Personal Finance HELP: what resources are available for my hungry, soon to be homeless, completely broke, yet still employed friend? |
- HELP: what resources are available for my hungry, soon to be homeless, completely broke, yet still employed friend?
- Chase Bank is closing my new checking account, money I transferred myself through Zelle disappeared
- Bought a lemon of a house. What do I do?
- Is it wise to consider investing when I have significant debt?
- Why did two lenders both offer to lower their rates on a mortgage if I put down 17.2771%?
- Experience Investing with Fundrise, Crowd Street, Etc.
- Father dying in hospital, no life insurance what to do?
- Can you guys give me some tips for going in to my first salaried job offer meeting?
- 29 y/o looking to put savings to work - advice?
- Boss Asked me to Come up With a Proposal For a Comission Based Wage
- What makes a good credit union?
- Got screwed by Kaiser (payment misapplied) and now facing collections
- Company switched insurance and retirement providers in July. Is it normal that everything is just now rolling over?
- Website sold counterfeit goods - tried to chargeback as they claim they do not sell counterfeit goods, and card company denied.
- 529 on a Down Payment While in Grad School
- Renting as a Young Professional
- Can parents get a large personal loan to cover credit card debt? Can you explain like I'm 5?
- Is an HSA always the right choice?
- Grandparents in poor health reveal they have high CC debt. I pay mortgage but mortgage is in their name. I am on deed with them, not on mortgage. I have a lot of questions.
- my mother has retired - what do with low 403(b) balance?
- I'm moving. Is it a terrible idea to put upfront costs on a 0% APR Credit Card and then pay it off before fees kick in?
- CashNetUSA can't close my account due to federal law?
- Just did a refinance with another company and the payoff with my current lender landed tonight. Confused about the escrow
| Posted: 27 Oct 2020 06:23 AM PDT Location: Ohio I have a friend who is down to his last few dollars, can't make rent, can't buy food, can't buy gas, his wages are garnished for taxes. He is employed but reduced hours due to Covid-19. He says he ineligible for everything but I don't understand how that can be the case? I don't know the first thing about where to start looking for resources. Can you please list any resources you can think of so I can see if he's already checked into them? Edit: thank you all for the great info. I'm going through the comments now. [link] [comments]  |
| Chase Bank is closing my new checking account, money I transferred myself through Zelle disappeared Posted: 27 Oct 2020 04:23 AM PDT UPDATE (10.27.20 11:30am PST): So I took some of your advice and went down to a branch and spoke with a banker. I'd also like to preface with the fact that I created my account with Chase in person and not online, and when I created it, they took my ID and SS and had me sign the appropriate paperwork; I did not do it online. Anyways.. I spoke with the banker who created my account and apparently my social was blank in the system, as in it was all zeroes. So it seems it was a mistake on the side of the bank. I had assumed it was 'suspicious activity' that got my account restricted since I had personally typed in my social into the form when the account was created, but apparently it wasn't that. I went in and confirmed my ID and social, and the banker told me that after the forms are submitted, my account will be released in a few business days for normal use. As for the Zelle issue, even though it processed before the restriction was placed on my account, it bounced back once the restriction was placed. The banker told me that Zelle is holding on to it, and that it will be returned to my original account in 3 to 5 business days as well. Overall, it's been a stressful process, but going in person immediately really helped solve the problem. Thank you for your advice all, Chase is a difficult bank to work with. I recently opened a Chase College checking account (not even a month ago) and just received a notice that my account is being closed due to 'suspicious activity or failure to produce needed information.' Now... I did a quick Google search and found out that Chase is trigger happy on closing accounts and mine probably got flagged because I have been moving money from my checking account with Navy Federal into my Chase account through Zelle to keep myself afloat until my direct deposit updates. So my problem isn't that my account is being closed, I'll take that loss. The problem is that the money I transferred through Zelle has since disappeared. It's not an issue of the money having never gotten to my Chase account, or being sent to a closed account. I sent the money last week and the transaction had been cleared, delivered, and completed. It cleared from