YAF(inance)T

[maziwanka]

sorry OP, you can't kill the collective curiosity of ATOT. i must say im also curious as life threatening surgery should certainly be covered my health insurance.

 

[Blueychan]

I think he's having a sex change like ala the pregnant man. Seriously anything that is life threatening would be covered with any health insurance.

 

[Greenman]

Originally posted by: eos
I'm looking for some financial advice, if y'all would be so kind.

I am about to spend $17k on surgery that insurance does not cover, for which only a couple thousand dollars at the most will be paid in cash. The rest of the cost will be either a line of credit, or using existing credit cards.

We are also hoping to refinance our 18 month old mortgage before June. Keep this in mind.

Current dealio:

credit card debt (balance - limit)

18k - 24k
300 - 1k
300 - 750
1k - 10k
150 - 6k
4k - 9k

all at 8% or less interest but one at 10%.

mortgage - $191k 10 year interest only at 6.875%.

CC balance is $23,750 with a limit of $50,750.

How much effect will applying for a new line of credit in the $15k range have on the mortgage refi?

How much effect will moving the balance of some credit cards closer to max (no line of credit, pay for surgery with existing credit) have on the mortgage refi?

We want to get qualified on the new mortgage, but this surgery is very important.

What is the best plan of action for the options given?

What is your income? That's the key piece of info.

I'm also calling shens on life threating surgery that insurance won't cover. You either don't have insurance, the surgery is really for a face lift and boobs, or you live in a third world country.

 

[kranky]

What is it with people who ask for guidance, but won't come back to their own thread to provide the necessary information?

 

[Roguestar]

It's not a pregnant man, it's a woman with male name. She still has a friggin' uterus!


Yeah, I said it. Do your worst!

 

[JeffreyLebowski]

The surgery is life threatening because if he doesn't pay to get his wife some boobs, she's going to kill him.
The credit cards aren't your only poor decision. The interest only mortgage on $191K is also a bad choice. You need to get a 30yr fixed and lower your monthly payments and pay off your credit cards.

 

[austin316]

Maybe I'm naive, but don't most insurance plans cover (or at least partially cover) all life threatening illnesses?

 

[Greenman]

Originally posted by: kranky
What is it with people who ask for guidance, but won't come back to their own thread to provide the necessary information?

The problem is that he wasn't getting any real answers because he didn't provide enough information, and it appears that he doesn't want to have to plug the holes in his story, so it all ends here.

I would like to know what insurance company won't cover a life saving surgery, if it's the one that covers me I'd be inclined go elsewhere.

 

[Cuda1447]

I want to know what the surgery is too, but come on guys. It may be something very private/embarrassing he doesn't care to share with us, and I don't think we should hold that against him. As for life threatening surgery that insurance won't cover... well as hard as it may be to believe, insurance companies are fucking assholes. Maybe they claim it was a pre-existing condition that he didn't inform them of when he applied for that insurance. Who knows, they are bitches like that.


As for your question, sorry man, I don't really have any advice


Good luck though.

 

[MotionMan]

Originally posted by: Cuda1447
I want to know what the surgery is too, but come on guys. It may be something very private/embarrassing he doesn't care to share with us, and I don't think we should hold that against him. As for life threatening surgery that insurance won't cover... well as hard as it may be to believe, insurance companies are fucking assholes. Maybe they claim it was a pre-existing condition that he didn't inform them of when he applied for that insurance. Who knows, they are bitches like that.

This is not an AMA forum and he has been a member here for three years.

He should know better,

MotionMan

 

[tw1164]

You could look into medical tourism, maybe you could find the operation cheaper elsewhere.

 

[Scarpozzi]

You asked a question, but did not provide all the information necessary for me to answer it.

Basically, you're saying you have $24k in debt with no asset to show for it (CC debt) and your mortgage is 191K without stating your home's market value.

