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ate all the Oreos posted:Not that it would really matter here but "lying to the loan officer" is probably something you Really Shouldn't Do even if it doesn't affect the terms of the loan. It wouldn't even affect the terms of the loan. If this is a lie it is very much in the white lie category. It is a personal unsecured loan, there is nothing that would be repossessed anyway. No one is going to repo a laptop. Its been a few years since I have been a loan officer but we had a member who would come in for home improvement loans every year or so. After about 7 of those my boss mentioned something like her house must be beautiful by now. The member whispered that it wasn't her house that she was improving. Over years she was getting various plastic surgery done. A tummy tuck here, nose job, there, some liposuction, some botox. The only category of loan that made us nervous was when someone applied to buy a house in another country. This was after a woman with great assets, stable income, long term member, but at retirement age borrowed $15,000 to buy a house in Kenya then surprise surprise she moved there and never paid us a cent.
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Oct 17, 2016 16:50
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Zeta Taskforce posted:It wouldn't even affect the terms of the loan. If this is a lie it is very much in the white lie category. It is a personal unsecured loan, there is nothing that would be repossessed anyway. No one is going to repo a laptop. Yeah like I said it won't affect anything but it's still technically fraud and we probably shouldn't encourage fraud 
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Oct 17, 2016 17:06
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drat. All of you giving sage advice has really put me off of wanting the Vive. The good news is I'm just after getting back from my bank, and they offered me - and I accepted - an awesome credit card that has 0% interest on purchases in the first 12 months. So realistically, I could go and get the Vive as soon as my card arrives in the post and not worry about extortionate interest, but everything you've all posted has me thinking it's probably novelty and I'd be better off spending my money wisely instead of on a Vive. I told the woman when I initially went in asking for the loan that it was for a computer accessory, she was really chill and we were joking a lot. I'll admit she did give me a deadpan look when I said "I'd like to get a loan so I can get a computer accessory" but it was alright. I'm really second-guessing getting the Vive. It's not because I know I can't pay it off (I could have it paid off within 6 months), but it's because I feel like it's an awful lot of money to drop on something where the novelty wears off after a few days. I thought it'd be really nice to watch Netflix in a VR home theatre, as well as movies, and messing about with the few VR games out now.
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Oct 17, 2016 17:51
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Loopoo posted:drat. All of you giving sage advice has really put me off of wanting the Vive. The good news is I'm just after getting back from my bank, and they offered me - and I accepted - an awesome credit card that has 0% interest on purchases in the first 12 months. If at all possible borrow someone else's first for a couple days. It's entirely possible that unlike me you will fall in love with the thing and never take it off or something but I wouldn't bet hundreds of dollars on it.
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Oct 17, 2016 17:55
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I have one. It's cool but it's not worth extending yourself for. Wait until you have the cash, then decide if a Vive is really what you want to spend it on at that moment - having the $$ actually in hand and knowing that your bank account balance will drop by a grand or two adjusts one's perspective a bit, I find. I would not expect wonders for netflix and vids. Yes it works and is neat, but it's not really comfortable enough or amazing enough that I would bother using it for that instead of a regular tv or whatever. It's pretty low res.
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Oct 17, 2016 17:57
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Loopoo posted:drat. All of you giving sage advice has really put me off of wanting the Vive. The good news is I'm just after getting back from my bank, and they offered me - and I accepted - an awesome credit card that has 0% interest on purchases in the first 12 months. I mean you're right, it would be nice to do that. Certainly many people spend money they don't have for things that would be nice and so long as they don't end up in a jam it doesn't work being horrendously BWM but the point of this thread is to get control of your personal finances. You're asking us, many of whom are dealing with exhorbitant levels of debt including student loans, mortgages, credit cards and all the rest to advise you as best we can. The HTC Vive looks sweet. I want to buy one myself, but I haven't because I don't have money for it yet. That's despite the fact that we make obscene salaries. The most important thing is getting out and staying out of debt. Then make sure you're on track to have something squirreled away for retirement or a rainy day. Finally, make sure you're ahead on all your bills and expenses. Once that's done, see how much you've got left over and decide whether you can do away with any of it for expensive fun and toys. It's as simple as that. A no-interest credit card is just a way to do spending you can't afford on your budget without immediate consequences.
