Personal Finance Why you owe so much money even if your car is repossessed or voluntarily given back. |
- Why you owe so much money even if your car is repossessed or voluntarily given back.
- Is it wrong to apply for other jobs to see what I’m worth?
- An unexpected need for an emergency fund
- Found of new *High School* interns make more than I Do. What to do?
- Old Employer Requesting I Pay Money Back...Claiming They Overpaid Me. Do I have any options?
- Disputing a $1200+ Vietnamese Club charge on my TD Bank Debit Card
- Bought a Jeep 2 years ago but feeling regretful, but don’t know why.
- Should I call a debt collector back?
- Mom got scammed, am I at risk?
- Remember to get reimbursed for your extended warranty if you total your vehicle
- New to credit... Why would my credit score drop points, if I've done nothing but the right things?
- I haven't paid taxes for years. What should I do?
- Discussion: value investing in efficient markets
- Best Debt Repayment Methods
- A questions or 500 about eGift cards...
- Agressively pay off student loans before starting a Roth IRA?
- Is an insured credit card a good idea for someone with bad credit?
- Do I file self employment taxes that are under $200 dollars (yearly income)?
- Can someone explain why whole life policies are bad?
- If my company gives me a % of ownership, do I owe taxes?
- Recently Sold Business for 1m...need help.
- My grandparents bought stock in a company that has been bought out a few times. They got a letter from a company wanting to "help" her for a fee...
- Max 401 Contribution
| Why you owe so much money even if your car is repossessed or voluntarily given back. Posted: 12 Jun 2019 09:17 AM PDT A lot of you don't need to read this because you may already understand the process. In the 9 years I've been working with civil collection firms I've worked on literally thousands of auto loan lawsuits. The most common thing I've heard in that time from the people we file against is "I shouldn't owe this I turned the car back in". A staggering amount of people don't seem to know how auto loans work, and feel the value of the vehicle supersedes their loan therefore they should not owe it. When you obtain a vehicle through a loan, the lender becomes a lien holder on the title and, in most cases, the bank that made the loan keeps the title until the car loan is paid off. Don't think of it like it's your car at all honestly until you pay that loan off. You aren't paying on the car, you are paying on the loan. When you turn the car back in, or it gets reposessed, they will sell the car at auction. Rarely does that sale even remotely cover the remaining balance on the loan. It's just like any other loan you default on, interest/fees will be calculated into your final balance. You will get a letter called a Deficiency letter which breaks down as to how they figured the final balance you owe after the loan has been defaulted on. I've included a screenshot of one of those letters from a case we filed with the court. This document is public record as it was filed under a civil complaint folks, I'm not breaking any laws by showing a copy of this. I have redacted some of the defendant's information regardless for their privacy. Like I said a lot of you probably already know how this works, but through my experience with many consumers I feel it may be worth explaining here. [link] [comments]  |
| Is it wrong to apply for other jobs to see what I’m worth? Posted: 11 Jun 2019 11:26 PM PDT Some days I wonder if I would get paid more working for a different company. I am happy at my job with the work I do, but would obviously love to be paid more. Is it wrong/is there any reason why I shouldn't shop myself around to see what else I could get? Thanks! Edit 1: thanks to everyone for your responses. I am now leaning towards thinking I will see what is available. I do think it would be rude to apply for these jobs just to see what I'm worth and turn them down without considering them. So I will keep an open mind! [link] [comments]  |
| An unexpected need for an emergency fund Posted: 12 Jun 2019 03:15 PM PDT I just got offered a job out of state, with a generous relocation package. My husband and I have a pretty modest emergency fund, a level we set due to not owning a house, having fairly low cost of living, and having low enough expenses that we could live with only one salary. However now, with our move, we will initially have only one job in high COL area. Plus the relocation package is receipt based, with reimbursement received in the first paycheck (and some of the expenses can't go on credit card due to their nature). With our emergency fund as it is, we will make it, but it is going to be tight! Without this fund I probably would have had to decline this job opportunity, so just a PSA that this is yet another reason you should have a very large buffer to expect the unexpected! [link] [comments]  |
