Personal Finance Weekend Discussion and Victory Thread for the week of September 04, 2020 |
- Weekend Discussion and Victory Thread for the week of September 04, 2020
- Girlfriend broke her tailbone last year. 8 surgeries later, overwhelming bills.
- IRS announces interest rates remain the same for the fourth quarter of 2020
- Perfect 850 Credit Score - What Does it Get Me?
- Retired man looking for advice on how to survive
- Where do you cut costs when you already budget hard?
- [USA] Previous landlady's email is shown with my details while applying for financing
- Is it financially irresponsible to never want to own a house? By not owning, its easier to take that golden opportunity plus you’re not shelling cash on landscaping/home repairs.
- Credit union that I have a loan with merged with another company last week. Loan now shows as delinquent. Currently buying a house, what can I do?
- Do I need to add my roommate (with his own car) as a Named Insured to my policy? (PA)
- I've been pre-approved for a mortgage, but is buying a condo realistic for me?
- I have gotten myself into more debt than I can handle and I need help
- Debt collector called me today about old apartment.
- Gym won't let me out of contract. Anything I can do?
- Wife got pay cut without being talked to
- 0% credit card for a boat?
- Changing jobs while wanting to refinance
- Trapped in a big black hole
- Do you pay taxes by the county you live or work?
- Loan advice for a new car
- Is it possible to finance a car but buy it from a person instead of a dealership?
- 401k with Amazon warehouse
- How do I (23) balance saving for an early retirement, while still living a fun and exciting life?
- Is it a bad idea long term to sell my condo?
- Tore ankle ligaments and don’t qualify for short term disability.
| Weekend Discussion and Victory Thread for the week of September 04, 2020 Posted: 04 Sep 2020 02:05 PM PDT 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]  |
| Girlfriend broke her tailbone last year. 8 surgeries later, overwhelming bills. Posted: 04 Sep 2020 05:07 PM PDT Her insurance covered a lot of it but she still has thousands in bills that she will never be able to pay making minimum wage. She is going to call the hospital and try to negotiate something more reasonable before the bills get sent to collection. If a deal cannot be reached, her credit is already crap and she has no assets. What can happen to her if she doesn't pay? Is there a possibility that hospitals will refuse to keep treating her? The insurance is paying a lot of it like I mentioned earlier but there's literally no dent we can make in the rest of these bills. Is bankruptcy the only way out of this? Should we be letting everything go into collection and make a deal with those people instead? EDIT: Some of the follow-up procedures were to deal with abscesses that occurred as a result of the original surgery. Two medical malpractice lawyers have turned down the case because "it's not possible to prove that the abscesses were caused by the surgery". Thank you so much to anyone willing to offer assistance! [link] [comments]  |
| IRS announces interest rates remain the same for the fourth quarter of 2020 Posted: 04 Sep 2020 05:57 AM PDT The Internal Revenue Service announced that interest rates will remain the same for the calendar quarter beginning October 1, 2020. The rates are: • Three (3) percent for individual overpayments (refunds) • Three (3) percent for individual underpayments (balance due) Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For Taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points. [link] [comments]  |
| Perfect 850 Credit Score - What Does it Get Me? Posted: 04 Sep 2020 07:11 PM PDT I worked hard my whole life to maintain good credit -- pay off credit cards, keep debt low or non-existent, and keep spending in check. I was always told that a good credit score is a powerful tool to have. Today I learned that my credit score was a perfect 850. Now I'm wondering ... what am I supposed to do with it? I already have a low interest mortgage and a car that's paid for. I compare it to bowling a perfect 300 game. You get a patch and a trophy, but at the end of the day, it doesn't really matter. [link] [comments]  |