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Oct 17, 2016 17:58
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drive me nuts to school posted:Thanks, and good much to you too! I'm going to be looking in the Lakeland, FL area (god help me) so please don't murder me. Phew 
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Oct 17, 2016 18:50
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You said you have £400 extra per month. Save up and buy it.
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Oct 17, 2016 19:10
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Shima Honnou posted:I didn't quite know exactly where to ask this so I'll try here. Back with more info here, I was able to find out today that my uncle's 401k was given by his boss to my aunt in my grandmother's name (My aunt did it because she's better at figuring that stuff out). Is that money subject to the estate and thus the creditors?
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Oct 17, 2016 20:49
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Was a beneficiary named for the 401k, and who was it?
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Oct 17, 2016 20:56
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slap me silly posted:Was a beneficiary named for the 401k, and who was it? Apparently not but the boss released it to the family since he had known my uncle for like 15 years they'd been working together.
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Oct 18, 2016 02:43
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Thanks to everyone in here who took the time to give advice. You've all brought me back to reality and having woken up this morning, I see how moronic it would have been for me to buy the Vive outright just for the sake of it, even knowing full well I could put 100 away each month to pay it off over the course of the year. Going to keep it and just use it normally and smartly to build credit. I appreciate the help. The post someone mentioned about holding the cash in hand to realise just how much money it was really got me. Now I see that I don't want to drop 800 pounds on a computer toy.
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Oct 18, 2016 11:21
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Also keep in mind that VR is still a really new thing and the second generation of headsets will probably be substantially better. For example, Valve is already showing off a new controller that's supposedly a big improvement: http://www.theverge.com/2016/10/12/13264950/valve-vive-vr-controllers-new-prototype
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Oct 18, 2016 15:06
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If it makes you feel better, I also didn't get a Vive. I could have afforded it but I know I will have other expenses coming up: I recently got engaged.
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Oct 18, 2016 15:31
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Shima Honnou posted:Apparently not but the boss released it to the family since he had known my uncle for like 15 years they'd been working together. The boss doesn't get to decide - if there was no beneficiary it probably has to go through probate and it may be available to creditors. Whoever has it had better talk to a lawyer. Is your aunt his executor? This kind of sounds like a clusterfuck in the making...
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Oct 18, 2016 16:15
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nelson posted:If it makes you feel better, I also didn't get a Vive. I could have afforded it but I know I will have other expenses coming up: I recently got engaged. Congrats man, good job for prioritising. Forget getting the Vive, after the past two days, everything everyone has said has shown it's a dumb idea.
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Oct 18, 2016 16:39
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Well this is a good place to have this conversation - I've already named beneficiaries for my life insurance, 401k, HSA and Savings Account. I've informed the beneficiaries, but what other information should I give them? Just the account numbers? My social security number?
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Oct 18, 2016 17:07
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EugeneJ posted:Well this is a good place to have this conversation - I've already named beneficiaries for my life insurance, 401k, HSA and Savings Account. I've informed the beneficiaries, but what other information should I give them? Where the accounts are. Your death certificate should be enough for them to prove ownership.
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Oct 18, 2016 17:30
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Loopoo posted:Congrats man, good job for prioritising. Forget getting the Vive, after the past two days, everything everyone has said has shown it's a dumb idea. Also keep in mind that by the time VR actually gets popular and the Vive is really worth getting it will probably have dropped in price by at least half or more, so you still might wind up getting one eventually but with the added bonus of knowing you saved a ton of money by not being an early adopter 
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Oct 18, 2016 17:35
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Loopoo posted:Congrats man, good job for prioritising. Forget getting the Vive, after the past two days, everything everyone has said has shown it's a dumb idea. This is honestly maybe the first time ive seen someone react well when threads tell them they have a bad plan, normally they just keep digging down and ignoring the advice they asked for. So good on you man, well done.
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Oct 18, 2016 18:17
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slap me silly posted:The boss doesn't get to decide - if there was no beneficiary it probably has to go through probate and it may be available to creditors. Whoever has it had better talk to a lawyer. Is your aunt his executor? This kind of sounds like a clusterfuck in the making... I'll see if I can get any more info for you here. Trust me, it's been a clusterfuck since the instant he died so it would not shock me if it continues to be.
