Personal Finance Weekend Discussion and Victory Thread for the week of January 04, 2019 |
- Weekend Discussion and Victory Thread for the week of January 04, 2019
- Is half my monthly income really too much to pay for housing?
- Mother had surgery and received a letter from insurance in the mail 2 days later saying they won’t be paying for the 1 day/ 10k+ room stay which was per the dr’s orders. Do we have any options?
- I've been charged 3 times for one item and don't know what to do next.
- 180 days later, Bank of America is refusing to refund over $700 in fraudulent charges made in Texas while we were 800 miles away in Illinois.
- 46% of my paycheck was taken from me in taxes?
- Cut my phone bill in half!
- [USA] Anyone know how the government shutdown will affect Tax Time?
- Just found out I’m losing my house
- If you receive unexpected income, don't treat it as disposable. Put it away for future financial struggles it will help you out way more.
- Recently turned 40 and got a new job in the same month. I am wanting to start planning for retirement. Looking for some advice.
- Quit a job because the boss berated people and there was alot of sketchy stuff going on. (expired foods, no paperwork for employees) im owed about 3 weeks of pay, can i/how do i get that?
- I can't believe it happened to me, I never thought my parents would put a bill in my name without consent
- Kicked out 3000+ miles away from my life, what can I do?
- I’m in a pretty unadvantageous financial spot. But this forum has given me enough understanding of my situation to gameplan and not feel powerless.
- If I receive a paycheck this year, but all the income was made last year, which year do I file it under?
- My dad left the country and left lots of debt behind. I'm getting the debt collectors calls. Will I be responsible for any?
- Enterprise is charging me 2k for damages to a rental that I didnt do. Is there anything that can be done
- Dealership wants to buy my brand new car back.
- Another ‘Can I Afford This House? Post (SoCal)
- $38k and moving on my own this year, advice and help with a time line?
- A bit late in Graduating from College!
- Old job put wrong SSN on W2; Father filed that number by mistake while I was a dependent. Should I worry?
- Should I sell stock to front load my IRA for the year?
- Parent Plus Loan Consolidation - How would I go about filing the tax on a consolidated loan after 25 years?
- Student lonas were Accelerated and it says the entire balance is due?
| Weekend Discussion and Victory Thread for the week of January 04, 2019 Posted: 04 Jan 2019 01:05 PM PST If you need help, please check the PF Wiki to see if your question might be answered there.This thread is for personal finance questions, discussions, and sharing your success stories:
A big thank you to the many PFers who take time to answer other people's questions! [link] [comments]  |
| Is half my monthly income really too much to pay for housing? Posted: 04 Jan 2019 08:30 AM PST Here's my situation: I'm a 27-year-old woman currently living back home with my parents and saving for a down payment on a house. I work full-time and earn $2,080 per month after taxes, health insurance, etc. because they take it all out of my check before I get it. In my area, any small, decent house (I'm actually primarily looking at townhomes) is pretty much going to be in the $190-220k range. That translates to about $1000-1,1000 per month total for housing cost, including the mortgage payment, home insurance, housing association fee, and taxes. To give some more info: I have good credit, no debt, no car payment (I own my car in full), no kids, and generally very low expenses. I just have to cover the usual basics: car insurance + gas, groceries, utilities, etc. So, essentially: is home ownership feasible for me? Is paying half of your after-tax income for a home too much? Or is it doable if you don't have other debts? [link] [comments]  |
| Posted: 04 Jan 2019 06:57 AM PST The insurance is Anthem which my mom gets through the hospital she works at which also did the surgery. We assumed that after the 3.5k deductible that it was covered. She found out two days AFTER the surgery that they won't be covering it and the room stay is estimated to be iver 10k for the day. She doesn't have that kind of disposable money and I'd like to see what our recourses are. Worst case scenario, I guess I would have to pay but I've been saving for a home so that would suck. [link] [comments]  |
| I've been charged 3 times for one item and don't know what to do next. Posted: 04 Jan 2019 06:47 AM PST About 5 weeks ago I visited a local mcdonalds and ordered through the drive through. Upon paying the card machine was acting up and the cashier told me the payment failed I tried again and again it failed. Tried one last time and the card machine got blue screen of death. I then paid with cash and asked for two receipts to prove my card declined. Both receipts said payment approved and after checking the bank two transactions had left my bank for one order plus I also paid cash. So I've paid 3 times for one order. Two card payments and one cash. I've been back twice with all my receipts and a bank statement to get my money back. Manager said both times they would look into it contact the franchisee and get back to us. Heard nothing back still. What else can I do? Any help would be greatly appreciated! [link] [comments]  |