| Retired man looking for advice on how to survive Posted: 04 Sep 2020 09:23 AM PDT My uncle is in a terrible situation. I am making this post with his permission on his behalf. I was talking with my cousin (his daughter) and she mentioned that he was having some financial trouble recently. She wasn't trying to ask for money, but she was asking for advice. I am in marketing, not really finance so not exactly my forte but she's a nurse so I guess I am more "business-savy" in her eyes. Anyhow.. He is retired, has a wife and 2 kids (both adults living on their own). He is well into his late 70s, however his wife is 10 years younger and has been a house wife her entire life. His total income is around 2500 a month with social security and pension. He has no 401k. I pulled him aside and we went over all of his expenses. Mortgage 1550 Groceries (includes incidentals like batteries and light bulbs) 300 Cell phone(both him and wife) 80 Electric 120 Water 60 Cable + Internet 140 Oil Heat (monthly average) 100 Travel 150 Car payment 225 car insurance 110 car maintenance (estimate to set aside) 50 house maintenance (estimate to set aside) 100 HOA 50 Credit Cards 850 As you can see, the total without Credit cards is around 3000. After some discussion, it appears he's been putting things on his credit card for the past 15 years that he couldn't afford (car maintenance for example) and now it's snowballed into 50k in credit card debt. He's already 500 short every month (or 350 if you don't save for car or house maintenance), so I don't think he can afford living in his current place. I talked to my cousin, then her parents about it and they all agreed my aunt and uncle need to downsize the house anyhow. They are now in the process of selling things they don't need and looking for a new place with less maintenance. My first question to all of you is, what options does he have out of the massive credit card debt? I don't think he'll be net positive till he sells the house, and even if he does get a small 1 bedroom condo with his wife, I think the condo fees and mortgage in this area of the country will still be around 900-1000 minimum. We came up with 2 possible options. 1 is bankruptcy, and 2 is trying to negotiate with the CC companies. His kids have both said they are willing to help out with 250 each a month if it will help for the next few years. That can bring his income to 3000 which would just about net his current expenses but still not include the credit card payments. Currently the creditors are giving him some kind of forbearance due to COVID but this expires next month. Has anyone had luck with negotiating with credit card companies? They are trying to avoid the bankruptcy option since they will be trying to sell this house and downsize and will then need better credit for the future mortgage. Also I believe they can come after some of the proceeds of the sale of your home if you file bankruptcy and try to sell. One way would be to file bankruptcy and stay in the house for 3-5 years till it's over, but that would put more pressure on my cousins to help chip in more than they are comfortable with, as I believe the estimate they would need to pay is around 650 for 3 years even with filing bankruptcy. I think if they can get rid of the CC debt, and downsize my aunt and uncle will be a ton better off. The second question is if bankruptcy is the only option, how do courts determine what they can afford. Looking at his budget I know it's pretty tight. Obviously savings and travel go out the window and they'd have to cut back elsewhere but they would probably still rely on my cousins for support. Third question, can my aunt apply for social security having not worked? If so, will the amount be adjusted after my uncle passes? I am worried about how she will carry on afterward. I appreciate any advice. Notes: With the size of the smaller condo I would estimate the electric, heat and possibly water will reduce. His car will be paid off in 2.5 years time. My dad (his brother) isn't going to help out so that's not an option. I know cutting the cable/internet package is another option but it's their main (only) form of entertainment since they don't go out. Even with using my cousin's netflix account they'll still need an internet connection. Maybe they can renegotiate their package, but that's not really the point of this post. . . . EDIT: Thank you for the replies! As I mentioned, they are already looking to sell things in the house and downsize. I now have answers for the social security question. I think the main question that needs answering is regarding the credit card debt. Has anyone had success reducing the total debt amount? For example, after X months of non-payment, do they open the option of settling the debt? My aunt has tried calling and was able to lower the interest rate on a couple due to consist payment history etc, and has a forbearance on others due to COVID. Any advice regarding the CC debt would be the biggest help. [link] [comments]  |