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Oct 18, 2016 20:52
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Alright, first time posting in here, will try to get everything from the OP covered all at once. So it's a really LONG story if anyone really wants, but the short story and the important parts is that I have ~$20,000 student loan that's been in default for a long time. (The slightly longer story was that I was broke, homeless, and didn't give a poo poo about much of anything). The loan was a Sallie Mae loan turned over to the government and now turned to a creditor. I have fixed the homeless situation a few years ago, now of course the student loan still hangs over me and recently started garnishing my paycheck. So, now I am looking into what my options are going to be for getting the loan taken care of in the best way possible, interested in what options will be available before I call the creditor that has the loan at the moment (GC Services if it matters). I've read lots and lots of various things In total my debts are ~$20,000 for the student loan and I also have a current credit card at $6000 from some unexpected expenses. My gross pay at my job is around $1775/month, which is before taxes and the above garnishment. I don't currently have a solid budget in place, but here is a basic breakdown. My rent is $575/month which includes most utilities. My other basic expenses, Electric, Phone, Internet, food, and fuel is probably in the range of $400/month. I currently have about ~$1000 in my checking account. Seriously appreciate any advice/help before I try getting it from somebody looking for a commission.
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Oct 21, 2016 16:14
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Start a thread and get a better grasp of your expenses, breaking them down individually. $400 seems a little low for all of those things combined. $50 electric $50 phone $40 internet $20 fuel $240 or $8 a day on food?
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Oct 21, 2016 16:28
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Also, how much is the garnishment?
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Oct 21, 2016 16:31
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Wasn't sure if starting my own thread would be warranted. The garnishment is 15%. I did kind of estimate expenses, but its currently Edit - I went ahead and took above goons advice and made a thread for my woes. SLICK GOKU BABY fucked around with this message at 18:12 on Oct 21, 2016 |
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Oct 21, 2016 16:43
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Paying bills like internet helps build credit, right? My wife has no recurring financial obligations yet, the only credit building thing she ever had was a credit card that went into collections when she forgot about it after ECT. In March she'll be paying her own car insurance and phone bill, so I think that should help. It's just right now she has nothing, while I have internet, car insurance, and a credit card that I'm paying for. We could also get slightly cheaper internet if we dropped it and signed up again under her name. I know, my our credit scores are not video games.
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Oct 22, 2016 21:38
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Not really, because utilities aren't credit. They aren't lending you anything with the expectation of payment over time, you pay for a service ahead of time and if you don't pay they turn it off.
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Oct 22, 2016 21:50
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8-bit Miniboss posted:I'm looking to cut something I think is extraneous, a indexed universal life insurance plan I've had since 2008 (at age 24) that my Mother urged me to get. Didn't see a response. Should I make a thread?
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Oct 22, 2016 22:47
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FCKGW posted:Not really, because utilities aren't credit. They aren't lending you anything with the expectation of payment over time, you pay for a service ahead of time and if you don't pay they turn it off. Okay, that makes sense. So really the only thing I have building credit are my loans? In my case, credit card and student loans. Maybe we can get her a secured card down the line or something.
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Oct 23, 2016 02:15
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My wife and I have a couple joint credit cards, and they both show up on both our credit reports. You could probably convert any one of your existing ones to a joint card pretty easily.
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Oct 23, 2016 02:21
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22 Eargesplitten posted:Okay, that makes sense. So really the only thing I have building credit are my loans? In my case, credit card and student loans. Yeah, a credit history and credit score just attempt to rate your worthiness to pay back borrowed funds. So if you're not actually borrowing money or something of value, it won't really build your credit.
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Oct 23, 2016 03:20
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I'm about to get 60k USD lump sum by the end of the year. My question is what is the best way to utilize it? Most pressing issues is that I currently have 30k in student loans and my home is badly need of repair and interior remodeling (to make it sellable down the road - haven't gotten an estimate but probably about 50k).
halokiller fucked around with this message at 14:33 on Oct 23, 2016 |
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Oct 23, 2016 14:29
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halokiller posted:I'm about to get 60k USD lump sum by the end of the year. My question is what is the best way to utilize it? Most pressing issues is that I currently have 30k in student loans and my home is badly need of repair and interior remodeling (to make it sellable down the road - haven't gotten an estimate but probably about 50k). What is the interest rate(s) on the student loans?
