When we were dealing with student loans, spouse had a issue with her side of her 4 years worth. Came to approximately I think 34000. Mine was only 3000 at the time. I saw where the state was going bringing in workers and got out of there and cut losses. Finally took on a extra 10,000 off the spouse to get everything into one lender.
We paid them off a few years later.
Now that was not that easy. We were I think 14000 left on it by then. Wired the bank that money plus a little extra to cover loose ends interest. They sent it back. Refused it. Got our bank involved. Told them we will pay this to zero balance today and never mind what the lender wanted to keep the loan going (Interest)
When the smoke cleared we had a letter zero balance 4 months later from the lender. They did NOT appreciate us paying them 14000 some odd dollars cold cash to not only pay them off; but to get clear of the federal issues regarding those who default in the future on student loans. (Garnishing, seizures, intercepting of refunds and denial of social security etc until the balance is paid and so on)
We were free at the 5th month.
We went through the same thing when we came up with the last 25000 cash to pay off the house vs Chase. Chase dithered, hemmed, hawed and played stupid.
"What part of house pay off do you fail to understand?" get me your supervisor.
I am a supervisor sir.
Then transfer me to executive services dept.
Oh no, no need for that... sir we can do this. Balance today is 24xxx
what account and router do we wire this to, you will have it in 30 minutes and send us a payoff letter and so on.
hum, er, but, sir, ma'am...
We did shove that 25K down their throats. They took it. But not willingly.
IF that was our expience in cash pay off, I can only imagine how so many will wriggle on hooks in the near future trying to get things rolling again one way or the other.
It might be easier just to walk away, literal abandonment. Let it rot. Rent or buy another place fast before your credit starts to see bad reports.
The banks hate that.
$10,000 EIDL GRANT
Discussion in 'Ask An Owner Operator' started by Scooter Jones, Apr 3, 2020.
Page 14 of 133
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x1Heavy Thanks this.
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Understand, they’re not doing the borrower a favor, in reality they’re propping up the current mortgages. So the Banks don’t lose. Same thing as the tax write off for homeowners, sold as a great deal for the taxpayers. In reality it only serves to drive up prices and encourage borrowing more money. Take it away, and house prices would fall. Same way they fall when interest rates are high. Prices only reflect average annual income per month in any given area. 1 week pay x 4.2 weeks per month. Take away lending for housing, prices would plummet.Like they did 12 yrs ago. Prices fell to 33-50% of their high.
x1Heavy Thanks this. -
A little something to keep in mind. Our State has been more than fantastic in Customers who got hurt in small things. I don't know how well big stuff would go with.
Our Atty General has a Customer Division and if you had trouble over a BS bill from a cell company or whatever it is, a letter to them online with details and evidence thereof tends to assign someone to look into your situation at the State Level.
USUALLY but not always that breaks the problem party loose and makes them VERY accomodating. They might stomp all over you privately but do not want to face the state that can stomp on them you savvy? Whatever the problem is, it will get sorted.Rideandrepair Thanks this. -
However. Into the 80's there were big problems with the Money system I think banks were offering 25% over 15 years on CD's for example and did not last even 5 years after (Probably thats what killed them...) there was a time our Business was very cold as it were. Hardly any alcohol being sold or any food being cooked. Hence a cold kitchen which was usually warm and ready to fix a family's worth of anything at a moment's notice (And that is expensive)
We got through that ok. Many did not.Rideandrepair Thanks this. -
Okay, here's an update from this morning.
Received an email from my bank rep informing me that my PPP application was processed and that the money will be funded fairly soon.
Still have to go in and sign docs, which was to be expected.Tug Toy, x1Heavy, Rideandrepair and 1 other person Thank this. -
In addition, I checked my bank acct and the $2,400 (wife & I) just deposited.
Attached Files:
Blackhorse77, x1Heavy and Rideandrepair Thank this. -
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Blackhorse77 and x1Heavy Thank this.
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x1Heavy and Rideandrepair Thank this.
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And even IF the PPP isn't used for at 75% of payroll, the interest charged is only 1%. If you look at the chart I posted yesterday from the SBA, it lays it out.
x1Heavy and Rideandrepair Thank this.
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