H110Hawk posted:

I'm just going to assume here but I'm blindly posting this without reading 2 pages of backstory because facebook popped up this picture.

Enfys posted:

How BWM is a pocket derail bird because I really want one

NancyPants posted:

Someone in your office going on and on about their medical problems? End the conversation. This isn't hard.

quote:

My wife and I have been discussing applying for a DC loan. Amongst medical bills and credit cards bills we have about $45k in debt. I was thinking about not including the smaller CC debts (under $1.5k) and just paying those off separate so that means we would like to apply for a $38k loan. We both have an average credit life of 3 years and last time I checked my score was around 600 with hers around 630. 100% on time payments. Combined we make about $58k/annually. Do you think we would qualify? My credit score is low just because of how much debt I am carrying and I really don't want to F it up with late payments or more inquiries...but we just want to roll everything into one payment. And any extra put it towards the loan. I feel like this is a never-ending spiral. I have saved about $1k in the last 4 months and have decided to stop putting $150 of every paycheck to my savings and just put it towards my lower balance cards.

My wife and I have stopped eating out, have not made any unnecessary purchases in the last 4 months and are committed to become debt free. I guess the good thing is were only 21 so we should be able to pay this all of within a decade.
Any banks or loan companies you recommend that would work with us? Any other tips?
Any advice is appreciated!!!
Edit: Forgot to mention I am renting.
Edit 2: I messed up with the way I posted this. I'm sorry. Let me clarify what the debts are to.

Citi Costco 15.49% $1,657.00
Amazon Visa 22.74% $1,315.00
Citi Double 13.24% $1,734.00
Citi Double 23.49% $1,737.00
American Eagle 24.24% $1,828.00
TJX Mastercard 27.24% $2,020.00
Citi Diamond 21.00% $2,295.00
Chase Marriott 16.25% $3,169.00
Amex 20.24% $3,591.00
Discover 18.99% $4,368.00
Amex Everyday 16.49% $6,747.00
Medical Bills add up to roughly $5,500.00

Barry posted:

Someone in your thread going on and on about totally unrelated content? Post a BWM link!

https://www.reddit.com/r/personalfinance/comments/6k8ua7/should_i_apply_for_a_debt_consolidation_loan/


Only 21 and almost have their combined yearly salary in credit card debt accrued. At least they're (hopefully) seeing the error of their ways.

quote:

Wondering whether we should start preparing for another financial crisis, and if so, how?

I've been noticing more and more quotes and discussions about a coming economic crisis to rival that of 2008 (or even bigger). The latest video that started me going down this road again was this one by Peter Schiff: Why the Air Is About to Come Out of America's Bubble Economy https://www.youtube.com/watch?v=03Ke9rIYGsc

Since he was one of the people to warn before the last economic collapse and nobody listened to him then (making him a sort of a Cassandra from mythology, as Richard Clarke would call it), I am inclined to maybe make some steps towards financial security during such a downward spiral.

If Schiff is right, then this one will be much worse than the last one, and with more and more jobs being lost to automation, this one might be quite a ride.

Any advice, thoughts how to prepare for something like that? What types of valuables are more recession-proof? Gold? Land?

quote:

My wife and I... were only 21

quote:

My parents need my help to start a trust so that they don't lose their house. This doesn't feel right, please help!

My mom called me up and said that they were going to start a family trust and she just needs me to open a savings account and they will take care of the rest.

From reading this subreddit I know that family members have used people with good credit records to rack up debt and I'm afraid that this might be what's going to happen, even if my mom has the best intentions.

Here is what I know so far:

1) My stepdad started his own business, but underquoted his clients and got into debt. He stopped paying their house 8 months ago and now the bank wants to repossess.

2) My parents had a meeting with a company they heard about on the radio to help them establish a family trust to pay off their debt.

3) In order to establish the trust, they need their 3 children (ages 24, 23(me) and 21) to open bank accounts. My mom will then deposit money into these accounts for 3 months so that the bank can see that the accounts are active.

4) After 3 months, they will draw up the trust and then they will transfer the house into the trust.

5) My parents are paying the company a once-off fee to draw up the trust and then a monthly admin fee to maintain the trust. One of the company members is setting themselves up as an independent trustee of the trust. My mom said that that this person will not have access to the accounts unless my mom grants it.

6) At the moment there are no documents I can look at outlining any of this - this info is all from my parents' meeting with the company. I have asked my mom for docs, but have been told that this will be given once the bank accounts have been opened and the trust drawn up.

7) My mom mentioned that the company will do a credit check to make sure that we have good credit. Only the children and my mom's bank account will be used because of the credit check.

8) I don't know how a trust works or how it can be used to save their house from being repossessed (honestly, my mom hasn't given me info that makes sense), but I have a feeling that somehow our credit scores can be used for this debt.

My mom wants me to open this account ASAP because they are running out of time. I want to help them of course, but not if it puts my future on the line. I'm scared my parents are being scammed because they are in a corner.

Should I open the bank account? Will it affect my credit? Can they borrow money on my behalf and how would liability be assigned? Should I say no and feel like I might cost my parents their house?

Leon Trotsky 2012 posted:

Someone at work got in trouble for using the "ALL" email address to send this out to several hundred people.

I have never met this guy before.

brugroffil posted:

never stop posting about your office

Leon Trotsky 2012 posted:

Leon Trotsky 2012 posted:

Leon Trotsky 2012 posted:

canyoneer posted:

That is incredible. And the fact that it's a fundraiser for an "employee appreciation day". They must appreciate you so much to allow you to pay for your own event.

canyoneer posted:

That is incredible. And the fact that it's a fundraiser for an "employee appreciation day". They must appreciate you so much to allow you to pay for your own event.