both ends and showed up in my account almost immediately. I just received a notice of account closure about an hour ago through the e-statements (dated today, October 27) so the payment wasn't sent to a closed account. I checked my account through the Chase mobile app and on a web browser and the Zelle extension confirms I received the payment, but it doesn't show in my checking statement or activity anymore. The money is gone, and doesn't show up in my Navy Federal account either. Does anyone know if the money will be returned to my Navy Federal account through Zelle? Or does anyone have a similar experience? This is stressing me because I sent most of my paycheck to my Chase account and now it's gone. TLDR; I sent myself money through Zelle from one bank to another, then the receiving account got shut down and my money disappeared from both banks. What should I expect? [link] [comments]  |
| Bought a lemon of a house. What do I do? Posted: 27 Oct 2020 04:40 PM PDT So I closed on my house with my wife on Thursday. We bought it for $200k. I live in GA and our household income is roughly $55k a year. Sunday night, upstairs bathroom isn't draining and is leaking from the downstairs ceiling. Next morning we call a plumber. They run a scope and tell me that the sewage line running from upstairs is completely rotted away and needs very significant repair, around $15k. I call homeowners insurance and they tell me that they'll fix the house after the plumbing is fixed, but won't cover the plumbing. I call my home warranty company and they tell me that because I just bought the house a few days ago that this would be considered a pre existing issue and they will not cover it. The inspection report says "private water and waste systems are beyond the scope of a home inspection" so he's off the hook there. Anyways, I'm looking at well over $10,000 of necessary home repairs that nobody wants to take the fall for and I have roughly $4,000 left in my savings that we can reasonably spend. I already spent $850 on a jet and scope. What can I do? Do I take a loan out? Do I put this on credit cards and work my tail off to pay it off? I'm really stuck here. I've tried to get a second opinion, but everybody I call wants another couple hundred dollars to run a camera to tell me what's wrong. [link] [comments]  |
| Is it wise to consider investing when I have significant debt? Posted: 27 Oct 2020 09:29 AM PDT I'm 26, make about $50k/year, have about $31k in student loan / auto loan / credit card debt. My credit score falls around the 720-750 range. I split my rent with my partner and pay about $750/mo. I am not eligible for 401k benefits until August 2021. I feel like I'm stuck in a cycle of debt. I want to start investing, but based on the risk, it seems like you should only invest what you can afford to lose. In my case, that would look like around $100-200/mo. Here are a few questions I have:
TIA! [link] [comments]  |
| Why did two lenders both offer to lower their rates on a mortgage if I put down 17.2771%? Posted: 27 Oct 2020 05:45 AM PDT I was shopping for a mortgage lender, and getting their rates. It came down to two lenders, one who offered 2.5% for a 30 year loan and one who offered 2.75% for the same. Then I was asking them about 15 year loans, and the first one said "well if you put down 106,600K, we can do 1.875% for a 15 year loan and a 2K credit for closing costs". Without me disclosing that quote, the other lender ALSO came back and said "if you put down 106,600K, we can do 2.625% for a 30 year loan". Basically, they both said they could offer better interest rates if I put down exactly the same amount. The purchase price is 617K, so that would be a random number of 17.277147% down payment... Why did both lenders come to the same % of down payment to offer a lower rate??? Edit - I know a higher down payment could lower your income to debt ratio and therefore make the loan less risky for the lender. I'm just curious why two separate lenders came to the exact same down payment number. The first lender actually doesn't even have my current salary, as I got a small raise since I first talked to her (just 3K difference). Edit 2 - Thank you all, now I know about conforming loan vs jumbo loan and how getting under the conforming loan can get you a better rate since they can sell the loan to freddie mac and fannie mae. I've asked my lenders why they are usuing $510,400 as the threshold even though the county I'm purchasing in has a conforming loan limit of 690K. [link] [comments]  |
| Experience Investing with Fundrise, Crowd Street, Etc. Posted: 27 Oct 2020 05:06 PM PDT Anyone have a positive or negative experience investing with one of the online real estate syndication platforms? Names that come to mind are Fundrise, Crowdstreet, etc. I'm interested in diversifying my portfolio into real estate, but a) don't qualify as an accredited investor as most syndications require and b) just don't have the time to manage my own investment property. [link] [comments]  |
