Personal Finance Weekday Help Thread for the week of December 04, 2017 |
- Weekday Help Thread for the week of December 04, 2017
- Bank of America charges a .3% fee for CASH DEPOSITS over $7500.
- Going to move from current state to Ohio in 1.5 yrs after Masters degree, making 33K a year after taxes, rent + living expenses take ~1.2k/month currently, if I am going to be in Ohio for ~5yrs is it a better idea to purchase a condo/townhouse under 100K or just rent at $800 a month??
- I just had to tell somebody...
- Discover ending Extended Warranty, Return Guarantee, Purchase Protection, Rental Insurance
- if thinking about IBR for your student loan, please read
- Low Income Parents Insist That It Is Not Good To Save Up Money
- Boyfriend lost job suddenly and I'm afraid I can't pay the bills alone until he gets another. What are my options?
- My nephew can't even get a secured card from his bank after family identity theft. What should he do?
- Would applying for a credit card be a bad idea?
- Bought a car with a clean title. Title agency telling me that it may be salvaged?
- Someone called my fiancé's bank with his social pretending to be him. Now what?
- Reddit what are ways you got out of student loan debt? Currently sitting at 39k debt and wondering what side hustles, budgeting tools, or jobs you picked up to help pay off your loans faster. Lets share ideas
- Sold our condo, got a down payment on a house. What to do with the remainder?
- $99k in student loans, please help me make a solid plan to repay these bad boys.
- Navient applied payoff amount to just one loan.
- Cashing Out Bitcoins
- 20 y/o, got a job offer in Denver for 85k a year. Better to buy or a house or rent?
- I am a 22 year old college student. I recently acquired 20 acres of land. What do I do now?
- Placed a freeze on my credit report using TransUnion, but it also froze my fathers credit report in the process. Now I can't access my credit report or remove the freeze on my account.
- Considering sell my car to help out my debt. Wise decision or Panic?
- Started my own business, what do I do for taxes?
- Energy & Gas company charged my account without notice or any approval for a large amount. Getting them to return the money has proven difficult.
- 1st Time Post: Can anyone explain to me what a safe harbor 401K is and what the benefits are? My employer is switching us over in 2018 and providing a 10% match however I’m not sure if this change means I should change up my contributions (pre tax/taxed). The fund is set up through Vanguard. TY!
- How accurate are these online affordability and mortgage calculators? How do I use them correctly?
| Weekday Help Thread for the week of December 04, 2017 Posted: 04 Dec 2017 05:08 AM PST If you need help, please check the PF Wiki to see if your question might be answered there.While we never remove posts just because a question is answered in the wiki, this thread is a low-key place to ask any question no matter how "moronic" you think it might be. Make a top-level comment if you want to ask a question! Also, please don't downvote "moronic" questions! If you have not received your answer within 24 hours, you can feel free to start a discussion. A big thank you to the many PFers who take time to answer other people's questions! For past help threads, please search the Weekly Archive. [link] [comments]  |
| Bank of America charges a .3% fee for CASH DEPOSITS over $7500. Posted: 04 Dec 2017 10:38 AM PST All of my personal accounts are at a local credit union that I love. For our new real estate business I figured having a BOA account would be nice (better app, more locations etc.) This morning I noticed a $14 fee on my statement labeled "Cash Deposit Processing." I thought to myself, this couldn't possibly be true- a bank that charges you a fee to make deposits? Sure enough, I visited my branch manager and found out Bank of America charges you $.30 cents per hundred dollars in cash that you deposit per month over $7500. When I asked why, she said that it's because "we need to count and process the cash deposit." I thought that was the point of a bank, but I guess I'm just a simpleton. I'll be moving my business account to the credit union after the courtesy refund of the fee clears... [link] [comments]  |
| Posted: 04 Dec 2017 05:27 AM PST |
| I just had to tell somebody... Posted: 04 Dec 2017 01:44 PM PST I've been following this sub since before I graduated college in August 16. I've been working in my field for a year (tomorrow, actually). Since April I've been doing some hard work on mine and my husband's credit, and I just realized today that I increased my credit score 76 points since then! Less than a year, and I've done a complete 180 on my credit, from not being eligible for anything, to CreditKarma telling me I have options all over the place! I just had to tell someone that would appreciate how far we've come and how hard this has been. We had a lot of stuff in collections, relatively few accounts, and I had a massive amount of student debt. The student loans are still there, but I've never missed a payment, so they're in good standing and apparently not hurting my overall situation too badly. The collections accounts have all been paid off and removed (collectively we had close to 20, I think,) and we've both got important accounts in each of our names (before I carried it all.) I'm just so proud of us, I want to shout it from the rooftops! [link] [comments]  |
