer I do.

I also have brought IRA. Ongoing now. Yes, that IRA you want, you will be able to do that what you would have to do is transfer it to a new traditional IRA and then converted to a Roth, but I wouldn't do that to you would have to add all of that to your taxable income for this year, which would create a pretty significant tax liability for you.

What I would first look at is just for simplicity sake. Whether or not your current 401(k) would allow you to roll this previous 401(k) into it would keep everything in one place as your contributing to your new 401(k) with your current employer of this money would just be added to it and it would create avoid you having to have a yet another account and you could just roll it into the same investment strategy that you have. You know going on with the new contributions going into that existing 401(k) so that would just be a simple call to your plan administrator to say I have a 401(k) with a previous employer and like to roll those funds into my existing 401(k) with you and if they let you do that to give you the paperwork to get that done. If they're not giving you that option then that's when I would look at, not your Roth IRA but you be opening a traditional IRA, which is a tax-deferred vehicle.

It would be a nontaxable event and then you roll the proceeds from the 401(k) into that new IRA. Probably wherever you have that Roth custody due can open the traditional they are but I think just for simplicity sake, I'd probably start by looking at merging it in to your current 401(k). Does that make sense that you, Sharon. We appreciate your call today. Let's head to Land O Lakes, Florida hi Shirley, how can I help you years old and I'm a widow. I've lived my life in Virginia. I recently moved to the Tampa area Land O Lakes I'm down here.

I highly really on the fence about what I be binding rather than rent actually thought long villa second-guessing myself, thinking maybe I should've gotten advice well what is it that stripping the concern that perhaps you overpaid or something else. Well, I probably that are elevated now in Florida. Yeah I am in Virginia mortgage that I can manage it. My needed a lot of work and I'm having renovate that I'm getting worried about my I get is what the bottom line to rent. Well, I think you and I would have to look at, what your mortgage payment is in than what you're needing to do to get it to where it's you feel good that it's livable and you know any needed repairs are done and then renovations. Beyond that, but I like the idea of you owning something as long as you didn't stretch and buy something that really is out of your reach financially. Especially given and we just had this conversation a few moments ago with another color your rental prices right now are very high and so for you to get a comparable place as a rental. You're probably gonna be spending more every month and even your mortgage and you don't have any equity to show for it. So you I think you made a good decision so long as the mortgage payment that you have in the repairs and renovations you're planning to do are going to stretch you beyond what you have the ability to pay for.

And that's can ultimately come down to your spending plan your budget. What are your income sources do you have a proper accounting of everything it takes for you to fund your lifestyle on a monthly basis and with some margin left over or is this payment kind of pushing you outside of being able to live within your means and then beyond that, what resources do you have for these renovations and is that going to eat into some of your savings that you can rely on for the future.

So give me a sense of that is your budget balance or do you feel like some of these this decision to buy. This places is pushed beyond your ability to fund one 7975 my HLA is a gated I already I am alone now I'm very tired. I for non-money coming I have in my retirement coming and I'm not one credit and I paid off my money. Why well I think as long as this fit within your budget. We would typically use a 25% number. If your principal, interest, taxes and insurance is less than 25% of your income sources that you have your take-home pay. You know that as a rule of thumb would say that that number works terms of balancing your budget. Ultimately it's going to come down to the actual income and expenses, but this decision to buy, even in the midst of elevated home prices, especially in Florida I think is still a good one. If you plan to stay there. It fits within your budget and you're not gonna pay you exorbitant rental rates without any ability to build equity and over time actually pay for it so that your mortgage payment goes away so II think you're on the right track. Shirley, it sounds like you've really thought through your finances, your living modestly and well within your means.

So I don't hear any red flags. If you want a second opinion. Somebody who can look over the finer points of what you've got.

Feel free to connect with one of our money wise coaches would be happy to look over your situation and give you some additional counsel, but I think you're making some great choices here and you're really on the right track.

So we appreciate your call today and that call us back if we can help at any point along the way order to stay in Florida yet again West Palm Beach Marie hi, how can I help you call about 1200.

Right now I'm paying interest on the 147 a balloon that I was supposed to pay and and when my mother get good lecture that I should find right now is will so I think that I will find it right now and I went there I want lobby and leave the event for when I went you would certainly want to do it, then I think the question is, could you get a better interest rate.

Now, assuming you're planning to stay in this home. And then secondly, what would that do to the payment once the whole balance was included in the mortgage as opposed to the what you have now with your third of this on the backend where it's not factored and it doesn't sound like to the mortgage payment every month. If you were to get a new mortgage based on the full 215,000 that you owe Marie, do you believe you'd be able to cover that in your monthly budget. Well, that will be thinking maybe one for the fact that it will abandon the 79 cannot have that money to pay it all in full well II think the key is not know which portion gets paid first. But if you're planning to stay there. How do you get this paid off with the least amount of interest and so I would I would look at what would happen if consuming your credit scores good and you could get an interest rate at least 1% lower. I think you would end up paying less than total interest over the life of the loan by refinancing, but that would have to ensure that the resulting payment on the full balance would fit in your budget so you still know I will talk a bit more off the Aaron.

We appreciate your call today moneywise live is a partnership between Moody radio moneywise media as a thank you my team today.

Thank you for Chris sitting in on our phones today for Amy, who was engineering and Dan grateful for you as well. Thank you. Jim Henry also. We appreciate you being here will be back tomorrow to do it all over again.

I hope to accomplish

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