| Where do you cut costs when you already budget hard? Posted: 04 Sep 2020 08:28 AM PDT Due to a perfect storm in the last few months (major health crisis, car breakdown, major house repair) our emergency fund has been almost wiped out. Thankfully our jobs are secure, so we can meet our expenses and we have no debt aside from our mortgage. I'm trying to find ways to build our savings back up, and am struggling, because we already made most of the easy cuts years ago when we paid off our debt. I have a good seasonal side gig, but it runs out March - July so it's a long wait for that. And we're committed to continuing to save for retirement, so I don't want to touch that part of the budget unless things are REALLY bad. I'm not asking for a personal budget review, but for your experience. Once you've killed off the usual targets from every online listicle (cut the cable, toss the landline, cook at home, take your own lunch/coffee etc), where are your next cutbacks? ETA - thanks for the quick responses! We own our own home and expect to move in 3-5 years, so the break-even on refinancing is too far out for it to be profitable. We own our cars debt-free and are in the sweet spot where (aside from the recent repair) they're in good shape. I will look at reducing our home and car insurance. [link] [comments]  |
| [USA] Previous landlady's email is shown with my details while applying for financing Posted: 04 Sep 2020 06:43 PM PDT Hi All, Firstly, I have never applied for a loan/financing before, other than for credit cards. I'm planning to make a purchase for about $3000, and I wanted to make use of the store's 0% APR financing for 48 months. To apply for this financing, I need to sign up for a Synchrony HOME credit card, which provides the financing. To sign up, I need to go to this site - https://etail.mysynchrony.com/eapply/eapply.action I just need to enter the last 4 digits of my SSN and my mobile number, and then it checks for details at a database. Now, when the results were displayed, I was shocked as I could see the previous landlady's email along with my new address, my full name, my phone and SSN. I'm very nervous now, as she recently divorced and she had to leave the house and i believe she has a lot of credit card debt. I'm close to her now ex-husband, and that's how i know about the credit card debt. I have a few questions: 1) I've never applied for a synchrony bank credit card, so I'm not sure how they got my details, although i assume it was through a central database. 2) What do I do next? Could my identity be stolen? I'm not from the US, so I'm not very familiar with how the banks and credit scores operate. I read through some posts and from them, i need to ask for a credit report. Is there anything else i need to do? Any advice will be helpful. [link] [comments]  |
| Posted: 04 Sep 2020 07:28 PM PDT I fully understand the financial reasons why people want to own a home. [link] [comments]  |
| Posted: 04 Sep 2020 01:50 PM PDT More details: The credit union was with my employer- as such, payments are taken straight out of my paycheck (it was a loan for Christmas gifts, not strapped for cash for anyone questioning why I'm buying a house). Anyways, the credit union merged with a third party company, and it went through about a week and a half ago. Signed off on purchasing a new home back in June that's currently being built / slated to be finished in December. Today I received an email from my credit monitoring software that my credit had dropped significantly, and on checking it seems to have dropped over 100 points. I called the new credit union and they initially said it was delinquent, and the person over the phone advised to call my main banking institution where the majority of my paychecks go in order to provide them with the new account / routing # (she seemed to believe that I really was delinquent) After insisting, she checked and confirmed that payments were made on time, but that it does show a late payment for August (again, not possible since they literally come out of my paycheck). In the end she sent it for review for their analysts to look into. Obviously I'm hoping they do the right thing but is there anything I can do or should be doing to protect myself? The fact that I'm currently in the process of building a house has me a bit worried and I want to be proactive. [link] [comments]  |
| Do I need to add my roommate (with his own car) as a Named Insured to my policy? (PA) Posted: 04 Sep 2020 06:27 PM PDT So my roommate just got a car, registered in his own name. I added both him (as an Additional Driver) and the car to my policy, assuming that everyone's properly covered and all. But then I found some articles saying that the registered owner of a vehicle must be one of the named insured, but that this also varies from state to state. So I called my insurance (Geico) and asked them to "upgrade" him to a Named Insured status. They said that they could either do co-insured or leave him as his. I asked them if it was okay to leave him as is if his vehicle is registered in his name, and they said yeah it's all cool. This is in Pennsylvania, and now it's not entirely clear to me whether he's adequately covered or not. Any pointers would be appreciated, thank you! (edit: my only concern is coverage/protection from liability. I'm aware of the increased risks of any one of us messing up the record for the other person - and all that's fine, at least for now). [link] [comments]  |