| Discover ending Extended Warranty, Return Guarantee, Purchase Protection, Rental Insurance Posted: 04 Dec 2017 04:06 PM PST
https://thepointsguy.com/2017/12/discover-discontinuing-benefits/ [link] [comments]  |
| if thinking about IBR for your student loan, please read Posted: 04 Dec 2017 01:42 AM PST ***EDIT: THIS MAY HELP SOME PEOPLE WITH THEIR QUESTIONS: The Income-Based Repayment plan was enacted by the College Cost Reduction and Access Act of 2007 and became available on July 1, 2009. YOU MUST BE IN IBR TO HAVE YOUR PAYMENTS COUNT AS IBR. MY PAYOFF DATE WAS 2032 AND MY INTEREST WAS 9%. EVERY YEAR I RE-CERTIFIED UNDER IBR, MY BALANCE SWELLED. I COULD NOT TAKE THE STRESS ANY LONGER* I paid off my federal student loans after 29 years of consciously letting those loans define me as a loser in my mind, plus letting them fuel my anger against my father for him not helping me with paying them back like he promised he would do (he paid for my sister's $240,000 loan in full), plus also taking low wage jobs so that I could stay on IBR and re-certify every year. Here's my story: I started my student loan nightmare 29 years ago, when I was 20 years old. I stupidly went to a private law school and also stupidly didn't ask the loan "advisors" for any help or guidance (nor did they offer any). And by far my stupidest mistake? I believed the hype that I would be making 6 figures out of the gate after passing the CA Bar Exam (it didn't happen. I did pass the bar, but never got a job paying more than $56,000). I borrowed $65,000 and ended up paying $165,141. Let that sink in for a moment. How did the amount get so high? Well, I took advantage of every means to delay paying it back - forbearance, deferment, and then the worst idea ever: IBR. But I also defaulted at one point and the cost of curing that default was crazy high. By the time I rehabbed my loans, my principal was up to $95,000. I was approved for IBR when the program first became available, and I thought I was hot shit: for some years, my monthly payments were $0! Even when I was making $56,000, my payments only went as high as $289/month, which = Negative Amortization in a HUGE way. My payments obviously failed to cover even the interest due, and my payoff balance shot up to $165,141. And then my father passed away. I was to receive about $170,000 in life insurance proceeds. I thought I could call up my loan service company and make a deal with them—offer to pay them the principal balance of $95,000 right now, if they would eat the interest. No dice. I had no idea that they would have zero incentive to make a deal… the representative told me that they would just as soon have me stay on IBR for the remaining 20 or so years that I had left on the program (provided I could continue to qualify). I almost threw up once I realized the decision that I had to make—the first adult decision I had made regarding my student loans. I instructed the life insurance company to pay off the $165,141 as a payment without the money ever hitting my bank account. I paid off my student loan. You would think that I would feel an immediate sense of relief, wouldn't you? Well, I have to say that a year and a half post payment, I am only now starting to feel relief. I had let the loan define me in so many horrible ways and I feared for my future and forever put off kids (I am 50 now) and let my depression break up my first marriage, that I am pretty used to feeling like an angry victim, even though I can breathe much easier now. The constant worry about the future of IBR and student loan forgiveness and how the IRS will look at that forgiveness in terms of taxes, has been ever constant in my mind, and in turn, has made it hard for me not to still obsess. But today I am making this pledge: I will STOP reading student loan horror stories and stop feeling scared and hopeless, but I will also try in every way I can to hopefully stop someone else to allow his/her life to be marginalized by student loan debt. Please learn from my pig-headed mistakes and face your loans early on. It will save you years and years of heartache (and interest)! [link] [comments]  |
| Low Income Parents Insist That It Is Not Good To Save Up Money Posted: 04 Dec 2017 05:01 PM PST First time poster here. My dad has a low income job, and therefore qualifies for low income benefits and support. He says he makes about $1400 a month. My parents insist that if they were to give me money and save up for college we would no longer qualify for low income support. Is this true? [link] [comments]  |
