Money!! Advice anyone?

Message

#1 Post by **dodgedarlin** » Fri Oct 17, 2008 8:28 am

Okay so I'm in a pickle. I went through all my consultations and my last sitdown was where they explained what'd they be doing...
Damon braces all around with the half-clear on the front teeth.
Est 18-24 months
Permanant wire retainer bonded behind both front and lower teeth plus Hawley on top for the first year then reduced to just nightly...I hopefully want to talk him into Essix retainers

I love this ortho & LOVE the fact he is not going to pull ANY teeth which is something I was sooo hard to find in an ortho because I have hemophilia, a bleeding disorder so its just so much hassle for me to go through that.

But down to the point, I can explain treatment info later(hopefully)

My total price is 5200 which includes retainers & such afterwards...they want a 40% down payments which is about 2200, & then monthly payments of 213.00

I love this ortho, love the treatment he is offering but not loving the high downpayment. Im only 19 and even though I work a full time job PLUS a part time job, I dont have any money saved...

And as I know how most of you felt, I do not want to wait to start treatment at all, Ive waited 19 years with horrible, embarassing teeth and thats long enough...

I have no credit history at all, no one to cosign for me(on my own) & I'm stuck at a standstill on what to do...

I've tried CareCredit.com which is something they accept at my orthos office and I cant even qualify for the downpayment amount of 2200 on my own without a cosigner...

anyone else been in this situation before??

#2 Post by bb » Fri Oct 17, 2008 9:09 am

If you've been a good bank customer, you can try to get a credit card with them with a very low limit...say $200.
After a few months of using it and paying on schedule, you can then call them to ask them to increase the limit.

This was how I got my first credit card and is still the only one I have that's in my name only i.e. no co-signers.

#3 Post by **PuppySmiles** » Fri Oct 17, 2008 3:44 pm

Ouch, that is annoying!

Even after you swallow the big 40%, are those monthly payments affordable anyway? You're already working a job and a half. Do you have to give up sleeping and get a third job?!?

I would hate to see you get into debt at such a young age, over a few more years before straight teeth.

So Option 1 would be wait a bit. It's not the end of the world, people live with crooked teeth. This board is full of those of us who waited a few years to pursue those perfect-teeth dreams. And I'm sure

Option 2? Go for a few more free consultations with other orthodontists! I found that only one of the four I saw had a large down payment. The others indicated that 10% was fine and dandy. (Still a big chunk of money, but a lot more do-able!)

Option 3 - sit down with the current ortho's money person and explain your predicament. You're young, you don't have a long credit history built up yet, but you're working hard. And ask if they can work with you. It's worth a try; I'm sure they would rather have a smaller amount of money up front than NO money from you at all!

#4 Post by **DireWire** » Fri Oct 17, 2008 5:38 pm

I'd ask them whether they accept paying along progress. I know my ortho offers different payment options. I don't think he does it for the money alone. I think he'd accept different payment terms if there is a good case.

DireWire

#5 Post by **sherilynn23** » Tue Oct 21, 2008 7:29 pm

Wow 40% down...its crazy I first went to the ortho at 19 but couldnt get financing...I finally got them on at 23 years old because my job had ortho cov through my insurance.

If you must do this now...have you tried a credit union? they tend to be more relaxed with giving loans and lines of credit to people. They are less strict when it comes to lower credit scores and lack of credit because they are owned by there memebers and less worried about maximizing profits for share holders. I was able to get my first car loan and credit cards with no credit history with a credit union. i had tried big banks for lines of credit and they all told me I had no credit.

so just a thought...a lot of times you can apply right online and they contact you within 24 hours. Take a loan for only what you need like that 40% deposit your loan term will probably be about 2-4 years. So make sure you can afford the loan and the dr. payments

Good luck

#6 Post by **PuppySmiles** » Tue Oct 21, 2008 7:44 pm

Sherilynn brings up a good point to keep in mind - if you are able to get a loan to cover that 40% down payment, your monthly payments will be BOTH to the orthodontist AND to repay the loan.

Let us know what you decide?