| I've been pre-approved for a mortgage, but is buying a condo realistic for me? Posted: 04 Sep 2020 05:58 PM PDT I'm currently renting an apartment in a Denver, CO suburb and have been here for 7 years as I established a stable career. I was pre-approved for up to $380K conventional loan back in March. Due to, you know, everything that started happening in March, I ultimately decided to extend my lease for 9 months, leaving me to give my 60-day intent to vacate notice in about December. Obviously, that pre-approval has expired, but there have been no changes in my personal finances since I was pre-approved, except perhaps a better interest rate. Here are my basics (all of which were used by loan officer to determine my approval): -$63.5K annual salary. I normally receive a 3% raise at year end; however, my company will be ceasing raises this year in order to keep us all employed -Negligible 401K: I only started contributing to a 401K last year and unfortunately my employer has ceased its match for the same reasons as above -Credit score of about 805 -I could put approximately $15-18K down for a down payment based on savings and a bit of help from my parents -I have no debts (no car or student payments, no credit card debt) -I'm currently paying ~$1,600 in rent (it has gone up ~$400 over the course of the 7 years I've lived here and is the cheapest in my area) and about ~$1K in other monthly expenses -a small amount in company stock that I received as part of last year's bonus...I haven't even wanted to look at what it's at now Since I was pre-approved at the $380K max limit, that's obviously the target area (and lower) I've been looking at with my realtor. I don't have many must-haves when it comes to buying - the biggest obstacle is that after 7 years of living in a ground-floor apartment, I'm insisting on finding a top-floor unit. From my own research, it just doesn't seem like I'll be able to put down a quality down payment. I know I'm paying way too much in rent, so I guess I'm at the point where I either need to make the choice to buy, or move far enough away to bulk up my savings for a better down payment. [link] [comments]  |
| I have gotten myself into more debt than I can handle and I need help Posted: 04 Sep 2020 06:33 PM PDT I want to preface this post by saying that I have continuously screwed up financially over the past few years, and I'm ready to make a real change. I'm well aware of how dumb I have been, and I beat myself up about it plenty. I am not here for judgement. I'm here to ask for help. I'm in a lot of debt. I've always been a compulsive shopper. I blamed it as a coping mechanism for anxiety, but working on my anxiety did absolutely nothing for my spending habits. Well, this year, I was diagnosed with ADHD, and since I started treating it, I have been able to manage the shopping more than ever. I've tried to tackle the debt in the past, but for the first time ever, I feel like I have a shot at actual success (eventually). I have now cut up all my credit cards, just in case, so I absolutely cannot ruin this for myself. Some notes that might be relevant: I live in South Florida. I am active duty military. I am currently fully supporting both myself and my sister (She is my roommate and is unemployed due to the pandemic. Hopefully she will one day get a job and help me, but for now, I have extra expenses). Here is a breakdown of my finances:
Here is a breakdown of my debts:
All in all, I pay $2,806.52 + $673.84 = $3,480.36 per month from $4,010, which leaves me with $529.64 left over. I have nothing at all in savings. I don't know whether savings or debt takes priority, but as I am active duty military, I have job security. After typing this all out in one place, I feel so incredibly sad and hopeless. Just 3 years ago, I had absolutely no debts and savings of $8,000. I never thought it was this bad. Please help me. How and what changes can I make to my budget? In what order should I attack these debts? Is there anything else that curbs compulsive shopping? How much money is okay to spend for fun despite all this? Is there any military resource that might make this easier? I honestly don't know very much about finances in general. Please help me. [link] [comments]  |
| Debt collector called me today about old apartment. Posted: 04 Sep 2020 01:54 PM PDT So I moved out of some apartments about a year ago. I just got a call from "Genesis Credit Management" saying I still owe about $34.88 cents for water, sewage, and drainage. Apparently they back charge it for the first month. What I'm confused about is why no one has called my before or even sent a letter to my new or old address? The guy calling wasn't pushy at all and seemed reasonable. The only thing I'm wary about is that I can only pay over the phone which I think is weird but I've never gotten a collection call before. I always pay on time and when we moved out we payed our dues. Should I just pay it or should I try and dispute it? Also the guy calling gave me a number that isn't the actual company number but they're from the same city. [link] [comments]  |