| Posted: 04 Dec 2017 06:42 AM PST Hey guys. I'll try and explain everything as best as I can but I apologize if I jump around a lot, a lot has happened in the last week. If I'm not clear about anything just let me know. My boyfriend and I just moved into an apartment together on October 31st. We moved about a half hour from where we originally lived so he was forced to leave his previous job because we share a car so commuting wasn't realistic. He got a 9$/hr job (before we actually made the move, just to clarify) but that wasn't cutting it and I was also not making enough money at my job to live comfortably (we are both servers btw.) So I went ahead and got a new job about a month ago (in addition to the job I wasn't making enough money at) and was able to get him a job there as well. We were doing very well there financially but my boyfriend was abruptly fired (more on that later) and since he hasn't worked there long there's not anything we can do about it. So now I'm the only one working until he can find something else and I'm panicking about being able to pay the bills essentially on my own until then. These are our monthly bills (I'm rounding the amounts up):
This comes to a total amount of about 1300$. Not to mention the cost of groceries, gas for the car, etc. Given that I am a server and therefore my income can vary it's hard to give an exact amount I earn per month but if the volume of business at the restaurant continues as it has I should continue to make between 1800-2000$ per month. This is where the situation gets kind of messy and may seem off topic but I promise it's relevant. Bare with me. I recently had my car vandalized and both my mirrors were stolen. This set me back 200$. This incident occurred in the parking lot of my apartment complex and happened over the course of 3 nights. What I mean is one mirror was stolen one night and two nights later my second mirror was stolen. When I spoke to my apartment complex about it they more or less told me it wasn't their problem and to park somewhere else (we don't have assigned parking spaces.) The past few nights several of my neighbors have also had their cars broken into and ransacked overnight. This leads me to believe that when I get my mirrors put on there is a very real possibility that they could get stolen again and I can't risk that happening for obvious reasons. Since the apartment complex made it clear they weren't going to do anything about it and the police weren't able to help me either I felt like I had no choice but to purchase a camera to protect my property. A front and back camera for my car was about 400$. The reason my boyfriend lost his job was also because of this whole thing. Basically the day our second mirror was taken he called work immediately and told them he would not be able to come in the NEXT day (it was his day off when the mirror was stolen) because we needed to handle the situation ASAP and we couldn't drive the car without mirrors. They told him to do the best he could to get his shifts covered but because he didn't call them the next day as well they terminated him for a no call no show. The reason I explained all that is because the mirrors and camera were all charged to one of my credit cards. I have 3. One has a balance of 315$ and 19.99% APR. Another has a balance of 157$ and 25.99% APR. The credit card I used for the mirrors/camera now has an outstanding balance of over 600$. The only upside is that I do not have to pay APR on this particular card until June. My boyfriend always helps me pay off my balances because I make purchases for the both of us on these cards but now he can't. So now I need to pay these off on my own in the meantime on top of the monthly expenses. I only have about 400$ left in my savings account because of the move and my boyfriend drained his savings entirely. I just don't know if I can afford this all on my own. I know he's going to get another job but that could take weeks and he'll have to go through the training process before he starts bringing home any money. Neither of us have ever lived on our own before so we've never been in this situation. I'm afraid to talk to my landlord about it because we are new tenants. I explored the idea of taking out a personal loan just to be safe but I'm not sure if that's the best course of action and regardless I don't have the credit to get pre-approved. I really don't know what to do. Has anyone else been in this situation before who can tell me what my options are? Should I definitely go to my landlord about this? I'm sorry if I'm not asking the right questions or if I'm asking anything that has an obvious answer. Again this is my first time living on my own and paying "real" bills and I don't know how to approach this at all. Thanks so much to those who read this whole mess and can offer advice. I know the post was somewhat scatterbrained. If any clarification is needed please let me know. [link] [comments]  |
