Oregon Alliance

Money: budgeting and saving tips

Down-payment when financing through a CU

It is always better to have money to do a down payment. But, the last car was on a whim and I did not and I have a CU. Call and ask them what the difference would be for the two different loan amounts for what ever you can put down.

my son [ 20 ] just financed a car with a credit union. he was not a member thereof. he is a member at another/different one [ totally different, not just a different branch !!!]

anyhow they financed it and he did have a down payment. then a week later the carsalesman called him and now he owes another 600 for a downpayment, since [ appearently ] they do the financing/ downpaymant on a sliding scale.

I have no clue beyond this, since he did this on his own, with my inlaws support. i was not privvy to info and just heard about this in passisng.

School loans question

My son has a school loan in default. How would he go about making payments now, when they only want a lump sum (which he doesn’t have obviously) and won’t speak to him about any other option.

Thanks for any direction.

It may not be important but, what happen that he defaulted on it? Does he have other bad debts also? There are so many variables about what his other situations are.

He may be able to get a personal loan to pay it and then pay off the loan, since they won’t hear about a payment plan directly to them. This may be a good option, if he has accounts in good standing with a bank he uses. Does he work full-time?

Or it may be a matter of perseverance, where he goes to the top of ladder in the financial office at the school and explains the situation to someone else. It’s always worth a chance and not give up very easily. Obviously he’s an adult and knowing what I know about parents wanting to help their children, you should also be careful about how much you help. It’s probably a great lesson for him about why defaulting on a loan was a mistake…for whatever reason.

Does he live in your home or is he on his own?

I had a similar situation where I defaulted.

I wrote too them and told them why I did and i asked if we could start payments again. They set it up and I pay $100.00 a month.

I think your son should write and not you. It may look better, being he is a student and it was his loan.

Write to:

American Education Services
Customer Service Divison
1200 North 7th Street
Harrisburg, PA.
17102-1444
Attention: default loan

They have a website but I often find it too not be too good. I am not sure where you are located, but I am in Florida and just found out from a girlfriend that works for NelNet about a company that he can consolidate with and take the loans out fof delfault. They will add 18 % to it, but when he gets in a better place with his money he can offer to pay it off. She said they will normally take it if it is not too far fetched.

Home improvement loan

Hallo ,

our house is paid for a while now . during the bad hurricane season we had the eyes of 3 hurricanes go over our house . we have roof damage and need to replace the roof .

does anybody have a suggestion to a good home equity lender ??? any good suggestions what to look for ??

i would appreciate any help and maybe phone numbers ???

thanks !

Good luck with this. I have a great deal of equity in my house and was trying to get a home equity loan from Wells Fargo with whom I have banked for nearly 30 years – NO DICE!

Yeesh! My fella and his CU cc got JUNIPER and CompUSA done off me. I’ve only to pay HIM. Good! His 12% interest per year will be easier to handle here. He says $150.00 a month is fine by him, and that is a little under half of what I would have had to pay them separately.

He and I both see CHASE and Capital One going the way of BOA/MBNA

Barclay… hard nosed twits..

I wrote to Barclay asking if could lower the interest, reminding them of how good I’ve always been except for that one problem in December.

They said they can’t lower the interest. I wrote again, asking them to review, as I know thay have greater power than that.

They wrote back today:

“We realize that circumstances arise which may cause you to make a returned payment on your account such as the case with your payment for %40.00 that was posted to the account on 1/10/15, However, as part of the terms and conditions in your customer Agreement, if a payment is received late, your payment is not honored by your bank, or you exceed your credit line, the rate will be removed and default APR will be applied.

Your current APR is a variable rate of 26.24% for the balance. We are not able to reapply the original APR.

If you have any questions or concerns, please call our customer service at 1-888-232-0780, between 6 am and 2 am EST, seven days a week.”

I had called CS already to find them as hard nosed and unbending as this is.

So my good for all that time is wiped by one.

I just want to bawl. Others get 14% when they call, But it seems I get no help from these @$$h**es.

One lousy error and they strip us. I hate them and all card companies.

I know how you are feeling. There have been many times when I did just lay down and bawl because I felt so helpless. Fight back! Write to your representatives and tell them your experience. Write to newspapers and blogs and any place else you can.

If the representatives put you on their mailing list and ask you for money with a self addressed stamped envelope then use that envelope as an opportunity to tell your story again!

TELL THEM YOU HAVE NO MONEY TO DONATE BECAUSE YOU HAVE BEEN GOUGED BY CREDIT CARD CO’S!

It may seem like a waste of time, but I believe we all need to speak out about how these co’s treat people.

