Need some advice

Maybe my reading comprehension just sucks today more than usual, so I need a little clarification.

• Do you currently have your Class A?
• If so, did the company you're currently with pay for the training upfront with the expectation that you work for them for a set period of time or reimburse them at the rate you mentioned $4600+12.5%?

Reason I'm asking is that the way I'm reading it sounds like they provided you with training and you're wanting a separate company to reimburse you personally for the training that your current company provided.

 

That happens real often. A company has too many students at once, so they send them home to wait on a trainer. Many times if the student doesn't call in or return phone calls, they forget about him; he gets lost in the system. The student doesn't return calls because he found a better job and is running the highways.

 

OK, I gotcha.

Is that additional 12.5% the interest rate? What's the term, if there is one?

I can't say that I know of any carriers right off the top of my head, Chinatown is probably the "go to" for that.
Anyway, if you're looking for a strictly mathematical answer to your current quandary, that answer is going to depend on a couple things. Namely the 12.5% interest rate over whatever term the loan is written for be it a single lump sum of ($4600 + 12.5% = $5175) or monthly (I'd need to know the term).

Regardless, you have two choices.

• You can either sit tight until they find you a trainer and not have to worry about covering the cost of the school.
• You can go to a different carrier.

I seriously doubt any other carrier is going to say "Sure! Here's $5000+ that you can use to pay off your instruction that you received from a competitor - no need to pay it back. It's our gift to you!" so you'll end up having to pay it off one way or another. If I knew a little more about the terms of the loan (which is what it really is) then I can give you a better answer.

You've been sitting at home not making any money for 2 weeks and that sucks, but in the long run it may be less of a blow financially to wait another week or so until they get you with a trainer rather than to have to fork out considerably more money over the long term by going with another company. If they aren't calling you then you most definitely need to be in contact with them. Not saying call them every hour on the hour, but maybe once a day just so they know you're still interested and you're still waiting. Places like that do expect several "students" to give up or bail on them and that's one of the reasons they write their loans the way they do - they end up making more off you in the long run that way.

 

Your company is Henderson?

 

That makes it a little easier...numbers....not the situation.

$5175 paid back weekly for a year, which is pretty typical, means that $100 is coming out of your paycheck every week. So that's something to factor into your calculations when you consider going to a different company since that $100 effectively lowers your pay rate. If you have a bad week and only gross $400, well you take $100 of that off the top (pre-tax) then all of your other deductions are taken out, and you could easily be left with $225 net for a week.

Not trying to scare you off from the idea of going to another company, just giving you a little different perspective. The more information you can gather from as many sources as possible means you can make a much more informed decision rather than making a knee jerk reaction.

My thought is that either the company has way too few trainers for the classes they're pushing through, or they had more students stay on than they thought they would...which still circles back to to few trainers.

Any idea what size of fleet this unnamed company runs?

 

They are going to take 50 for the training, 25 for the hundred dollar advances till that is paid off.

If you can find another gig, take it. Chances are they won't even come after you for it.