| Posted: 04 Dec 2017 06:21 AM PST So my nephew is just starting out in life - he's in college, 21 years old, working hard, and surprise surprise his shitty dad at some point put some big unpaid bills in his name. (Quite frankly I'm a little surprised it's just with one company - I'd have expected this guy to have been doing this to all of his kids for their whole lives. Awful person, not somebody I have any contact with or control over in the least.) So he's been trying to get a credit card and of course got denied; he went to his bank and they won't even give him their secured card where you're required to keep a certain amount in a savings account with them. Well, I told him that he's not going to like his options - assuming his dad won't accept responsibility, he can either dispute it (which I don't know the process but I assume it would involve filing a police report which I'm sure he won't do) or dig out from under it. As far as I know he's received no communications from debt collectors or anything - the only place this is showing up is on his credit. Or I guess he can try waiting 7 years. So 1) am I wrong about what his options are, and 2) what can he do at this point to repair his credit? Is there a secured card he may be able to get if even his bank won't work with him? There isn't anybody (well, anybody who would be helpful) who would allow him to be an authorized user or cosign anything with him. (I won't do it, I love the kid but no.) [link] [comments]  |
| Would applying for a credit card be a bad idea? Posted: 04 Dec 2017 06:10 AM PST Financially, I feel like I'm in a terrible position. I work a retail job making $9 an hour and working about 38 hours a week. I drive but I don't have a car so I'm paying $25 a day (or more) for Uber. I'm applying for different jobs but I feel like that will never come. I get paid every 2 weeks but my check is gone before that. I don't want to choose between getting to work and food so I borrow money from my brother to get to work. I also have a medical bill of about $2000 from a few years ago. I've checked my credit score online and it's poor at 517. It showed that I can apply for a credit card and that I have a fair chance of being approved. The APR would be 24.99% I'm so desperate that I'm thinking of applying (not that it would work). I was thinking that maybe I could use the card to pay for weeks worth of Ubers or maybe groceries. I feel like I'm stuck in my situation and I don't know what to do. :( I just need some sense talked into me. EDIT: I'm a girl just so everyone knows lol I live in North Jersey. I'm trying to find an alternate route to work. The only problem in that I'm gonna have to walk along the highway for about 30 minutes after the bus. That freaks me out because so many people have gotten hit in this area :( [link] [comments]  |
| Bought a car with a clean title. Title agency telling me that it may be salvaged? Posted: 04 Dec 2017 02:42 PM PST Well, this has been an absolutely awful day. Let's see if I can find any help here. Throwaway as my main has too many personal details that could lead to a dox. So, I bought a 2015 Ford Fusion Titanium from a very sweet old lady near me. Her husband had passed at the beginning of this year, and she had inherited the car. When I bought the car, I made sure to check the title status (Showing clean ofc). She had a carfax which showed a rear end collision with non-functional damage to the front passenger side of the car. This was before she had bought it, so I thought nothing of it. Drove great. Looked great. I checked the structure of the car for damage... all great. Awesome! My first newer car. I drove a Honda Civic all through college to keep myself debt-free while I commuted. This was what I was finally rewarding myself for my hard work and building my empty credit history! Anyhow, I decide to take out a loan for 15k. The car was 13.8k. After paying tax and title, I figured it would be close enough. The bank valued the car at 16.7k before tax and title, so I had room to spare. Now, I get the car from the nice old lady. I pay her. She leaves the title open, because there was nowhere I could do it on that Saturday as it was after 3pm. I get my temp tags... life is good. I've driven it for two weeks. Zero complaints. I was kind of slow about going to do the title. I waited two weeks. Mainly because I work during their business hours other than Saturday. So, I go to the title agency on Saturday. I give her my title and driver's license etc. She starts acting confused and asked me if the car had ever been salvaged. WHAT?! Of course not, I have a clean title? How could it be salvaged when I have a clean title in my hands? I pulled the Carfax. A friend of a local car dealership even used their system to pull their more "detailed CarFax" as he called it. All was fine. Same reported accident. Clean title. She tells me she doesn't know what to do and I'd have to come back when her supervisor is available. Wow, I'm freaked at this point. How can I possibly have a clean title and the car be salvaged? Did the little old lady know? Well, today I head to the title agency at the county title office (rather than a branch of it). Took a half day off work. I go in and explain my situation and here is the response that I got: Essentially, before 2017, salvaged vehicle status laws varied from state to state. My car had originally been marked as Salvaged by a dealership in California. They transferred it to Maryland which then made it to Ohio (my state). So, due to this being pre-2017, they were able to obtain a clean title in Ohio even though it was salvaged out of state. I was told this was due to the fact that there was no "IVIS" system before 2017 that they could use to search a national database for salvage statuses on cars. I was told that this system comes directly from insurance claims? So, the husband of the widow that bought the car had no idea. He bought