It doesn’t make any sense when a person is trying to repay a debt and makes one mistake to be held hostage by this co because you are unable to pay the full balance.

Does that bring back old memories! Hey—-start now paying them off! Get rid of them as fast as you can! Good riddance to them!

To All of us’ Scarlet O’haras’

Loved those comments about “I will never go hungry again’. Just finished the 13 week Financial Peace University from Dave Ramsey and words fail me.” When the student is ready the teacher appears.” I first heard about him thru this website and I am a changed woman. I am still 13k in credit card debt plus 7k in a hell loan and a 60 k mortgage and even had to totally spend my 1k ER account to repair my car after a traffic accident. ” But now I know the deal.” Your wonderful discussions and insight are just gravy but this Scarlett sez, “Keep the cheese I want out of the trap”!

I’m looking thru new eyes- the fellow employee who cashed out her 401k for ‘moving expenses’ last week- shes 30 something, the 50 plus coworker working tons of overtime for manicures, jewelry, vacations- in terrible health, smokes like a fiend saying’ What retirement? Uncle Sam will pay”. The other worker with nonstop 4.00 lattes from Starbucks every day when we have an employee coffee pot free sitting right behind me.You get the picture- and that is EXACTLY how I was about 2 years ago. (just didn’t smoke) Just wanted to add my 2 cents and love to read all your’ in the trench’ wisdom.

Best wishes for your future, and hang in there! I like what you’ve said – it takes that kind of determination, and I finally have it, too. I think one that really inspired me was a comment by a member of another group – she said that people mistakenly think that power is the illusion of money – credit cards, financed possessions, etc. But real power is actually having MONEY IN THE BANK. I have kept that in my mind always – it’s so true.

Charging for credit reports

Hi. Sorry if this question has been asked before, but what is the justification in these credit reporting services charging US for our own information. I realize there is a minimum cost for getting a school transcript or something like that but these guys are charging close to $20 a month!

Are there ways to get these reports monthly for free without having to apply for a card or loan every month?

Thanks for your replies.

you are allowed 3 credit reports free a month (1 per agency). You can chose to pay for the credit score. What i do is i get 1 every 4 months for the report and every 6 months i pay for the score to see how i’m doing ( its about $5 depending on the agency). Here is the web address for the free creidt reports (keep in mind this is not the same one as they advertise on tv!!!)

www.annualcreditreport.com

Good Luck! 🙂

Also, I subscribe to myFICO® Identity Theft Security Deluxe at MyFico.com. The annual cost is $49.95. It will give me my FICO score and let know if anyone has checked my report, any of my cc’s go up or down signifcantly, etc.

Also, here in GA, you can get a free copy of your credit report from each of the 3 agencies twice a year. These do not include the FICO, but I can compare the other 2 to the one I get from TransUnion via MyFico.

That is one suggestion.

Whatever you do, don’t apply for a loan or credit card to get the report. Inquiries like that show up on your re report and can go against you.

The following states allow you to receive free report every month if you wish: Colorado, Georgia, Maine, Maryland, Massachusetts, New Jersey and Vermont.

You can get this report by going to www.annualcreditreport.com and selecting your state.

If you live outside of those states www.myfico.com is one of the cheapest sites.

ALot more states allow free credit reports every year… 3 per years.. i know my family in maine and connecticut and i can in texas…. i’d just check out hte site and go from there:)

Wish we could in Florida. I just disputed some items on my credit and have not heard anything back about it and want to see if they have done anything to correct it.

Advice about debt settling

I have a Citi card with a balance of about $5000. I will be getting some money next week and was wanting to settle with them. Any advice on a good approach??

I don’t have an answer about settling, but I have a question for anyone who has settled. Did you get anything that said you owed taxes on the balance of what the debt was settled for?

You are subject to a 1099-C for any amount forgiven over $600 that you have to claim on your taxes.

However, it is up to the creditor to send them out. I have had some send them for $601 forgiven and some not send them for over $2500 forgiven. And you do have a tax liability for the difference in settlements – it’s considered “income” since you’re not paying for something you’ve received.

House Fires and Financial “Fires”

As a New Yorker, I’d like to update the poster who joked about the “guy who set fire to his house so his wife wouldn’t get it in a divorce settlement.” He didn’t set fire to the house; he blew it up.

And innocent people were injured, at least one very seriously. His wife may get less money than you think, because the injured and inconvenienced are likely to sue the heck out of the estate. Perhaps the lesson to be learned is that there’s no gain in lashing out at real or perceived injustices. In a financial dilemma – lost job, cancelled account, usurious APR, etc. – we’ve got to focus on the future and act constructively. Of course. few in this group need a reminder, since (from what I’ve read) most of us are doing exactly that.