| Father dying in hospital, no life insurance what to do? Posted: 27 Oct 2020 01:35 PM PDT USA , SC Are there any insurances I can sign him up for to cover funeral expenses and debt? I also don't think he has a will. Really need some help here we would rather not lose the house/land through probate because it has been in the family for 100 years and it is also my only home as well I moved in a few years ago to take care of him. Any help would be appreciated! He also owns a timeshare but I'm not sure how that would work with probate. Not sure how much time he has left could be a few days or a week, not longer than a month. I really don't know what to do really need some help! [link] [comments]  |
| Can you guys give me some tips for going in to my first salaried job offer meeting? Posted: 27 Oct 2020 09:15 AM PDT Hi r/personalfinance, I hope it's ok to post this here. I know there's another sub called r/career or something like that but IME that sub isn't very active so I thought I'd try posting here. Anyway, I have a meeting with my boss and his boss coming up very soon and they are going to give me a salaried offer. I've been working at this place for a couple years on an hourly basis while in school, and now the time has come for me to become a legit salaried employee. I'm feeling a little bit weird about this meeting and I can't exactly put my finger on why I'm feeling this way. Although obviously nothing is guaranteed, my boss has hinted that this transition from hourly to salary will come with a raise. My friends are urging me to negotiate and ask for $5k more than whatever they offer, but idk if I have the confidence to do that quite honestly. Do you guys have any advice for me or tips on how to behave/what to say/do during this meeting? I've tried doing some research to see what other similar jobs pay, but I haven't been able to find any other jobs that are very similar to mine as my position is kind of unique. However, with my hard skills and experience I could get an entry level job as a data scientist in my area for roughly $60k-65k. I currently make about $52k. Also, I should add that there are only two of us on my team and the other guy just put in his notice so they would be pretty screwed if I left right now. Maybe that gives me some leverage? IDK reddit... please help. [link] [comments]  |
| 29 y/o looking to put savings to work - advice? Posted: 27 Oct 2020 07:31 PM PDT I'm a 29 y/o and have saved up around $128k in cash, seeking advice for how to best invest my cash. Would appreciate any advice!
I realize I am sitting on a decent bit of cash and want to explore how best to utilize it. My current living situation has been an immense help and I am fortunate to be able to save quite a bit of money by eliminating rent costs, especially living in a HCOL area (NYC). Additionally, I do not have any loans or other debt outside of my credit cards which I pay off in full each month. One additional note is that I can get 50 free trades/month in a Merrill Edge account. Thanks in advance for any feedback! [link] [comments]  |
| Boss Asked me to Come up With a Proposal For a Comission Based Wage Posted: 27 Oct 2020 03:32 PM PDT My boss has given me a raise today (£8.50/hr to £12/hr) and he knows it's not much (I think it's great and I understand the tight margins and costs). I explained that I want my pay to scale with what revenue I generate. I know that commission-based salaries are a common thing but I am don't know how to work out what would be fair. I understand the business has tight margens (the products we sell mostly have a 20% margin - out of that wages/marketing/advertising fees/rent and more needs to be paid). I am struggling to understand how to. He said he wants to get me on a commission basis so £12/hr as a base wage plus pay scaling at a percentage of whever additional revenue I am bringing in to the company, and I agree, I would be highly motivated to increase revenue on my own time. Just not sure what to put forward in the proposal as I feel what I've been offered is a big improvement and I don't want to pull numbers out the air. I am looking for advice for anyone - whats your experience have you had a commission based salary ever? Looking for advice from anyone. Many thanks for your time and consideration. [link] [comments]  |
| What makes a good credit union? Posted: 27 Oct 2020 07:37 PM PDT I'm in Beaverton Oregon if that matters. I have heard credit unions are a good option to use and I have gone through reviews but I am not quite sure what I should be looking for. Thank you [link] [comments]  |