it as a clean titled car... because it was as far as the state of Ohio was concerned as this was pre-2017. What makes absolutely zero sense is that the title office manager told me that this SHOULD HAVE been caught when the title was transferred to his widow earlier this year. However, somehow she was able to get a clean title on the car and now I'm waiting on the status of whether or not my car is now considered a salvage. Which I then have to go get salvage inspected. The title office manager is now supposedly trying to contact the dealership that had marked it salvaged to see if it was an accident or not. She said she has had some there were an accident and some that were not. If it is, I'm out of luck and will end up with a salvaged title. My old man told me that the bank would give me 70% of the original evaluation. Will I have to pay back the bank the difference between the value of a salvaged vs clean titled car? That's 2-3k. This is so messed up. Why am I taking fall for the changes in laws? Why didn't the widow get a salvaged title? Is there any hope in me not being absolutely screwed other than praying that it comes back as an accident?!? I would have NEVER bought this car if I had any idea that it was a salvage. I did all my homework. I was so excited about this purchase and now I'm getting drug through the mud. Just wanted to see if any of you had dealt with anything like this before. Thanks for reading this. :( tl;dr: I bought and financed car thinking it had a clean title. Previous owner had clean title in hand. When I went to the DMV to get it transferred, DMV said this car had been salvage title in another state. Now, they may salvage my car. [link] [comments]  |
| Someone called my fiancé's bank with his social pretending to be him. Now what? Posted: 04 Dec 2017 09:09 AM PST Over the weekend someone called Wells Fargo pretending to be my fiancé and tried to gain access to his account. From the sound of it the guy inverted a couple of the numbers in his social security number and tried using a few different names (including my fiancé's) to gain access to the account. The women on the phone said that it seems like the scammer was fishing for more information about my fiancé. Luckily WF didn't fall for this guy and locked my fiancé's account. Now all of his passwords with WF have been changed and he now has a verbal password he must use when he is calling. He is also freezing all his credit scores today. My question is, what do we do now? Do we file a police report and try to get him a new social? Is there any one else he should call and warn about potential hacks? Neither of us really knows how to deal with this situation, so any help would be appreciated. [link] [comments]  |
| Posted: 04 Dec 2017 08:49 AM PST I am looking to learn about and have people share their ideas and ways on how they are currently getting out of student loan debt with side hustles, budgeting techniques, refinancing options, and thru their jobs. About me, M - 26 y/o, 39k in debt. I consolidated my (6) Sallie Mae loans [interest rates topping out over 12%, payments over $830 per month] into a 15 year Wells Fargo loans [interest 7.25%, payments $430 per month] I am currently in year 3 of 15 in paying this off. I have been on YNAB, Mint, I monitor my budget very well. My job only pays 50k and after taxes, rent, utilities, groceries, and car payment, I am only left with $300 extra a month. I am getting frustrated with the little money I make, and have been hit a few time with some unexpected finances that dwindle my savings account. I have been working full time for over 3 years, I am very good with my money to the point where my friends ask me for advice. But even tho I am good with my money I don't even have 1 months rent in savings. My debt to income ratio is very close to being .9:1 I graduated college with a degree in business from a great university. I was a college athlete and made deans list multiple semesters, I have been looking for other jobs but can not seem to break the 50k hump....this is leading me to think about a side hustle or a part time job. So I wanted to know of ways you all have been sucessful in knocking down these payments because they are seriously starting to become a drag on my life. I am very afraid of being hit with a large unexpected financial bill in the future that would just put me in a tail spin. Any advice? [link] [comments]  |
| Sold our condo, got a down payment on a house. What to do with the remainder? Posted: 04 Dec 2017 06:28 AM PST MY wife and I just sold our Condo and used the sale to make a down payment on a house. We received about $7800 back after closing costs and everything. I am planning on using it to pay off one of my student loans. A little background: Combined we make about 85K and I have about 80K in student loans. 55K Gov and 25K personal. There are 3 total personal loans, with the 2 of note being :
Should I use the remainder to pay off the 6.6K loan and put the rest into savings? Or should I dip into some savings to pay off the 11.5K loan and use the increased momentum to tackle the other loans? [link] [comments]  |