| Gym won't let me out of contract. Anything I can do? Posted: 04 Sep 2020 08:52 AM PDT I belong to a smallish chain gym. I signed a contract about a month before the pandemic began. The gym closed, and then re-opened a few months later. They let me suspend my account for one month. Now, they won't let me out of the contract. I am a lifelong gym-goer but I absolutely will not be going to a public gym for the foreseeable future. I know they are just trying to make money, but I strongly feel like I should be able to opt out of the contract over safety concerns. Is there anything I can do? Thanks in advance. [link] [comments]  |
| Wife got pay cut without being talked to Posted: 04 Sep 2020 09:55 AM PDT My wife works 10 hours a week for extra spending money for herself. She isn't paid a whole lot (12 an hour). She cleans the bus garage for a school. She received her pay stub today and found they cut her pay to 11 dollars an hour. She has done this for 7 years and she never got told why this happened. She is calling Tuesday and I'm wondering if there is anything specific she should be bringing up. Thank you [link] [comments]  |
| Posted: 04 Sep 2020 05:19 PM PDT Hi all, I know the title sounds bad, but hear me out. We're looking to buy a pontoon boat for next season. The one we're looking at is $18k out the door, including registration. Insurance is $150/year. Unfortunately, in part due to the pandemic causing people to buy boats like crazy, the specific boat we want is already starting to sell out for next year. We can get one on order now to have it for next season. We were thinking about putting $12k down in cash and financing the other $6k. I'm seeing that there are plenty of 0% for one year credit cards available. What would be the reasoning against using one as an interest free loan? We were planning on paying it off within 6 months and would rather keep the cash in our bank account rather than paying for the boat in full right away. My credit score is above 800. We have a typical amount of debt (student loans, car, mortgage), but nothing we can't handle. Combined income is about $180k. Edit: We have a 6 month emergency fund which is enough to cover all of our expenses if for whatever reason, we both immediately lost our jobs with no UI. We both work very safe jobs in healthcare and government. We have enough money in our account to buy the boat outright, but we have a mental block of dipping our account below a specific number and would rather pay off over a few months. tl/dr - why not use a one year, 0% interest credit card as a boat loan if it'll be paid off in 6 months? [link] [comments]  |
| Changing jobs while wanting to refinance Posted: 04 Sep 2020 07:07 PM PDT I have some substantial debt that is about to be fully forgiven. I've been looking at refinancing my mortgage but waiting until the forgiveness happens at which point I will have zero debt outside my mortgage. My current rate is not bad (3.65 I believe) and my credit score is excellent. Between my wife and I we have decent income, earning about the same as each other, but are not particularly high earners. She is self employed and has done fine through the shutdown but a bank might see her business as volatile where I have a steady 9-5 I've been at for 6 years. I don't like my job and while playing this waiting game on the debt a job had presented itself that I would be perfectly suited for and probably have a very good shot at given my experience and connections in a small niche market. How bad is it to be changing jobs while trying to refinance? I feel like the timing on everything here is awful. Rates are really low, I'm afraid to wait and I want to show steady employment. My forgiveness could happen next week or a month from now, it's out of my hands, and I want to jump on the refinance as soon as that goes away. That same debt was a major issue when getting approved on our first mortgage four years ago. The posting for the new job states that it starts October 1 and I have no idea how flexible they are on a start date. [link] [comments]  |
| Posted: 04 Sep 2020 04:09 PM PDT Hello guys I m 26 I was living an average life , happy with my life , i was working in a mall monthly paid 400$ .and after the virus's impact I got fired cause of many circumstances . I survived about 3 months . unfortunetly I am on the edge I have a small family where all were counting on me . anyways I wanted to post this perhaps someone helps me how to get over it . Depression is starting to feed on me . [link] [comments]  |
| Do you pay taxes by the county you live or work? Posted: 04 Sep 2020 05:35 PM PDT I currently live and work in LA county. I got a job offer in Orange County. I won't be moving. Will I be paying higher Orange County taxes if I take it? I'm trying to figure out what the actual net financial difference is and google isn't helping. TIA!! [link] [comments]  |
