Tuesday, March 16, 2010

Two Years: The Financial Aspect

It's days like today that make me realize how much time has gone by since we started the adoption process.

It has been two years since we first filled out the application to join our agency. Next Wednesday is two years since we had our first meeting at the agency. (Maybe I'll send our family advocate some flowers to celebrate our anniversary.)

About a month ago, the agency sent us another application and asked us to fill it out again because it has been a year since the last time we filled it out. I had no idea when we did our first one that we would have to renew it every year. Which includes signing a new financial agreement. There is nowhere on the agreement that says it expires after a year and nobody told us. I assumed when we joined, the financial sheet was good until we adopted. What was the point of outlining all the fees if they were going to change them? They said we needed to have our money ready to use at any time. We could get a call and have only one day to get our placement fee ready. So, we took a loan out. We have the money just sitting there ready to be used and we've been making loan payments every month.

Two years later we are now signing a new financial agreement and the price has been raised so much that the loan money we took out is no longer enough. What are we supposed to do? Take out ANOTHER loan?!? Not only have we had to endure waiting this long, but it has screwed us financially. We have money just sitting there in our account waiting to be used. Meanwhile we are struggling to make loan payments every month. We didn't think we would be doing this for this long. We assumed by now we would have adopted and gotten our adoption tax credit money to help pay down the loan. It makes me so mad to think about all the interest being added on to the loan over all this time and there is nothing we can do about it. And now on top of that, it looks like we are going to have to take out another loan. I feel like my head is going to explode the more I think about it. There is no way I am taking the loan out now. We will have to try and get one last minute. I am going with the theory that there are a lot of banks out there and eventually one will have to give us the money. We have good credit. Or at least we did before we started all this mess. We always pay all of our bills on time, but with taking out loans I worry about our debt to income ratio. I guess if it were really last minute we could do something crazy like cash advance on our credit cards.

The other thing that kills me is that because we have that money sitting in our account, our agency said we have now moved up a level on the sliding scale for the placement fee. They said it's not just how much you make, but how much you have. They're actually counting the money in our account as something we own. Even though we obviously owe that amount to the bank and are trying to pay it back every month. It's not money we just have. How can that count as an asset?? It's money we owe. So, it's not just the prices going up, but also the fact that we have moved up a level on the sliding scale. It makes it a significant amount more.

I have been mad about the financial agreement so I have been putting off filling out the paperwork. I finally completed it all over the weekend (mumbled some not so nice things as I wrote them a check) and mailed it in today. We're officially locked into the new prices.

I just keep reminding myself that it will be worth it in the end. When it comes time to hand over the huge check, I will be holding my baby.

11 comments:

  1. I am frustrated for y'all! Counting that money against y'all in the sliding scale fee just doesn't see right to me. I pray every night that it's all worth it very soon for y'all <3

    ReplyDelete
  2. How frustrating! It does not seem fair at all that they would count that money against when calculating the sliding scale! But you are right, when are holding your baby in your arms all the money will be worth it. I pray that the day that happens is very very soon! *hugs*

    ReplyDelete
  3. Have you looked at Helpusadopt.org?

    Keep breathing.

    ReplyDelete
  4. Oh my goodness, that just doesn't seem fair.
    You remain in my prayers Lisa.

    ReplyDelete
  5. That is so miserable. I know it just seems so unfair that along with infertility, and all the horrible things that go along with that, we also have to deal with financial aspects. I know, so UNFAIR! Hang in there!

    ReplyDelete
  6. This is so unfair, Lisa. I'm so sorry. Hang in there. I hope you get that you get your blessing very soon!

    (((hugs)))

    ReplyDelete
  7. I can't believe how awful this is! I'm so sorry that you have to go through all this. I agree with you - you probably shouldn't take out another loan. When the time comes, do the cash advances on the credit card, call friends or family for short-term loans, whatever. At that point, you can apply for another loan to pay those off, but only do it when you actually need it - it's ridiculous to pay interest on even more of a loan. Plus, what if it increases the fees even more? Oh this just makes me sick!

    ReplyDelete
  8. Do you rent or own your home? Sorry, personal question but if you own - could you not take a home equity line of credit out? It takes the equity in your home and attaches a line of credit to it. You don't pay any interest unless you have a balance owing on the LOC. I don't know if things are different in the US (I'm in Canada), maybe this isn't an option.

    ReplyDelete
  9. It will be well worth it!! We had to pay over 6grand for 3 IUIs because we had to take out a loan..I know it's not as much as adopting..but fir uw that's a lot. Well now onto IVF, and I'm just praying and worried about the money...

    ReplyDelete
  10. I am so sorry!! It's just not fair that in top of everything else you also have to worry about money. :(

    ReplyDelete
  11. Lisa, I would love to discuss the adoption process with you. As you know, we've just decided to adopt and I was interested in your thoughts on international v. domestic. Shoot me an email at thebabyrace@gmail.com. Thanks!

    ReplyDelete