| Posted: 03 Jan 2019 11:30 AM PST Back in July we were wrapping up our yearly road trip to Illinois. We purchased gas around 8 or 9am right before we started the 12 hour trip to Texas. Two hours into the trip my wife gets a notification on her phone from Bank of America alerting her to fruadulent charges being made. We only have one debit cad. While we were starting our driving home, someone in Austin, Tx purchased around $500 in merch at Home Depot, drove towards Houston, Tx attempting twice to use our card at the ATM, which did not work because they didnt have the pin. They made their $200-ish last transaction at TJ Maxx North of Houston before were alerted and had the card shut off. (Austin to Houston is about a 3 hour car ride) My wife immedately makes a claim. 10 days later, we get the money credited back while they continue the investigation which seems pretty open and shut to me... They also say it may be another 45 days before they finish their investigation. October 5, they send a letter stating that they have completed their investigation: "Our records show the transaction activity in question was authorized for and posted to your account." The letter states they'll be taking the $740 back on October 22. Wife calls and has them reopen the case or escalate it. We're told it could be another 45 days. December 22. We call Bank of America again. This agent has no record of anything being escalated. Says he will escalate it and we should hear from someone in the next few business days. Nothing. Jan 3. Wife calls them again. This agent states that while an escalation sends an email to their investigators notifying that we are still asking about they case, they are under no obligation to complete it. After reading a bit into the law surrounding this, we have realized we can request the documentation they used to close the investigation. What else can we do? Do we need a lawyer? If they had to reimburse us for the first 45 days of the investigation, why do they not have to temporarily reimburse us as they continue to investigate "for as long as they need" with no date set for resolution on our end? It is blatantly obvious that someone skimmed the card at some point and had a dummy one made. Are they able to continue to withhold our $750 indefinitely and just keep saying. "Nope! Looks good!" until we tire out? Our kiddos missed out on a lot of Christmas gifts because of this and now bills are starting to get a bit tight. We really need this money back. Thanks yall! Update: Started posting on social media before I start filing complaints. 20 minutes later Bank of America contacted me on Twitter. Will update later. Thanks for everyone's advice. Update 2: 3 hours later... I continued to post on social media, reaching out to local news stations on Twitter that have community protection or investigative segments and linking to this post. Bank of America has now reached out in one of these posts, referencing my wifes name. Fingers crossed. http://imgur.com/gallery/i4gWtC0 Update 3: Wife got home 30 min after my last update. A rep with BoA actually called her asking what was going on. The rep said she would need to call the fraud department and get them all on the line together. We are at our kids practice so opted for them to call us when they have someone on the line who can help us. Will update later. Update 4: Just got off the phone with someone in the fraud department at Bank of America. I recorded the whole convo and will be uploading it to YouTube. She says the call on Oct 22 did in fact reopen the case. (even though the rep on Dec 22 said otherwise and the rep earlier today said they have no timeline to adhere to and can take as long as they want) They now have 60 business days from Oct 22 to finish the claim once again. She says one of the reasons that the claim was denied was because the didnt attempt to drain her account. (They hit up two ATMs and failed to use the pin to drain the account, so they don't even have the correct info to base their findings off) I requested documentation about the claim as law allows and she says I should get that in 10 business days. They now have until Jan 18 to notify us of their findings. I'm going to continue with filing reports and posting on social media. I'll update in a few weeks I guess. Update 5: 10 hours later, they have blocked me on Facebook for sharing my problems on their page. I also filed a complaint with the CFPB . Update 6: 24 hours since this post and David, a Bank of America employee in the "Regulatory Complaints Department" left my wife a voice mail in regards to a complaint sent to them by the CFPB. They close at 4pm EST. (They're closed by the time we got the voice mail since she is at work). Will update Monday. [link] [comments]  |
| 46% of my paycheck was taken from me in taxes? Posted: 04 Jan 2019 09:04 AM PST I started a new job and I've really been counting on this paycheck because I was out of work for over a month. I finally get the direct deposit and it's $266 dollars when I've worked 43 hours this pay period. I get paid 13.50. I'm pretty sure on my tax form (I think it was a W4) I asked for 2 allowances on federal tax and one for state tax. Normally I just ask for one of each. When I get to work my coworker is going to show me how to view my pay stub online. I know this can't be right and I'm wondering who to talk to about this. Edit: Well it looks like general consensus is to post a picture of my pay stub with personal info blacked out. I will do that after I get to work. Final edit: This is resolved now. I think I may have come in the middle of a pay period. Thank you for all your help. Will still double check pay stub for verification. [link] [comments]  |