Leon Trotsky 2012 posted:

Government agency. All food and non-work events have to come 100% from voluntary employee contributions.

We do two events per year. Our Summer event this year is to drive ourselves to a national park that is an hour and 45 minutes away (with free admission, but they are buying some food) on a Friday afternoon.

I'm taking a hard pass on the 3 hour and 30 minute round trip on a Friday afternoon for 2 Tacos from Moe's and my choice of a bottle of water or a can of Pepsi.

Leon Trotsky 2012 posted:

I know about Sports Medicine being a thing. I was just wondering why she had to travel out of network to find a "Pediatric Sports Medicine" specialist for a bruise from tumbling.

Nail Rat posted:

"Their best guess is we could start into a recession sometime in early 2017."

I love how noncommittal it always is, so that they can't be pinned down as being wrong with their guesses (but always can claim to be right).

canyoneer posted:

There's a joke about how economists successfully predicted 12 of the last 10 recessions

Leon Trotsky 2012 posted:

Someone at work got in trouble for using the "ALL" email address to send this out to several hundred people.

I have never met this guy before.

Leon Trotsky 2012 posted:

This dude put 116k - his ENTIRE Roth IRA Balance - into RiteAid stock in advance of their merger with Walgreens.

Walgreens announced today that they are not going through with the Merger and RiteAid stock is down about 30%.

Leon Trotsky 2012 posted:

This dude put 116k - his ENTIRE Roth IRA Balance - into RiteAid stock in advance of their merger with Walgreens.

Walgreens announced today that they are not going through with the Merger and RiteAid stock is down about 30%.

Leon Trotsky 2012 posted:

This dude put 116k - his ENTIRE Roth IRA Balance - into RiteAid stock in advance of their merger with Walgreens.

Walgreens announced today that they are not going through with the Merger and RiteAid stock is down about 30%.

Randler posted:

He did not do leverage and didn't panic sell, I hope?

Barry posted:

Hook it straight in my loving veins

canyoneer posted:

There's a joke about how economists successfully predicted 12 of the last 10 recessions

quote:

So my wife and I purchased a Nissan from one of our local dealerships. At that time we did not know what we got ourselves into. The car was purchased in August of 2015. Long story short this car was a piece of poo poo from day one. Transmission crapped out after just 30k miles, but this is not my gripe today. And yes, we tried to get it replaced by the dealer - they did nothing.
In 2016 January we had a financial and personal crisis that led us to leave to my wifes home country for a couple of months. That being said, the car with one gear working was driven across 4 states to JFK New York... We parked at the terminal and checked into our flight. We called the bank that we paid payments on and told them that we voluntarily surrender the vehicle, told them the location and said our goodbyes.
However, a month later we received a call from that same bank saying we owe them money and we are couple months behind. We then again told them we have called and told the representative we are surrendering the vehicle and they are welcome to repo it. We asked them twice if the conversation is being recorded, they said 'Yes" and gave a reason why. ( we wanted that to be recorded ). Again, we gave them directions WHERE the car is located for them to get it.
It is now summer of 2017, we haven't heard from the bank if the car was auctioned, how much do we still owe on it. Nothing. Until today.
NYPD send us a letter stating they have OUR abandoned car and we are welcome to drive up there and pay the fine to get it. Prove the ownership. All that good stuff.
So what we do not understand is.. how do we get a letter from the auto crime unit stating they have the vehicle, when the bank took it and put repossession on our credit? There is a repossession on the credit report and lots of places we tried to use our credit have told us that. We can't get another vehicle until we fix our credit which we know and we made the choices for it. We realize we could have handled it differently. Not getting into personal details we would like to know what are our next steps?
We want to get a lawyer but we do not know where to start. What kind of lawyer? Where do we go with this? Do we even need one? Do we call that very bank and tell them where the car is AGAIN?
Halp!

Leon Trotsky 2012 posted:

Our office stock guru has not had a good run for the last year or so.

OctaviusBeaver posted:

Couple buys a car, then has a "personal and financial crisis" that they solve by abandoning the car at the airport and leaving the country. They called the dealership on their way and told them where to pick it up, assuming that would solve everything and they wouldn't owe any more money.


https://www.reddit.com/r/legaladvice/comments/6k8m4b/i_think_we_broke_the_auto_repossession_system/

OctaviusBeaver posted:

Couple buys a car, then has a "personal and financial crisis" that they solve by abandoning the car at the airport and leaving the country. They called the dealership on their way and told them where to pick it up, assuming that would solve everything and they wouldn't owe any more money.

https://www.reddit.com/r/legaladvice/comments/6k8m4b/i_think_we_broke_the_auto_repossession_system/

EAT FASTER!!!!!! posted:

Leon Trotsky has the purest loving BWM smack, man.

quote:

the car had well over 100.000 miles in less than 6 months (work related)

quote:

I'm honestly curious what you do to cause over 100k miles in less than 6 months on a car. That's about 550 miles per day, every day, for 6 months. At 60mph, that's 9 hours of driving, every day, for 6 months.

quote:

To put into perspective we live 4.5 hrs away from work (back and forth every day) and the work was driving related during the work day. On top of that every one day off a week we would travel for see something new ( before things turned sour money wise) driving a lot was our lifestyle for a while. It is possible.

Vox Nihili posted:

I can't stop thinking about this line. Guys, take money out of your tax-advantaged account for some hellish trifecta (quadfecta??) of insane gambles!!! While you're at it, throw some tax evasion in there and don't pay any taxes on PredictIt, Bitcoin, or "savings" proceeds!