| Found of new *High School* interns make more than I Do. What to do? Posted: 12 Jun 2019 03:37 PM PDT Hey, so 7 new high school kids started interning at my workplace. During the day on of my coworkers overheard them say how much they make an hour. Me and my other coworkers started around the same time over 19 months ago as interns while in college. We have recently graduated with the same degree and have the same experience. We work in the IT field btw. The new guys make $11 dollars an hour. When we started we made 9$ an hour and got a dollar raise a year later (Now making 10$). The new guys have no experience and for most its their first job. They are under age and can not do half the things we can do. We have to train them, supervise them, train the other 2 college interns who started 2 months ago as well. Basically these guys were hired and paid by another department's program, so our department has nothing to do with their pay, however, its the same job, except they actually know nothing and cant do a lot of what has to be done. Its actually our contract that discussing pay can be cause for termination. The IT department always says, "not in the budget" when it comes to stuff like this. I haven't sat down with the boss yet, but I'm pretty sure they're gonna say no to a raise. Basically, if I leave, two other coworkers will leave, then they will be screwed because no one will train the new people except full time employees who have other responsibilities to take care of. Aside from that, I really enjoy working there and would accept a full time position if they offered, but the financial comp just isnt fair right now. I'm not going to babysit kids who make more than I do, with no degree or experience. How do I go about asking for better pay, or what should I do? [link] [comments]  |
| Old Employer Requesting I Pay Money Back...Claiming They Overpaid Me. Do I have any options? Posted: 12 Jun 2019 04:03 PM PDT My old employer who I left back in February is requesting me to pay funds back that they overpaid me due to "a late termination" effective 2/23. What are the consequences if I don't pay? Do I have to? Looking to hear from you all to see my options if any. I've attached a picture of the letter for reference. [link] [comments]  |
| Disputing a $1200+ Vietnamese Club charge on my TD Bank Debit Card Posted: 12 Jun 2019 06:35 PM PDT So here is the story: Last week I (22M from USA) was in Hanoi, Vietnam on a solo trip. My first day there I decided to take a walk around the city and ended up near a lake in the center of the city. While walking around the lake, I was approached by a well-dressed Vietnamese guy who asked where I was from. We talked for a few minutes and he seemed like a nice guy. We were about the same age and both on holiday from college. He asked me if I wanted to grab a coffee with him across the street and I agreed. I was interested in learning about his culture, as he was with mine! While in the nearby coffee shop, he introduced me to his cousin who had a very cute dog. His cousin spoke much better English that he did, so it was a lot easier for me to have a conversation with the cousin. He was quick to tell me how he is a CEO of a huge real estate company and worth millions of dollars. He paid for our coffees and invited us with him to check out a local temple and restaurant. At the restaurant, he decided on and ordered food and a few beers for the 3 of us to share so that I was able to get a taste for a few different, popular Vietnamese dishes. He also paid for this bill. After our meal, he kept saying how joyful he was that he met me and that he wants to continue hanging out together so he suggested going to sing karaoke to American songs that he knew and I excitedly agreed! This is happening around noon on a Thursday. Here is where things got strange: I followed him into a small building's lobby that seemed like the waiting room for a barber shop. It had a front counter and a corner couch with a few people sitting down. I followed him up some stairs and straight into a small dark room where we were joined by 3 girls who started serving us drinks as we sung karaoke. We sung about 2 American songs and then the cousin started putting on club music and I started to lose interest. Meanwhile, the girls in the room continuously kept refilling my drink without me asking. Also, the cousin kept ordering numerous balloons for us to inhale to get a quick high. I refused these balloons over and over but I was basically forced to hold one at all times. After being in this room for about 2 hours, we finally left and went downstairs to the main lobby and sat down on the coach. On our way out of the small, dark room, the cousin pointed out that we were in a VIP room. I don't know much about how clubs work but my first thought was that the cousin had some type of membership that granted him access to the VIP room of this place. That was until the manager of the place handed the bill to the cousin and I was able to peek over his shoulder and see it. The total bill was 70 million dong which converts to about $3,000 US dollars!!! Then he told the manager that the 3 of us will split the bill and we will each owe 30 million dong (about $1300 US dollars)!!! My heart starts racing and I tell him that I thought he would be paying for this (after treating to coffee and lunch, AND making it very clear how he is worth tens of millions of dollars). He vehemently refused and told me that this is how Vietnamese culture is; they always split the bill no matter how rich or poor you are. He