| Posted: 04 Jan 2019 12:44 PM PST Just wanted to make a positive post about something that's made me feel better. I am buried in debt without the ability to increase income at this time and have been trying to reduce expenses with little success. I paid off my phone a few months ago which cut my $91 bill to $66 and yesterday I successfully transitioned to the AT%T pre-paid plan (no difference in plan or service) and reduced my bill to $32.85 with tax! [link] [comments]  |
| [USA] Anyone know how the government shutdown will affect Tax Time? Posted: 04 Jan 2019 07:29 AM PST I like to file super early as I typically get a sizable refund. However, with the shutdown and all, does anyone know what will be the effects on the IRS/taxes? Thanks :) [link] [comments]  |
| Just found out I’m losing my house Posted: 04 Jan 2019 01:26 PM PST It's been a crazy 24 hours but here is a quick breakdown. I'm looking for advice. In 2016 I filed for chapter 13 to consolidate debt. This was heard by the court and approved. In November, without notice from my mortgage company, the investor of my mortgage petitioned the court to pull out of my mortgage. We have never missed or had any late mortgage payments and have 4 years of good standing. They say that because of the bankruptcy, and the amount of my mortgage payment I am "high risk". They petitioned for the mortgage insurance to buy them out and woudl leave us in foreclosure. We found out because I realtor just called asking if we would like to list our house for sale with them. I'm still in shock and trying to figure all of this out. I believe my only option is to hire a lawyer to petition for the mortgage company to work with us to either stop the lender from pulling out or modify to our mortgage, but I want to make sure that I explore all of our options. Are there other options we should consider, or are our hands tied? Thank you in advance! [link] [comments]  |
| Posted: 04 Jan 2019 06:13 PM PST |
| Posted: 04 Jan 2019 09:34 AM PST This is my first time asking for advice in this sub, so bear with me. Like the title says, I turned 40 in October and in the same month, got a new job as a warehouse associate at a flooring wholesale store. I had been out of work for a while before that, so financially, it had been a struggle. My wife is a school counselor who is currently going back for her Master's Degree in counseling. She will be finished in May. We don't have any car loans, credit card debt and only owe $10,000 on our mortgage. She makes a good living, but since I just started, I am making $13 an hour but working full time (40 hrs). No overtime though. My insurance benefits just recently started being taken out of my check at about $65 per week. The company does not offer a matching 401K. I typically bring home about $380 a week and try to put at least $40 into savings as soon as my check is deposited. I know it isn't much, but I'm doing what I can. Currently, we have a few medical bills that we are trying to pay down and looking to do so in the next few months. My wife has a good 401k set up, but I do not. And so, I wondered...with what I make...is a 401K or some type of retirement fund even doable at this point? I know that she will a substanial college loan to have to pay off in the next few months, so I have to take helping out with that into consideration as well. Thanks again! If more info is needed, please let me know. [link] [comments]  |
| Posted: 04 Jan 2019 11:17 AM PST |
| Posted: 04 Jan 2019 03:45 PM PST Back in October my parents had asked if they could give the electric company my phone number in case they needed to contact my parents and couldn't reach them due to phone shut offs. I said sure that's cool. Then I had a sneaking suspicion. I immediately said "You guys better not put the bill under my name, that will seriously mess up my credit in the future" and my stepmom replied rudely that they wouldn't and that even if it did it would help it (It wouldn't though, they're horrible with paying bills fully and can't seem to ever make payments on time, their credit scores are in the shitter because of the constant debt they rack up.) November I moved out of my house after I, again, called my dad out for stealing money (if you read some of my posts you'll see) and lead to a huge fight. Everything has been good financially since I moved out and I haven't had financial trouble since. I changed my address three weeks after I moved out and was situated. Yesterday I received a bill in the mail stating I have an electric bill in my name at my parents address for $282 that's due by the 17th! I look further at the bill there's a previous balance of $497 on there too! So now I'm on the hook for this bill because it's under my name unless I report it as fraud. I called my dad and he said that he'd pay $50 every two weeks he got paid. I of course said that's not enough they're asking $282?? So I'm curious as to how badly this will affect my credit score as this has been happening for about 3 months now and he's refusing to do anymore than $50 every two weeks until income tax in February and that the only reason the bill is in my name is because they racked up bills so high on the electric, the company wanted it paid in full and couldn't switch it back and fourth with each other. I might consider reporting both my parents for fraud because they schemed in this and would have no trouble doing it otherwise if I didn't have two very young brothers living with them. It's a double edged sword and I'm looking for financial advice on this if I continue with this until February. tl;dr parents screwed me over [link] [comments]  |