| Posted: 04 Sep 2020 06:37 PM PDT I'm looking to buy a newer car through a dealership. Is it better to get a loan through my personal bank or through the dealership. I feel that the dealership will rape me from interest [link] [comments]  |
| Is it possible to finance a car but buy it from a person instead of a dealership? Posted: 04 Sep 2020 04:14 PM PDT A little background info: I'm 19, I got a credit card when I turned 18 to build up some credit. Discover says my credit score is 715, CreditKarma says it's 640. I've been buying crappy <$2000 cars all my life and then selling them when I need money and repeating the process. I think it's time that I buy an actual car that will last me at least 5 years so that I can stop worrying about things breaking down unexpectedly. After doing research it seems like if I buy from a dealership, i'm most definitely going to be paying thousands more than I should for a used car. I know enough about cars to be able to tell when a used one has something wrong with it, so I'd like to buy one from craigslist or facebook marketplace so that I can get the most bang for my buck. So now, my question is: Is there a way to finance this? Am I going to be forced to get a used car from a dealership? Is there a way i can take out a good loan for this and then pick a car off facebook? I can afford maybe $3000 down payment. [link] [comments]  |
| Posted: 04 Sep 2020 07:37 AM PDT So I am a full time student at a local CC. I have a part time night shift job at one of Amazon warehouses in my area. They offer 401k and I opted for the 4% matching. I am not really sure what I can make out of this 401k. Since each paycheck they only deduct around $12 from me and put in their $6. Like if this amount starts to grow, what can I do with it? And is 4% a good matching? Cuz they have higher percent but since I wanna get more money out of my paycheck I only chose 4%. Thanks guys. [link] [comments]  |
| How do I (23) balance saving for an early retirement, while still living a fun and exciting life? Posted: 04 Sep 2020 10:04 AM PDT I have always been a saver since I was young. I never liked spending money, and I always prioritize my budget over my own entertainment usually because I would like to retire early some day and take up some of my hobbies full time. However, I am worried that in 25-40 years when I look back, my life won't be full of the fun or experiences I would want because I was too focused on saving money. I just started a full time career as an engineer, and I have a long road ahead, but I don't want to leave the 'life' behind if you know what I'm saying. This morning I was running through some numbers to see what kind of saving and investing I would need to do to meet my goal for retirement, and I kept finding myself planning to live on a very small monthly budget even as my salary increases just to meet my goal. People who have been through this, what did you do? How did you make sure you saved enough while still living your life to the fullest? [link] [comments]  |
| Is it a bad idea long term to sell my condo? Posted: 04 Sep 2020 07:09 PM PDT I bought a condo last year for $165k and got an interest rate of 4.625%, I'm currently debating selling it and would receive anywhere between $180-185k I bought my condo with 20% down and Lon balance is $129k I like my place and works for me as a single person but long term I think a traditional home makes sense. The HOA has gone from $300 to $360 on the one year I've been here and are considering an additional assessment next year. I'm lucky that my parents would let me stay with them until a home that first my needs comes up. If I sold for 180-$185k there's likely be 10-12 thousand dollars in fees ultimately with me receiving around $167k after that. So a break even essentially, basically cheap housing for a year My income is $130k a year Current savings: $35k No debt I'm thinking I should spend no more than $350 with 20% down on a home to be financially safe even though I've even pre approved for way more. Thoughts? [link] [comments]  |
| Tore ankle ligaments and don’t qualify for short term disability. Posted: 04 Sep 2020 09:21 AM PDT I am financially independent and recently hurt my ankle badly. I won't be able to work for at least 2 months. I typically get paid around $2000 a month depending on hours and just got told I don't qualify for short term disability. I have rent to pay ($550) and also pay for school and other miscellaneous bills. I don't have any money saved up and lost my wallet while getting an MRI. I don't know what to do as I feel like I will not be able to get any sort of income anytime soon at all. Please any advice would be appreciated! I'm 22 in Texas. [link] [comments]  |
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