also said that I should have asked him how much everything will cost beforehand. But I honestly just thought we were going to sing karaoke! I had no idea we were going into a private VIP room in a club with bartenders. Him and his cousin consumed way more alcohol and balloons than I did. I continued to argue with him and tell him that I cannot afford a bill this large, especially at the start of my vacation. (For a second, I debated bolting out of the door and making a run for it to get as far away from that place as possible and then calling a taxi back to my hostel.) I felt like I had no choice but to hand over my debit card and pay my portion of the bill. He gave me a ride back to the lake and I walked back to my hostel and laid in my bed and cried. I want to dispute this charge on my debit card with TD bank and would appreciate any help with this matter. Thank you for your time! Now that I am thinking about it, I think it is definitely a possibility that they are in some kind of agreement with the karaoke club where they take advantage of foreigners by doing what they did to me, and split the profits. The cousin just appeared from the back of the coffee shop once we arrived, and was overly eager to spend time with me. There is ABSOLUTELY NO WAY that I received anywhere close to $1300 worth of product/services over those 2 hours. Maybe $50 if I were to guess. I also find it VERY interesting that ANOTHER American I met later in my trip said he was approached by an identical guy at the same exact spot at the lake who ALSO asked him to grab a coffee. It sounds like these 2 could be running a whole scam operation, but that's just a speculation... [link] [comments]  |
| Bought a Jeep 2 years ago but feeling regretful, but don’t know why. Posted: 12 Jun 2019 05:52 PM PDT I live in the pretty small average wealth neighborhood in North Dakota. It snows quite a bit and many people have their Suburban, Yukon, or Escalade to manage the winter and all their kids. I bought the all black Jeep so I wouldn't feel guilty buying anything over $40k two years ago. It's beautiful don't get me wrong and it rides really nice especially during the winter, which helps a lot. I just don't know why I feel so regretful. I grew up poor my entire life and served in the military. I finally have a nice vehicle, but it doesn't feel satisfying to have something that new. It's like I am growing out of a materialistic phase. It's my second year here. I am making very good money compared to the cost of living people around here are very nice, but I don't see myself spending thousands extra a year to keep up with that kind of lifestyle. But it was interesting that I saw a doctor bring his child to the park and he drove up in a older used Mercedes instead of the usual SUV choice in this community that costs over $50k. I just wish I found this community before I came into my money. My budget is on point and everything and few months being debt free besides the auto loan. I just need to figure out what makes me happy I guess. I just miss the travel from when I was in the service, but hard with the kids and busy schedules. Edit: Grand Cherokee [link] [comments]  |
| Should I call a debt collector back? Posted: 12 Jun 2019 11:09 AM PDT EDIT: Thanks for everyone's support! I called the collection agency's publicly listed number and gave them my name and phone number. Turns out they were looking for a totally different person (who didn't even have my name)! I told them they had the wrong number and they said okay, thanks for letting us know, and that was that! -- Last week, I received a brief voicemail saying "We have an important message from [collection agency]. Please call us back at [number]." They gave the name of a legitimate agency (and its location matches the area code that they called from), but the exact phone number they left is not listed on their website. I wondered if it was a scam, so I didn't call them back. Today, I received another call from the same number. I didn't answer and they didn't leave another voicemail. If I owe debt, that's news to me. To the best of my knowledge, I've paid all my bills in full. I checked one credit report last week and it is clear. However, I'm worried that something could have slipped through the cracks, especially since I have had a lot of medical expenses and I've heard that medical billing can be a nightmare. I've moved a lot in the past few years, so what if they've been sending written notices to one of my old addresses? I stupidly didn't set up mail forwarding, so I would have no way of knowing. Basically, I'm a little freaked out and don't know what to do next. Should I wait and see if the debt collector calls back, and if so, should I answer? Should I call the collection agency's number as listed on their website? If I do talk to someone, should I share my current address? I really appreciate any advice. [link] [comments]  |