| Kicked out 3000+ miles away from my life, what can I do? Posted: 04 Jan 2019 01:30 PM PST Background! I originally lives with my mother in California (I'm 19, did oddjobs for spending) and my mother bought me a plane ticket to my home town to visit my grandparents for Christmas. (No mention of kicking me out.) My flight back was supposed to be tomorrow, and it turns out my mother refunded the flight and is now forcing me to live on my own 3000+ miles away from all of my belongings. First off, is there any legal way to get my stuff back to me in a reasonable time or am I out of luck? Second, what steps should I take to start being financially independent? And do you guys have any tips for starting adult hood? Thank you! :) also: I have little work experience, no bank account, and do not have access to my ssn, insurance, any other important document that I might need as they are all in California. [link] [comments]  |
| Posted: 04 Jan 2019 02:47 PM PST There's comfort in that. And that comfort is invaluable. I see myself making better decisions than my peers every day and being rewarded for it. The information and brand of thinking I've gleened from you guys has been so important. I'm not diving into my specific situation because that's not what this is about. This is about the community, here. I want to add to the sentiment that this community's patience and perspective does benefit people. Thanks, everyone. [link] [comments]  |
| Posted: 04 Jan 2019 09:30 AM PST My payday was today, but all the money on the paycheck was made in 2018. Would I file it in my 2018 taxes or my 2019 taxes? TIA [link] [comments]  |
| Posted: 04 Jan 2019 02:34 PM PST Plain and simple, my father (a naturalized American citizen aged 68), decided to say "fuck it I'm tired of working low paying jobs at this age" and went back to his home country where he is a veterinarian (but has been out of practice for 2 decades). Really a dumb rash decision, but he made it and stuck with it. The issue is, he left all his debt here, maxed out his credit cards, phone bills, insurance, car payments, skipped out on his apartment lease, and most likely will not file his 2018 taxes. Completely abandoned everything and has no interest in coming back.He has a bank account open where his small social security monthly deposits go to and gave me access to that account to take the money out every few months and send it to him. Today, I started getting debt collector calls on my phone for people looking for him. They must've found my name on his white pages records since there are relatives listed there and I'm easy to find because my name is uncommon. My main question: Will I be responsible for any of his debt or anything he abandoned while living here? I understand the calls, they are trying their best to locate him, but what worries me the most is the IRS stuff. Also, the house he and my mom bought is no longer in his name (Edit: they have been divorced for 4+ years). The title is just her name on it, but the mortgage insurance and some other billable things tied to the house have both their names on it. What kind of financial shitstorm should I expect? What about when he passes away? Thanks in advance r/personalfinance [link] [comments]  |
| Posted: 04 Jan 2019 04:59 PM PST My car insurance rented a car for me when my truck was in a accident. When I picked up the car we did the usual walk around and it seemed that everything looked good. When I returned the car it was a very sunny day and the agent noticed a haze in the paint on the quarter pannel. The agent marked it as damage that I had repainted and now they are charging me $2,000 for the repairs. Is there anything I can do sense I didn't notice the damage prior to renting? I have talked to managers and Enterprise high ups but they keep saying it's my fault. Help! [link] [comments]  |
| Dealership wants to buy my brand new car back. Posted: 04 Jan 2019 06:45 PM PST Hey Reddit, I recently got a phone call from a dealership i purchased my new vehicle from, 5 months ago. They are wanting to buy back my car because they claim a customer wants to buy a brand new, but same version of my car; they say they cannot approve him because his credit isn't good enough. They can however approve him for my little bit older but same version of the car. The dealership is offering to buy back my car or give me a new version of my car with a better trim. Does this sound right? To me it seems to make sense as the dealership will still be making money from the customer purchasing my vehicle because of all the commission fees to the finance guy and the salesperson on top of the purchase price of the car. They seem to have wiggle room where they can offer me more then what i paid for the vehicle. Please give me some opinions! :) [link] [comments]  |