#7 Post by **kittenmaisey** » Wed Oct 22, 2008 2:13 am

DD,

that's a huge down payment.. and way to high monthly payments.

I have seen several Ortho's in London.. mainly in Harley St.

The most they asked I pay was Â£175 per month.. lowest being Â£150.
Also the down payment thay asked for was on average Â£800-1000.

Sounds as if you have faith in this Ortho.. however how realistic is it that you could meet the payments
You may have to look around.

Good.. good luck

Kittenmaisey

#8 Post by **naturegirl** » Wed Oct 22, 2008 3:46 pm

PuppySmiles wrote:Ouch, that is annoying!

Even after you swallow the big 40%, are those monthly payments affordable anyway? You're already working a job and a half. Do you have to give up sleeping and get a third job?!?

I would hate to see you get into debt at such a young age, over a few more years before straight teeth.

So Option 1 would be wait a bit. It's not the end of the world, people live with crooked teeth. This board is full of those of us who waited a few years to pursue those perfect-teeth dreams. And I'm sure

Option 2? Go for a few more free consultations with other orthodontists! I found that only one of the four I saw had a large down payment. The others indicated that 10% was fine and dandy. (Still a big chunk of money, but a lot more do-able!)

Option 3 - sit down with the current ortho's money person and explain your predicament. You're young, you don't have a long credit history built up yet, but you're working hard. And ask if they can work with you. It's worth a try; I'm sure they would rather have a smaller amount of money up front than NO money from you at all!

I agree with this poster on option 1. Waiting isn't the end of the world. I'm 30 and just got my braces and paid for them in full (and my insurance doesn't cover adult braces either.) I was able to do this by basically changing the way I handled my money, which started almost two years ago. In 2007, I paid off the remaining $10,000 on my student loan ($1000/mo. delivering pizzas 3 nights a week) and became debt free (October 2007). Once that happened, I quit the pizza delivery and saved $1000/month into my savings. (It's easy to save when you don't have any debt.) I wasn't really thinking about braces at that time, but this summer, when I realized I had the money in my savings to afford them, I took the plunge--and I'm not stressed out about "how am I going to pay for the braces?" bit because even if there was some unforseen extra work that needed to be done/paid for, I still have about 4 months savings to cover such a situation (working on making it 6 months.)

Pizza delivery is a great way to earn extra money working only a few nights a week (at least in my opinion.)

I also agree with Option 2. I only visited the ortho nearest to me that my dentist recommended and decided to go with them (b/c I liked the consult) without ever seen another ortho and having a 2nd consult. However, I wish I had gotten more than one consult because my ortho was a bit on the high side. My treatment cost is $5700 for top/bottom ceramic braces (in Texas) and several people I've talked to said their treatment cost was less. I feel pretty stupid about not getting a 2nd consult!! Oh well, I do like my ortho.

#9 Post by **PuppySmiles** » Wed Oct 22, 2008 5:26 pm

Naturegirl, congrats on reaching debt-freedom! I'm still working on my pesky student loan.

If it makes you feel any better about not getting more consultations, I went on 4 and ended up picking the very first one anyway. Sometimes the first is just the best!

#10 Post by **naturegirl** » Wed Oct 22, 2008 7:54 pm

PuppySmiles wrote:Naturegirl, congrats on reaching debt-freedom! I'm still working on my pesky student loan.

Thanks! It felt really great sending that last check off!

#11 Post by **contour** » Thu Oct 23, 2008 3:23 pm

Hey. Hope you're ok.

I think what some people have said earlier, about saving before taking the plunge, is probably the safest option for you in the long run. It makes sense to save a hefty down payment before hand, cause then if you do have to get a loan out or pay as you go along the treatment time, it will save you a lot of hassle considering how much you have paid as a down payment..

I know it can be frustration about wanting treatment as quickly as possible, and dreaming about having those perfect set of choppers, but it would be advisable to look into the long term finance cost of everything. It would be extremely hard on you if you had to take out another JOB..

I hope it all goes well for you, goodluck and fingers crossed, and let us know what you decide to do.