| Mom got scammed, am I at risk? Posted: 12 Jun 2019 02:49 PM PDT Mom got caught in a debt consolidation scam. She sent them front and back pictures of all of her credit cards and her social security card but not her bank cards. They paid off one of her credit cards(which I assume they will cancel payment on) and asked her for google play cards(which she didn't purchase) Once she caught the scam she contacted the bank, state police, and credit card companies. I sent her this link and she is currently going through the steps. My only concern is we have a joint account in which she transfers her portion of split bills to. I don't know how at risk I am because of this. Should I just go ahead and use a credit monitoring service? [link] [comments]  |
| Remember to get reimbursed for your extended warranty if you total your vehicle Posted: 12 Jun 2019 12:01 PM PDT I had 2 cars totaled in the last year, had it not been for the insurance company personnel telling me I can get reimbursed (a prorated amount) for the extended warranty on my second vehicle, I would not have done so for either totaled car. You need the payoff letter from the bank after you loan is paid off (should be able to get it after the title is released). Take the payoff letter to the dealership and talk to their finance people. Both of my totaled vehicles (drunk driver t-boned my truck, hail totaled my sons car) were very new so it felt like a huge waste. One thing that is a bummer is that the dealership I bought all the vehicles from didn't inform me I could get it reimbursed, they just let me by new warranties for the replacement cars. Little scummy on their part, but maybe it was an honest oversight. [link] [comments]  |
| New to credit... Why would my credit score drop points, if I've done nothing but the right things? Posted: 12 Jun 2019 02:52 PM PDT I've transitioned from the UK (early 20's) to the US (now late 20's), and had to get my first credit card from the bank with a cap on it before I can get my first real credit card. I got a free report from Mint, claiming I was close to 700. I spent last month using my card for gas, lunch, and some online purchases. Most time paying it off via my bank app within 1 day. My total credit was always paid off before my due date. Today it droped to the low 600's... I've always hated credit, as I only ever spend what I have, so seeing this arbitrary point system drop from doing nothing wrong is very frustrating. Anyone have any idea why credit score would just drop when you've only done the right things? was my initial report simply a placeholder until my account got some established history and age? [link] [comments]  |
| I haven't paid taxes for years. What should I do? Posted: 12 Jun 2019 12:33 PM PDT I haven't paid my taxes this year and a few other years, due to a combination of severe depression, anxiety and irresponsibility. (I'm in treatment, seeing professionals, taking meds, etc., all of which help to some degree. Well, with the depression and anxiety at least.) For the years I didn't pay taxes, I don't think that I owe extra money beyond what was already deducted and any fines related to not paying my taxes, since I had what I think are the correct standard deductions taken from my paychecks during this time. I have related income documents for the past years saved, I just haven't filed anything to the government. I also have enough money saved away that I am reasonably sure I can pay whatever taxes and fines I need to. I think I probably need a professional to help sort this out, especially because of how dysfunctional I am, but how do I find someone? How much trouble am I in? What else do I need to do or consider? I'm pretty lost. Thanks. [link] [comments]  |
| Discussion: value investing in efficient markets Posted: 12 Jun 2019 07:52 PM PDT The efficient market hypothesis (EMH) states that all available information is factored into an assets price. Value investing involves using fundamental analysis (with current information available) to calculate intrinsic value of an asset. The goal in buying assets that have been undervalued. Is it possible to be a proponent of the EMH and be a value investor? What are your thoughts? [link] [comments]  |
| Posted: 12 Jun 2019 07:21 PM PDT A friend has really bad credit, like low 400s bad, that is largely caused by some large unpaid bills that have been ignored for a couple of years. They have recently come into some money and would like to pay off said debts. Seeing as how this has so badly affected their credit they want to make sure that the method they use to repay it also boosts their credit numbers as much as possible. What repayment method would you recommend and why? tl;dr: what debt repayment method would you use to increase your very low (420s) credit score as much as possible? [link] [comments]  |
| A questions or 500 about eGift cards... Posted: 12 Jun 2019 07:00 PM PDT Guys, I have been inundated with eGift cards recently and I would like to consolidate them into one source, specifically a Serve card, or some other card like that, that allows it. If I have to jump through a few hoops or steps, that's okay too. Any ideas? [link] [comments]  |
| Agressively pay off student loans before starting a Roth IRA? Posted: 12 Jun 2019 04:12 PM PDT I've been pondering what would be the best route to go down to repay my student loans. I'm about to start my career in July. It is decent pay, starting out at 77K salary with a 7.5K hiring bonus. I have three unsubsidized loans that are respectively listed below with their interests rates.