| $99k in student loans, please help me make a solid plan to repay these bad boys. Posted: 04 Dec 2017 12:21 PM PST Hi r/personalfinance! I follow all of you closely to help me budget my life, and you all are the bomb. Okay, so here it is: Student Loans (all unsubsidized from my master's):$98,718.14
I currently am under a Pay As You Earn (PAYE) Repayment Plan with a total monthly payment of $92.35. The breakdown is like so:
I am also working part-time and searching for a full-time position. I'm making anywhere from $1,600 - $1,800 per month and hopefully will be starting a full-time position in the next couple months. My rent is $737.50 with about another $100 or less per month in utilities. I have about $11,000 in savings that I've held onto wondering how best to use it to maintain an emergency fund, pay toward my loans, and also to allocate a small amount to take a budgeted out-of-country trip in 2018 (I'm 25, have never left the country, and have been putting it off forever. I know it might not be the smartest financially, but it's something I'd like to do for myself if possible). If there is anything else monetarily that I'm missing, feel free to ask. But I'm hoping to gain suggestions of good strategies to tackle paying these suckers off, and maybe spreadsheet to utilize that could account for fluctuating monthly payments with a good minimum to always hit (especially if I'm able to pay more toward my loans once I secure a better paying job). My ultimate goal is to pay these off as quickly as I can within reason. If I could do it before I'm 35, that would be fantastic. Anything before that would just be better and better. Thank you all so much for any help you can provide! [link] [comments]  |
| Navient applied payoff amount to just one loan. Posted: 04 Dec 2017 05:14 AM PST I recently refinanced my student loan debt. There were 8 different loans with various interest rates. My new servicer of the loan sent Navient the full amount of all off the loans. Navient only applied the amount to the first loan and therefore I have a huge overpayment. I feel that they are stalling. They will probably send me a check for the overpayment amount, wait for me to put it in my account and then make the correctly allocated payments, all while the remaining loans are building interest. I'm going to call them on my lunch break but my question is, am I responsible for the interest accrued on the other loans from the date that Navient received their money and applied it to just the first loan? I know you can request specific distribution instructions when you make a payment and I tried to do this on Navient's website after the new servicer sent the money to Navient. In my mind, if the payment amount is enough to cover the entirety of all of the loans, it shouldn't have to be written out that it should be applied to all of them and not just the first one. Perhaps I'm the ignorant one... If anyone has experience with a similar situation or insight on how I should handle this, it would be appreciated! [link] [comments]  |
| Posted: 04 Dec 2017 11:29 AM PST Hello Guys, I generally don't publicize that I own bitcoin, however recently with the price of bitcoins, I'm looking to cash out. Here's my question/problem. I bought these coins before the IRS had any rules/laws in regards to it. If I cash out all of my coins, we'll say I have 1,000 Bitcoins, which is just about 12million (Rounding up). Questions: 1. Will I have to pay back taxes on them to when I purchased them? 2. Could I lose all of my bitcoins for not declaring them on my tax return? 3. What will it do to my tax bracket I'm currently in, will I be screwed on my taxes this year? I haven't cashed them out because I'm terrified of the IRS sticking their scope into my life, and what not. I haven't done anything wrong, and honestly, with the way politics are, I'm worried. Thoughts? [link] [comments]  |
| 20 y/o, got a job offer in Denver for 85k a year. Better to buy or a house or rent? Posted: 04 Dec 2017 05:08 PM PST Hey all, I will be moving from Bloomington to Denver in January and I have been looking at apartments to rent. January isn't very far away so I know for a fact I'll at least be renting for the first few months. My older brother keeps telling me I should buy a house because it's cheaper in the long run. How true is this? Basically he said I can make payments on a home, and if I decide to move in 5 years I could just sell the house and make most of my money back or even make money since housing prices are going up fast. Is it really that easy to "just sell a house?" I don't want to be trapped if I get a better job elsewhere and be forced to make payments on a home I don't live in until it's sold. What would you all do in my situation? [link] [comments]  |