#12 Post by **dodgedarlin** » Fri Oct 24, 2008 5:21 am

Ok so thank you ALL for the advice and support...

I've called around to all the other Orthos within a 20mi range of where I live...none do Damon braces & all would likely do extractions(sent copies of xrays ect)

I have hemophelia, which to put simply is a bleeding disorder in where my blood doesn't clot. If I were to need extractions, I would need pe medicated where I go to my hospital(Hershey Hospital, Hershey Pa) where I sit for 2 hours in a chair while they inject his medicine called DDAVP into my arm via I.V

THEN I have only an HOUR...2 at tops to make it to have my teeth pulled, and its STILL dangerous.

Plus without insurace, the pre-medicated treatment ALONE is $3500.00

So yeah, this ortho may be the most expensive but he is the only one providing Damon Braces AND he is not going to pull any teeth. He is HIGHLY recommended & I feel quite comfortable with him...

heres his website...http://www.straightsmiles.com

I have tried my own bank, Members 1st Federal Credit Union & they wont even give me a loan for my downpayment...

My parents are now giving me $500.00 towards my downpayment, so only 1500.00 more. It seemed everyone was concerned with me being able to handle both the monthly payments towards my otho AND payments if I were to get a loan for a downpayment...

I live with my boyfriend & his father, we do not have to pay any rent, my car is paid off and the only bills I have are my cell phone which is $60.00 a month and my car insurance which is $180.00 every 3 months...

So in all honesty, I'd be able to afford both payments if needed, probably even without a 2nd job due to the fact I really don't have any other bills...

Can anyone recommend any places I could apply online(credit unions as mentioned)?

Plus, if I were to get a loan for the now $1500.00 downpayment, I am still now able to carry my mothers dental plan(they offered extended coverage for $35.00 per month which my mother will keep paying)
and they cover 1500.00 of braces treatment...so my ortho said they can submit my insurance once the braces are in my mouth, and my insurance will pay that money directly to me which I put right towards my downpayment loan to pay it off!

Ugh, sounds complicated and confusing...I tend to ramble...

God isnt it ironic that at a young age most people REFUSED to get braces and were mortified by the thought?!

And here most of us are now, wanting them in adult years!

#13 Post by **where2be** » Fri Oct 24, 2008 1:38 pm

dodgedarlin wrote:I live with my boyfriend & his father, we do not have to pay any rent, my car is paid off and the only bills I have are my cell phone which is $60.00 a month and my car insurance which is $180.00 every 3 months...

So in all honesty, I'd be able to afford both payments if needed, probably even without a 2nd job due to the fact I really don't have any other bills...
:

Then why do you not have any savings if you're working 1.5 jobs. If that's all the expenses you have, you should be able to save up quite a bit in the next few months.

In fact, even if you just begin saving the monthly payment now, you'll be able to put your savings to the full downpayment in about 10 months and prove you can afford the ongoing monthly payments. As even more of a bonus, when you get the insurance company's $1500 payment back, you can put it back into savings and begin an emergency fund.

Good luck!

#14 Post by **where2be** » Fri Oct 24, 2008 1:39 pm

dodgedarlin wrote:I live with my boyfriend & his father, we do not have to pay any rent, my car is paid off and the only bills I have are my cell phone which is $60.00 a month and my car insurance which is $180.00 every 3 months...

So in all honesty, I'd be able to afford both payments if needed, probably even without a 2nd job due to the fact I really don't have any other bills...
:

Then why do you not have any savings if you're working 1.5 jobs. If that's all the expenses you have, you should be able to save up quite a bit in the next few months.

In fact, even if you just begin saving the monthly payment now, you'll be able to put your savings to the full downpayment in about 10 months and prove you can afford the ongoing monthly payments. As even more of a bonus, when you get the insurance company's $1500 payment back, you can put it back into savings and begin an emergency fund.

Good luck!

#15 Post by **dfac001** » Fri Oct 24, 2008 6:52 pm

You can try to apply for CareCredit. It's kinda like a credit card. It can be used to pay for healthcare expenses up to $5000. When I had it it was no interest if I pay it off within a year. I got it to pay for my dental expenses.