I've saved up about $3,000 that I was going to put towards a down payment on a car and after taxes on my hiring bonus, I'll probably get around $4,000 back that I'll also put towards my loans. My company offers up to a 3% dollar match and the last 2% it's 50 cents per dollar on my 401K. I'll be utilizing to the full 5% amount while putting a higher amount than the five percent (about 7%). I also want to start contributing to a Roth IRA and maxing that out to the full potential which I've budgeted 500 a month for. My question is would it be worth it, in the long run, to just contribute that $500 I originally planned for my Roth IRA until my student loans are paid off in full and then start a Roth IRA or it more worthwhile to start putting that money I budgeted into the Roth IRA immediately? Note: I do have a grace period until December before I start a payment plan on my student loans [link] [comments]  |
| Is an insured credit card a good idea for someone with bad credit? Posted: 12 Jun 2019 05:19 PM PDT *secured credit card* I am wary of credit cards after past experience but my credit sucks and I'm in a better situation now. My bank is offering a $300 insured line (I pay 300 to activate it), is this a good idea/are there any down sides? Edit: I've been told a lot of cards have auto insurance for rental. Is this comprehensive? Like would I need to still get insurance through the rental agency if I don't have my own? also it's a secured card not insured. [link] [comments]  |
| Do I file self employment taxes that are under $200 dollars (yearly income)? Posted: 12 Jun 2019 06:47 PM PDT Hi, I'm a hs student at the moment, and have been considering doing small jobs online to pay for some things (school supplies, clothing, etc.). I'm not intending on any huge purchases, my goal is to make $200 roughly for a specific purchase and calling it quits. Would I need to file this for a tax return? I do not have any other sources of income and don't intend to take a job this year. [link] [comments]  |
| Can someone explain why whole life policies are bad? Posted: 12 Jun 2019 04:00 PM PDT I had a previous post where everyone has told me to cancel them. But I would like to know why. [link] [comments]  |
| If my company gives me a % of ownership, do I owe taxes? Posted: 12 Jun 2019 01:18 PM PDT My company has alluded to 'gifting' some employees with a % stake in the company. Would I owe anything additional in taxes while I held the percentage, or only if I were to sell the stake? [link] [comments]  |
| Recently Sold Business for 1m...need help. Posted: 12 Jun 2019 06:27 PM PDT Throwaway account and cross posting to r/investing. I have read the "what to do with a windfall" materials. I am a 27 year old, single male living in America. No debt. No significant assets. Working on another startup to re-establish income. In late 2018, I sold my business for $1m. After taxes paid, I have a total net worth of about 1.1m. I currently have nearly all of the funds with Schwab sitting in a money market (SWVXX) paying about 2.5%. About 100k in US total market. The question I keep going around and around on is, do I...
I fear buying at the top of the market and listening to every news story about how a recessions is looming closer. The more research I do, the more lost I become because of conflicting opinions. Any help would be greatly appreciated. Thank you! [link] [comments]  |
| Posted: 12 Jun 2019 10:19 AM PDT Back in 1992 my grandparents bought 126 shares of Parker & Parsley Petroleum Company. It appears that Parker has been sold/merged over the years and now the stock is Pioneer Natural Resources. She gets a divided check once or twice a year for less than $100.00 They randomly got a letter in the mail last week from a company called "Keane". The letter says her account is in the "undeliverable" status. The company wants to "help" her get it back in line or sell the shares for a 3% fee for their services... My grandmother just wants to sell them and get the cash for their value. So the question is... I'm assuming that the letter from Keane is just a money grabbing company that should be avoided. If that's the case what is the best method for selling these shares and determining the value beforehand? Any info is greatly appreciated! [link] [comments]  |
| Posted: 12 Jun 2019 08:09 PM PDT My company matches up to 6%. My Fidelty 401k portal recommends to contribute 15% of my salary, so I contribute 6% for match and then an additional unmatched 9%. I have been doing this for years. I usually hit the max 401k contribution around September/October and am then done for the year. Using this method, aren't I losing the company match for the full calendar year? Would it be better to lower the 9% to stretch the contribution to the entire year or is it better to max it as early as possible for compound interest? [link] [comments]  |
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