| Got screwed by Kaiser (payment misapplied) and now facing collections Posted: 27 Oct 2020 02:10 PM PDT I get Entyvio infusions for a GI condition, and for people that aren't aware, each infusion is expensive. My out of pocket maximum is $7800, one of these infusions, after coverage, runs about $7500. So I pretty much hit the max after one infusion. Entyvio has a co-pay program where they actually pay this entire amount, and they supposedly did. I sent in the claim forms, they sent back an approval letter saying they paid in full. I even got a check number, and confirmed that it was cashed back in June. After that, I assume I was good, my Kaiser account showed my out of pocket maximum as being filled. So I was surprised to get a collections notice for this yesterday. Entyvio seems to think Kaiser misapplied the payment somehow. The check was physically sent to some address and they believe the address I gave them was the wrong one (I gave them my Kaiser address, not some corporate address that I'm unaware of). It's a bit disappointing Kaiser isn't able to just route this check to the appropriate place, but apparently they haven't, but they did cash it. To further complicate matters, Kaiser asked for a copy of the check, but Entyvio won't release it to me, only to Kaiser upon THEIR request. So I'm attempting to set up a 3-way call, which seems ridiculous to have to do, but that's my only option at this point. Now I'm worried about my credit being dinged, and I'm pretty upset because I feel like this isn't my fault. Any suggestions/insights would be greatly appreciated. [link] [comments]  |
| Posted: 27 Oct 2020 05:50 PM PDT Like the title says our accounting people stated they started the process of moving our 401ks over in July. Something about freezing then an escrow account and we just got letters that we are eligible with our new provider. Everything has been smoke and mirrors and getting straight answers is hard. We are having a meeting tomorrow about it, but I don't trust this was handled well. Any insight anyone may be have is super appreciated. [link] [comments]  |
| Posted: 27 Oct 2020 01:48 PM PDT So not technically denied, they reached out to the merchant, and the merchant gave me a different address than where it was shipped from (shipped from USA). They're telling me return to china, with me paying shipping. The shipping cost is upwards of $200 right now. The item itself cost about $200, but they are saying they don't accept returns at the USA home office. Am I stuck with these counterfeit goods or is it worth calling the card company back? [link] [comments]  |
| 529 on a Down Payment While in Grad School Posted: 27 Oct 2020 06:59 PM PDT This is going to make it sound like my family and I are wealthy, but we really just had a series of very lucky financial moves, and a death that resulted in a great deal of life insurance. To make a long story short, I have a lot of money left in my 529 college account. I'm a senior in college graduating in the spring and planning on going to grad school (wish me luck!). My questions are as follows: 1. Is this a "qualified housing expense" under "room and board" if I am the only person taking out the mortgage? I've seen some folks ask online but have only seen situations where the parent would be buying the house, not the student. I'd be willing to take out the money and take the tax penalty but it would suck.
Thanks so much for any input you can give! [link] [comments]  |
| Renting as a Young Professional Posted: 27 Oct 2020 05:23 AM PDT So I'm looking for a place to live in Toledo for a new job and have found a large 2BR for $750 a month, roughly 30% of my net pay. It's in a tight knit neighborhood, and I'd be on the second flr of a nice older lady who owns the house on the first floor. She's willing to split internet costs and I can use her Netflix account and there's a lot of left over furniture (shelves, dressers, etc) that I'm allowed to use too. I've run the numbers and I'm able to make student loan payments, I don't have a car payment because I bought it used third party- its in good condition still and should last the next few years. The house comes with a detached garage so my car will be protected from the elements and break-ins. It looks like I should be able to save a bit monthly too, even with my normal spending habits... But as a recent college graduate I'm used to living as cheaply as possible. Should I look for something smaller to save even more? Or is it acceptable to just be comfortable within my budget because I can (lol toledo real estate is so cheap). Within the next 5 years I plan on going to grad school (architecture) and I expect that I'll have to downsize/ go back to living with roommates, but that doesn't frighten me- and after that my earning capacity will increase... Is there reason to worry/keep searching, or do I seem to be in the clear? Sometimes things seem too good to be true... [link] [comments]  |