I wasn’t joking about it. I am sorry if you thought I was. I realize it was/is a very serious matter. I knew he blew it up and it resulted in a fire.

Re: ER Solutions collection agency

I had friends who told me several years ago that these heartless, greedy collection agencies just phish (to use an email term) information and will take a chance that someone will pay the bill since it is from a collection agency.

As I mentioned in an earlier post, I was getting these from an agency and the original creditor was someone with whom I never dealt. I sent a letter to the collection agency and have not heard anything back.

Biggest question here is – DID YOU GIVE ANY PERSONAL INFO LIKE YOUR SS#?

If you did not, breathe easy and be angry. If you did, contact the authorities and see if it is a legit company. There are many similar scams.

Now, to the other piece. I would not bet they would return a dime had you actually sent the money. That is also a scam used by collection agencies. However, you have a legal right to send a letter demanding they prove you owe the debt. That usually scares them off right away.

I once had a big fight with Bellsouth over what turned out to be my bill, but they had a hard time convincing me. That sounds like Cablevision Morris. They’re my cable company and I have nothing nice to say about them. All screwed up in their office too.

No, I didn’t give them any info. Her first question to me was “what is your phone number” Hah! If she only knew what I just went through with IC Systems to stop them from calling me! I said you don’t have it and I am not giving it to you.

I know it is not my debt. Thank God! But I feel for all the other people with similar names that may send them a check. What a scam! Is it legal to just send mass mailings without the absolute correct info on the person owing the debt??

ER Solutions (now Convergent) is a legit company, and like any third party creditor, they are typically less than personable. I joined this group to try and answer questions that I may be able to. My name is Mike and I work in the debt settlement industry….

Hello all, and please feel free to ask any questions that you might want assistance with.

I have a question for you… Do you believe there should be a law that debt collectors need to inform people that they are charging interest and what amount that interest is? I did not know a thing about debt collectors when I was contacted by one 2 years ago. I didn’t know one should ask a lot of questions before making any payment arrangments. I didn’t even know they could charge interest !

I could not pay the balance they asked for so set up monthly payments. They said they were going to send me a satement every month which they failed to do. I got suspicious and starting asking questiosn which they refused to answer. Finally after sending this agency a total of $1700 I get a response from them “oh, you’re not getting out of debt, you are getting farther in debt. It was quite devastating to find out the $1700 did not affect my balance at all as far as reducing the debt. I was getting deeper in debt with this agency. They knew when I agreed to these monthly payments what was going on. I think it was not only unethical to not tell me , it was downright dishonest.

I hope I will never have any contact with a collection agency again. If I have that misfortune, they can take me to court. None of them will ever get another dime from me. I would much rather deal with a judge.

ER Solutions collection agency

Hi,

I need your help again!

I want to know if I am maybe overreacting and getting myself in a huff over nothing.

I received a letter addressed to me except there was one letter off of my real name.

My name is Alex Jin…the letter was addressed to Alex Jins, same address as mine, so I opened it.

It is from a collection agency. I immediately thought I may have had forgotten to pay a bill and it went to collections. It said I owed $305.55 but they would settle for $155.28

Upon further reading, the original creditor was a cable company called Cablevision Morris. I have never lived anywhere except Essex County NJ. There is a Morris County in Jersey but I never lived there.

I knew this was not my bill. So I called the 800 number and asked for the person listed on the letter. He was not in so explaned to the young lady that my name was Jin and not Jins and I received a letter asking me to submit $155.28. She asked me if my social ended in **** I said no, it did not. She said, okay, just throw it away. I wanted more of an explanation. I said if I had been an elderly person or a person under a lot of stress because of bill collectors and I sent in the money on a bill that did not belong to me, would they return it? She said yes! How on earth do they know I am the right person? What if they mass mailed out bills to all the Alex Jin’s/ Jins’ or whatever’s and they received multiple checks? There is no place on the bill asking to confirm a SS# or any other way of knowing that the check was actually from the right person. See my point? Also, what if someone is using my name and a different SS#?

Isn’t that something I should look into? She was very rude and hung up on me so I called her back. She transferred me to another lady and she wanted to know what my problem was and why was I harassing them!!! I wanted their main number in Washington State so she gave me a bogus phone number. I called her back and asked for a real number, she said I had to call information and get the number. I did get the number from information, but no one answered the phone. Should I just drop it?

Thanks in advance.