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Oct 23, 2016 14:42
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drive me nuts to school posted:What is the interest rate(s) on the student loans? 3.5%, 5.5%, 6.5%
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Oct 23, 2016 19:28
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I'm trying to figure out how to distribute a windfall. I'm also going to post a budget in the budget thread, and then make my own thread at some point once I've collected my thoughts enough to make a good OP. I'm about to start a job on Monday, but my first paycheck is going to mostly be towards rent. We've also got a wedding in Korea Thanksgiving of 2017, so I want to start saving for that. Windfall amount: 5550.48 Debt: American Express at 20% APR: 5,675.42 Student loans: 7,038.14 at 6.8% 5,358.37 at 3.4% 4,500 at 4.66% 5,250 at 4.29% Hospital bill loan: 1,099.94 at ??%, $44.88 / month until 1/2019. I'll call on Monday to find out the actual interest rate, because I can't find it on the webpage. Personal debts: My mom: 680 My in-laws: 510 Our ex-roommate's share of the deposit: 165 State farm premium: 68 Here's what I came up with so far: -------------------------- Current Balance: 5,550.48 Owe: Mom: 680 In-laws: 510 Roommate: 165 State Farm: 68 Remaining: 4,127.48 1 month non-CC cushion: 1,020 rent 44.88 hospital loan 140 American Express bill Remaining: 2,922.6 Groceries: 40 Wife's Birthday: 75 (present and dinner) Pet food: 50 (repay 1/2 from normal pet food budget next month) Remaining: 2,757.6 To wedding trip savings: 1,000 To American Express: 1,757.6 That eliminates all of the "personal debt" and cuts the American Express down to under 3900, I'm not sure how much interest is going to be applied this month. I'm going to freeze it in a block of ice. I have tried just using it for gas and groceries, and I always end up spending way more than I think I will. It also gets us on a good start for the expensive as hell trip to Korea. If it was most people, we wouldn't go, but she's pretty much my wife's sister. The bride lived with my wife's family for years as an exchange student. My new job pays an extra $5.50 an hour over my last one. We have some new expenses, but I'm hoping that we can still set aside $3-500 in savings and debt reduction past minimum payments per month. I'm going to try to get graduated payments on my loans so I can attack the credit card first, and then once that's paid off I'll start paying that money towards the student loans instead of just paying the minimum. I've got about two years in IT, so hopefully within a few years I'll be a systems administrator making ~$60k or more instead of desktop support making $40k. That's getting more into what I'll talk about in the budget post, though. 22 Eargesplitten fucked around with this message at 20:49 on Oct 23, 2016 |
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Oct 23, 2016 20:36
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Pay the American Express card off immediately and never carry a balance on a credit card again Ever
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Oct 23, 2016 23:42
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I'll second that. The big post is nice to get your thoughts out, but all we need to know is "I have credit card debt..."
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Oct 23, 2016 23:57
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halokiller posted:I'm about to get 60k USD lump sum by the end of the year. My question is what is the best way to utilize it? EugeneJ posted:Pay the American Express card off immediately and never carry a balance on a credit card again
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Oct 24, 2016 00:00
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Also realize that your hospital bill is in all likelihood 0% interest as long as you repay it in 2-3 years from the date of service
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Oct 24, 2016 00:06
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It's not 0% interest. It's a loan I had to take out because the hospital completely screwed up billing and then made me deal with the consequences. I've just worked up a budget that I'm going to post in that thread. I need to pay my roommate back now, though. She left, our new roommate never paid her back, I was going to pay her back then I lost my job and was unemployed for six months. I burned through my savings, got a new job, was recovering, lost that one, and now I'm starting this one again. So she's been waiting almost a year, it wouldn't be right to keep her hanging even longer. Like I said, my first paycheck is only going to cover rent, so I'm going to have to set some aside to survive on until the 18th when I get my first two week paycheck. It looks like I'll be able to pay my parents and in-laws back and create a cushion within 3 months of normal pay. This job is a 3 month contract, so I need to make sure that I can survive without borrowing money from my parents (again) in case I don't find something else and the contract doesn't get extended. That's the part that's most important to me. The credit card is really a symbol of my BWM. It started when I got my first job doing customer service for a credit card company. They told us how some people would put their expenses on the credit card for rewards and then pay off the balance each month. I thought that sounded like a great idea, but that job was awful enough that I outdrank my paycheck and put it on the card. Then I quit that job, and kept acting like I was still working, or being supported by my parents. Then once I got a new, really good job, within a month I was just eating out every day instead of paying off the bill in five months like I budgeted when I first came into BFC. And I've been terrible about that ever since. 22 Eargesplitten fucked around with this message at 02:33 on Oct 24, 2016 |
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Oct 24, 2016 01:22
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