| Can parents get a large personal loan to cover credit card debt? Can you explain like I'm 5? Posted: 27 Oct 2020 02:28 PM PDT Illinois. They have 20 years left on a mortgage. The mortgage is very cheap and not the issue. They have a fixed income and are on social security disability/retirement only. The issue is approximately 50% of their combined $2,500 income goes towards credit cards that they irresponsibly rang up their adult lives and are now paying for with this fixed income. (Haven't had credit cards open in years but still owe $33,000) They had been "making ends meet" (not really. Supported a lot by children) but now they have a $2,000 vet bill (They shouldn't have pets either, I know.) and are behind $3,500 in property taxes for the 2nd half of 2019. We can't keep covering for them. All they care about is keeping their home and there is a lot of equity in it. They own $165,000 of equity in it. (Yes they have a 20 year mortgage on $80,000) but their credit scores are around 660 and my mom has TERRIBLE credit HISTORY. She gave up at one point paying all her credit cards and has numerous 60 and 90 day lates as recent as January 2020. The bank they have their current mortgage with won't do a heloc or a cash out refi or anything to tap the equity. A cosigner isn't possible right now either. My question was about personal loans. Or would my mom's credit history ruin this too? I briefly searched this today. I read that it may be possible for credit unions to make personal loans with high APR. Would this benefit them in their situation? The interest rates on their cards are low thanks to a debt management program they are enrolled in that lowers their interest rates on all cards. At the current rate it would take until October 2023 to pay everything off and take $1,250 each month of their pay. Would there be any realistic way they could take out a personal loan where they could pay off the cards now and pay less each month even if it took longer than 3 years? I feel like that might give everyone some breathing room. Or am I misunderstanding what a personal loan is altogether? I am seeing a banker at BMO/Harris where they currently have their mortgage to make sure there is nothing they can do to assist my parents and see if there are any options she can suggest. But I kind of wanted to know if I could squash this idea before bringing it up. (I know BMO isn't a credit union) thanks! [link] [comments]  |
| Is an HSA always the right choice? Posted: 27 Oct 2020 05:59 PM PDT My company just started offering a high deductible PPO plan with an HSA for next year. I see a therapist once a week, and my co-pay on the PPO (non-HSA) plan has and will be $20 per visit. On the HSA plan, I pay out of pocket up to $2000, so I will definitely hit my deductible. My company is automatically contributing $1000 to my HSA for me, and it seems like the most cost-effective way to pay for that is via the HSA. Still, the maximum contribution limit of $3600 includes my company's contribution, so I will be left with only $1600 in my HSA after all is said and done. The alternative plan is a $1k deductible with a $500 automatic HRA, and then I just save the leftovers. Is the HSA still the smart choice here? ------------ Some side notes: I'm currently maxing out my 401(k). My income is relatively high, so I haven't prioritized the Roth IRA, though that was my next step before this HSA option was presented. [link] [comments]  |
| Posted: 27 Oct 2020 01:22 PM PDT Florida for reference. My grandparents live with me in a house that I pay the mortgage for. My name is on the deed, but not on the loan- my grandfather got the loan on his own through the VA loan benefit he has for being a veteran. My grandparents couldn't afford this house on their own, and for reasons, this was the best living arrangement that we could devise when I got out of the military and was going through a divorce. Grandfather's loan, I'm on the deed WITH my grandparents, I pay the mortgage. I just found out that my grandparents have 6 credit cards and are just about maxed out on all of them. My grandparents are elderly- in their early 80s- and my grandfather's health is quickly fading. He's developing dementia, has chronic COPD, heart problems and he gets weak and breathless walking across the house- a few months ago, he could do yard work for hours. I love my grandfather, but I have to plan for the eventuality that he will not likely live for much longer. To prepare for his death, my wife and I want to know if his and my grandmother's credit card debt can be applied as a lien against the house? If so, would refinancing the house or "selling" it to me get around this? Because of my impending divorce when we bought the house, I wasn't able to use my own VA loan to purchase the home, but now am able to. Is this a viable way to ensure that the house doesn't end up leveraged against my grandparents' debt if and when they pass away? Is this even necessary? My wife and I are very concerned that we'll be saddled with my grandparents' debt if they die, and we do NOT have the ability to pay it off. We don't even know what it is, but we do know that it is substantial. Whatever we have to do to ensure that we aren't strangled with debt that isn't ours, we need to know. We also have no experience with this subject at all, so please, ask all the questions you have and assume we know nothing. Thank you so much for your help, Reddit! [link] [comments]  |