| Another ‘Can I Afford This House? Post (SoCal) Posted: 04 Jan 2019 02:52 PM PST Gross income: 147k (+bonuses not counted here) Debts: None Cash: 40k House: 570k I work in a very HCOL area and this is one of the most affordable single-family homes within 30 minutes. I have run a bunch of calculators and the purchase seems like a bit of a stretch, but still possible. Monthly: Net (after 10% 401k): ~$8500 Mortgage + fees: ~$3600 This gives me almost 5k for food, gas, bills, savings, and everything else. I know I am breaking several common pieces of advice here: My income is about 1/4 the value of the home, my mortgage payment (with fees) would be around 42% of my monthly net income, and my down payment is quite low. However, I am a higher income earner in a HCOL area, so I am wondering if these rules can stretch a little bit, or if I am being stupid. Are these acceptable risks in order to get into a home in an expensive area of coastal California? Sometimes I feel like if I wait around and rent forever that my down payment will never catch up to that 20% number, and that I am leaving equity on the table. Any advice on whether this purchase seems affordable is appreciated. Feel free to tell me I am insane. [link] [comments]  |
| $38k and moving on my own this year, advice and help with a time line? Posted: 04 Jan 2019 09:43 AM PST I have a full time job and part time job, the part time will be busier in the summer so my pay at $38k is a low estimate. I also might start an online free time job and am always hustling (poshmark, ebates, and swagbucks) I'm really hoping to get a better job in the next 6 months but I'm planning based on now obviously. I would like to move out of my parents either in June or September. I will then be 29 so I don't want to live with them too long even though it helps. $320 loan payment (may be higher with a new job) $260 car $107 car insurance $53 gym and Spotify (I don't work out without a gym and classes) $1100 high estimate for a one bedroom - it's $900 to include washer and dryer and then adding utilities $2000 Cost needed to move in, about 800 security + 900 rent + 250 fee I have $1600 cash, 0 cc debt, $180 credit rewards Unredeemed. I have a bed, tv, silverware and dishes. I don't have any chairs or tables or lights or daily household things so I'd need to buy at least basics too. I'm just looking for a game plan, how possible this is, advice on my time line, any suggestions! Edit: also really really don't want to live with a roommate again and a studio apt could be about $750 but has no laundry [link] [comments]  |
| A bit late in Graduating from College! Posted: 04 Jan 2019 05:21 PM PST I'm 33 (almost 34 years old) and I am just now graduating from college. My degree is in Chemistry so its not like its a degree that is virtually worthless. However, I also have 50k worth of student loan debt. Should I even have any notion of a retirement or even reaching any life goals [marriage, kids, house (but the house doesn't have to huge)] even a realistic financial possibility? Or should I just resign myself to the really scary notion that by the time I pay off my student loans life and get financially stable most likely life will have passed me by? [link] [comments]  |
| Posted: 04 Jan 2019 06:19 PM PST Hello all, Forgive me, I am new to the financial world and do not know much. I am trying to learn though. Background: 22 yo, single, one full time job, no dependents, first year filing as an independent I found out after last tax season (my dad has been filing for me the past couple years as an dependent) that my old job got my SSN wrong (incorrect last number) on my w2 for the past two years. My dad didn't catch this and filed the wrong SSN (again, just last digit is wrong) for the past two tax seasons. He may have only got it wrong one season and correctly it last year, I do not recall. I reached out to my old job HR department, left a voicemail, but they never got back to me. I was still in college, was told not to worry about it, and put it to the back of my mind. Moving forward, should I be worried? What steps should I do? Will this affect my filing this year as an independent? Thank you! [link] [comments]  |
| Should I sell stock to front load my IRA for the year? Posted: 04 Jan 2019 07:57 AM PST Should I sell stock to front load my IRA for the year, or put money in as I get it over the course of the year? I'll pay taxes to sell the stocks, of course. Thanks! [link] [comments]  |
| Posted: 04 Jan 2019 06:00 PM PST Hello! I just got off the phone with the FedLoan service helper and was told that the remaining balance on my consolidated loan after 25 years will be taxable. I am not a service worker so I will not qualify for the forgiveness benefit there. How would I file the remaining balance? Assuming that 100K left over, would the taxes on the remaining balance have to be paid in full that year? Or would I be able to do a payment plan on the taxes? Edit: I'm currently on the income driven plan [link] [comments]  |
| Student lonas were Accelerated and it says the entire balance is due? Posted: 04 Jan 2019 03:56 PM PST Does that mean I have to pay it all right now? Is there anyway to get it deferred? or delayed? Or can I go on a monthly plan for it? Its for a perkingson loan [link] [comments]  |
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