| I am a 22 year old college student. I recently acquired 20 acres of land. What do I do now? Posted: 04 Dec 2017 06:48 PM PST Hello r/personalfinance, I am a 22 year old college student in Georgia. I have recently inherited/acquired 20 acres about 4 hours away from my university. The land has a cell tower on it that is under lease. My grandad receives a nice check monthly for that lease. He has signed the land over to me as of recently for undisclosed reasons. He basically called it a gift and left it at that. However, he is still receiving the checks. I'm cool with that. The lawyer that handles the land (deeds, property lines, etc.) is my best friend's dad who lives in the town where the land is located- so we have a solid relationship but I don't get to visit the area often so I haven't been able to get much advice. My mother is a bit narcissistic and that is partially the reason I am posting here. I plan on graduating Dec. 2018 and don't really plan on hanging around the state unless I'm offered a job I can't turn down. With that being said, what responsibilities do I need to prepare for with being a landowner? I have brought this situation up to my mother (she handles paying the land's taxes/fees bc of my grandad's age) and she has basically left me with "It's nothing you need to worry about, I got it covered." I'm graduating with around $20k in student debt and because of this, I am extremely cautious with future investments and how I handle the little money I receive for being an intramural referee. Are there steps I should begin taking now or anything I need to be wary of as a land owner? Any advice is MUCH APPRECIATED! [link] [comments]  |
| Posted: 04 Dec 2017 08:15 AM PST Hi everyone, I am at a loss right now as to what my next steps should be for this issue I am experiencing. Maybe someone here could provide some guidance. I apologize for the long story but I hope I provided as much info as needed. A few months ago I placed a freeze on my TransUnion credit report. The transaction went through and I was able to generate a PIN successfully. At the time I thought all was well, I could log in to my account on TransUnion's website and see that the freeze was active. I even tried to do a credit line increase on an existing card and it failed to go through because of the freeze. Well apparently all was not well. About a week ago my dad calls me up and says that he was trying to open a new account at his bank but was denied because of a credit freeze on his account. Problem is, my dad has never placed a freeze on his account. He was given the date that the freeze was placed and it matched the date that I placed my freeze on. So here is where it gets interesting. I called TransUnion at their credit freeze line and I was able to get through to a rep using my information. They confirmed that I had a freeze active on my account so I explained the situation stating that for some reason it looks like somehow during the process, my dad's account was frozen as well on the same date I froze mine. Understandably they refused to discuss any of my dad's information with me so I had him speak with the rep. To our surprise, the rep told him that he has a freeze active on his account as well! Now we ask how can this be possible? I locked my account using my SSN, DOB, full legal name, etc. How could activity on my account activity affect my dad's account when we obviously have completely different SSNs and DOB. However, we do share a first and last name but I have a Jr suffix in my full legal and we also share the same address. The rep could not explain why the issue occurred and seemed rather hesitant whenever we mentioned each other's accounts. The rep seemed adamant that my dad had a freeze on his account and there were no issues on their part. So we complied and stated that we would like to have the error freeze removed from my dad's account. Of course they required a pin which my dad did not have because he never actually put a freeze on the account. After much back and forth with the rep, I gave my dad the PIN number that I created when I placed the freeze on my account. Well lo and behold my PIN went through, and unlocked his account. So again we ask why would my account activity affect my dad's account, but unfortunately we could not get an answer. So now we think all is finally well right? Nope. A few days ago I tried opening a new account at a local bank. They required to pull my credit report from TransUnion so I went on the credit freeze site to try to place a temporary lift on my account. Well the website kept erroring out at the last step each time. I did some further testing and I also could not change my PIN either. I tried using the automated phone service but kept receiving an error stating that my information could not be verified. Suspecting that maybe when my dad removed the error freeze on his account, it might have removed the freeze on mine, I checked the website and it stated that my account still had a freeze active. So I call the helpline again and get through to a rep. I explained the situation and when the rep looked up my information he stated that I had no freeze on my account! He gave me the date that the freeze was removed and of course it was the same date that we called to remove the error freeze on my dad's account. I further explained the issue but the rep just could not do anything for me. He kept on repeating that the freeze was removed and I should be able to use my credit report now. So here I am now, my account is still clearly frozen since I cannot pull my credit report, credit Karma states that I have a freeze on my account, and TransUnion's own website states that there is an active freeze. Yet their automated phone system as well as their own reps insist that there is no freeze and they cannot help because supposedly the freeze was removed. If anyone has any advice on who I can contact or what other steps, I can take to try to recover my credit account I would greatly appreciate it! TLDR: I placed a credit freeze on TU a few months ago, and the system somehow froze my father's account as well. We removed the error freeze on his account using MY PIN but now my account is stuck in limbo. Website says my freeze is active but phone system and TU reps say the freeze was removed. [link] [comments]  |