| my mother has retired - what do with low 403(b) balance? Posted: 27 Oct 2020 07:56 AM PDT My mother, 63, has retired from teaching after 20 years. Her current income is about $1100.00 per month from FRS teacher pension, and $1200.00 from social security. In 1-2 years, she should also have about $1000.00 per month from a rental property. Her monthly bills are about $1800.00, which includes $600.00 for health insurance which will drop off at age 65. She currently has a 403(b) with approximately $7000.00. She also has $8000.00 in a savings account, and wants to keep at least $3000.00 for emergencies. Her current vehicle is rolling towards the finish line, and my question is whether she should cash in the 403(b) to help buy a better vehicle, or roll the 403(b) into an IRA, or other(?) account? She has told me she is not interested in contributing monthly to any retirement account. I think we should cash in the 403(b) to ensure she has a nicer, more reliable vehicle for longer. I am interested in your thoughts on this? **edit Thank you for all the feedback. For some additional information: she does work occasionally as a bar tender, and is a substitute teacher. Before COVID, she also worked a 2-3 month seasonal contract with the parks service once per year. She retired from teaching due to burn-out before COVID, but I failed to mentioned there are other, less consistent, revenue streams in the equation. Also, she does not own two properties. She currently lives in an inexpensive apartment, and rents her paid-off home to my brother at a rate below market value. She is generously doing this to allow him to save money to buy a home for his family. In 1-2 years, he will move out and she will be able to rent the home for much more. [link] [comments]  |
| Posted: 27 Oct 2020 07:58 PM PDT I'm moving, probably in the next 2-3 months, staying within the same city. I'll have a few pieces of furniture, but I am still going to need new furnishings and kitchen/cookware, given that I am working remote and will be in the new space basically 24/7 from the get go. I would like to just open a new 0% APR credit card so I can get my space set up reasonably quickly, and then spend the next few months just bunkering down and paying it off. But, I also generally consider credit card debt to be the "worst" debt. For context: I have a full-time salaried job with benefits. I have a small amount of student loan debt, and a car loan (about 18k total for the two of them). I make my monthly payments on them no problem. I have a bit of a safety cushion in my savings account, and a pretty good credit score. I currently don't carry any credit card debt forward month-to-month, though I did a few years ago when I was in grad school. The thought of sitting in an empty apartment all winter sounds intensely unpleasant, so please advise Reddit. [link] [comments]  |
| CashNetUSA can't close my account due to federal law? Posted: 27 Oct 2020 10:33 AM PDT I just made the account today to try and get some money for upcoming bills, but decided not to after doing some research on payday loans, I canceled my application but the representative said that they cannot close my account because of "federal and state law". I'm just asking if this is correct? Are they obligated to delete my account if I request? I have no loans on the account it just makes me uncomfortable being linked to my only bank account. [link] [comments]  |
| Posted: 27 Oct 2020 07:48 PM PDT I'm sure I can get this cleared up in a phone call tomorrow with the bank, but I'm impatient and I like you guys so wanted to make a thread. Current escrow balance: $2621 Balance: $222,633.27 Payoff: $224,527.81 Where I'm confused is on the line where it shows the payoff, it shows the balance number above, followed by the interest ($634.35) and escrow ($1,260.19) to add up to the $224,527.81. Will that $1,260.19 come back to me at all? Or was that to play catch up for funds they already paid out on my behalf? I'm aware I will be getting a check for $2,621...in fact, it will be more because I had made an October payment (on the 15th) and the loan payoff amount above was prior to that payment (I didn't want a late payment on my record). It will likely be something closer to ~$3600. But I'm just confused about the $1,260.19. Can anyone clear that up? [link] [comments]  |
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