To complete the information, you need to figure out what your debt to asset ratio is. You'll also need to take your monthly paycheck and figure out how it compares with your minimum payments on everything. As long as you've got plenty of cash to spare, you shouldn't get docked that many points....your beacon score really has a lot to do with it....as well as your employment status (how long you've been with the same company).

My advice is to see if you can have the hospital invoice you for the surgery to delay the billing a month and refinance before June. Some Doctors actually work with financing companies that can keep you from having to put it on a credit card.

(btw.....breast enlargement?)

 

[Scarpozzi]

Originally posted by: tw1164
You could look into medical tourism, maybe you could find the operation cheaper elsewhere.

QFT. A buddy of mine was in a bad car wreck that caused some bad burns. The burn center in Newark said it was going to cost him $20k for 6 grafting sessions. He was able to get 2 back to back sessions done in Mexico for $2k and a kidney.

 

[DisgruntledVirus]

Originally posted by: Scarpozzi

Originally posted by: tw1164
You could look into medical tourism, maybe you could find the operation cheaper elsewhere.

QFT. A buddy of mine was in a bad car wreck that caused some bad burns. The burn center in Newark said it was going to cost him $20k for 6 grafting sessions. He was able to get 2 back to back sessions done in Mexico for $2k and a kidney.

Medical bartering FTW

 

[kranky]

I don't care about the surgery. The question was about finances, and there's no way to answer it without the rest of the needed information.

 

[sutahz]

If it was truly life threatning he would do whatever he needed to to get the money.
As he came onto ATOT, apparently not.

 

[daveshel]

Originally posted by: JeffreyLebowski
The credit cards aren't your only poor decision. The interest only mortgage on $191K is also a bad choice. You need to get a 30yr fixed and lower your monthly payments and pay off your credit cards.

A fiscal time bomb.

 

[Greenman]

Originally posted by: daveshel

Originally posted by: JeffreyLebowski
The credit cards aren't your only poor decision. The interest only mortgage on $191K is also a bad choice. You need to get a 30yr fixed and lower your monthly payments and pay off your credit cards.

A fiscal time bomb.

Indeed it is, but if the only other option is death, it becomes a pretty attractive proposal.

 

[EKKC]

i still don't get the concept of interest only mortgage.

i mean i understand it, but who would do something as risky as this? WHO!!!???

 

[Greenman]

Originally posted by: EKKC
i still don't get the concept of interest only mortgage.

i mean i understand it, but who would do something as risky as this? WHO!!!???

If you're speculating on an increasing market, it's not a bad idea, unless the market tanks, then it's a bad idea.

 

[bigchiller]

Probably getting a nose job or some combination of plastic surgery procedures.

 

[FDF12389]

OP, how much is your home worth? What % are you paying on those credit cards? Do you have any other capital or assets?

 

[imported_Lothar]

Originally posted by: Scarpozzi

Originally posted by: tw1164
You could look into medical tourism, maybe you could find the operation cheaper elsewhere.

QFT. A buddy of mine was in a bad car wreck that caused some bad burns. The burn center in Newark said it was going to cost him $20k for 6 grafting sessions. He was able to get 2 back to back sessions done in Mexico for $2k and a kidney.

Your friend thought his kidney is worth $18k?

 

[agibby5]

Originally posted by: Lothar

Originally posted by: Scarpozzi

Originally posted by: tw1164
You could look into medical tourism, maybe you could find the operation cheaper elsewhere.

QFT. A buddy of mine was in a bad car wreck that caused some bad burns. The burn center in Newark said it was going to cost him $20k for 6 grafting sessions. He was able to get 2 back to back sessions done in Mexico for $2k and a kidney.

Your friend thought his kidney is worth $18k?

Yeah, I was wondering what the price would have been with just cash? I mean even if it was $10k, its still 50% less than the price in Newark. Why give up a kidney when its perfect? What if you need it later? Will the medical bills when his single kidney died be less than $18k?