| Considering sell my car to help out my debt. Wise decision or Panic? Posted: 04 Dec 2017 06:54 AM PST Through some marraige consueling with a family friend, Ive realized how misguided Ive lived my life financially. Its really shook me to my core and i kind of carry the guilt of how Ive held my wife back by my actions when I thought what I was doing was the right way. I bought a car going on 2 years ago. ive paid the 19k loan down to right below 15. it was at one time my dream car. Its a 14 Civic ExL with Nav I have less than 50k miles on it. Ive tried alot to get a newer car to keep up with the jones but thankfully in hindsight I got turned down. Now as we sort through bills and being proactive to be able to put money away and not live so tight, i thought of selling my car and go back to hoopdies. what factors should i be considering. I sell cars for a living so i know the process part but my question is on the if it is smart to do [link] [comments]  |
| Started my own business, what do I do for taxes? Posted: 04 Dec 2017 06:01 PM PST Hi Friends! I recently started my own entertainment business ( I sing at nursing homes, assisted livings and weddings etc.). I did this in high school as a non-profit, but now since it is going to (hopefully) become my career, I want to know how I should go about this all. I will bullet my questions so its a little less jumbled.
-Should I start a new bank account in the businesses name?
-How much in tax do they take out at the end of the year and how much from each gig should I put aside to ensure Im not technically paying "out of pocket" come tax time. I really appreciate ANY input, I really want to do this right and make sure I don't get audited or anything scary like that. Thank you in advance! [link] [comments]  |
| Posted: 04 Dec 2017 03:44 AM PST I should start I'm in the U.K, if this is the wrong sub I apologise but I've seen the wonders you guys have done to help others and I've begun to really struggle. So in late September i awoke to find a sum of £250+ had been removed from my account by my utility company, immediately setting me into my overdraft (luckily got it covered) so I immediately got on the phone to a representative who told me he can't understand why it's happened and apologises, the standard stuff. A few weeks later he then tells me we can reverse the order, but another week passes and I receive nothing.. in still ringing and emailing throughout this, he then tells me they will send a cheque out, another two weeks pass and I receive nothing and now he has told me they plan to pay it directly into my bank, once again a couple of weeks to nothing. I had originally opened a complaint, but after the direct payment process I closed it. ( I now feel like an idiot) This side of Christmas that money is hella important and is direly needed. It's to the point where I think my time should be compensated at this point. Thanks again for any help. [link] [comments]  |
| Posted: 04 Dec 2017 06:28 PM PST |
| How accurate are these online affordability and mortgage calculators? How do I use them correctly? Posted: 04 Dec 2017 08:22 AM PST My wife and I plan buying our next (hopefully forever) home next summer and I'm trying to figure out what we can comfortably afford. I see several affordability and mortgage calculators and the results vary. One calculator had me being able to afford a $4 million dollar home! Our details:
So with all of this I am wondering how I use these calculators. I've been using $280,000 as the house price as an estimate for the houses we are targeting in our area. I have been using 15% ($42k) as a down payment. As much as I'd like to put 20% down I'd like to leave room for closing costs and money for furnishings. Also we hope to have a child on the way. I am confused about what we put for "Other debts" in these calculators. As mentioned we carry no student debt or vehicle debt. We pay for EVERYTHING with one credit card (2% cash back into brokerage account) and pay it off immediately so we pay no interest or carry debt there. Do I put $0? Do I add up all of our bills (internet, groceries, electric, gas, etc....) and put it there? Through all this I'm seeing we can afford anywhere from $250k house to over $500k house and that my payment will be anywhere from $1500 to $2300. So I am just confused at how accurate these things are or if I am even filling them out correctly. I feel like a $300k house should be very doable on a $118,000 income but an almost $2k mortgage/pmi/tax payment scares the crap out of me. [link] [comments]  |
| You are subscribed to email updates from Personal Finance. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment