Archive for the ‘Debt’ Category:

Has my student debt condemned me to a life of mediocrity?

Due to a breakdown in negotiations, I have $30,000 more student debt than I thought, leaving me with $35k. I live very, very simply, and after college I wanted to go travel the world for a few years and not worry about a career or marriage or consumer debt. Am I totally, completely screwed into a life of mediocrity? The practical side:

I don’t see how I could ever in a million years pay this off. Even if I paid $500 a month, which is twice my living expenses save rent, it would still take six years to get rid of. And $500 a month means six years of the best part of my life doing nothing but working. Even if I could manage to throw $100 a month at it, that debt would be hanging over my head for the rest of my life.

What are my options? Is there any way to dig myself out of this? I don’t think I know ANYBODY with this much debt, and I feel like there’s no way out.

From a philosophical standpoint:

I don’t know what to do. I never actually wanted to go to college, but I was convinced by various agents because of the alleged fantastic benefits an education would bring me. I’ve been waiting to be free since I was fourteen, and it was always just around the corner. Everyone’s always said, «Just wait till your done with high school!» or «When you get that BA you can do whatever you want!» Now, it’s «oh just get a job, pay off that debt and you’re totally free!» It’s pretty clear I’ve been lied to, and I’m angry that I’ve been trapped by a system I never wanted to be a part of in the first place. You can tell me over and over again how important college is, how I would go nowhere without a BA, but it’s now pretty apparent that I’m going nowhere with one.

I do not care about money or cars or mortgages. I do not want a family for years and years. I just want to see the world, pay my own way and free myself from the mindlessness of working a 9-5. Now I’m afraid that this debt will force me to, and when it’s gone I will be so deep in a life I always planned to avoid that I cannot escape.

I feel completely broken, hopeless and idiotic for getting into this. What the hell do I do?

Original text: Has my student debt condemned me to a life of mediocrity?


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Name That Loan Company

Help name my friend’s finance business! Name my friend’s finance business!

My friend is starting up a personal loan type business. (Personal, or debt cosnolidation – NOT Mortgages – Think Prosper.com) She’s essentially a broker who helps get the I’s dotted and the T’s crossed.

Before you cry foul, the business model is based on 2 sales types.

1) a DIY kit that provides the basic information needed to phone/mail down the loan that fits your needs and listings of lenders that will meet that profile based on credit score and the types of lending they do. Cost for this will be a basic $49.95.

2) A «hold-your-hand» service with no upfront costs. Percentage due upon obtaining a loan. This service will likely speed up the results for the borrower as she’s already got relationships with many of these smaller lenders and can likely pinpoint the best place to give the loan in short time frames.

A Bonus for both of these is that Credit/Debt awareness, ways to use the money to improve credit score, and a combination of the various Consumer spending knowledge/facts will also be distributed in package 1 and more direct training will be provided in package 2 (think consumerist, iwillteachyoutoberich blog, etc)

She also hopes to educate the borrowers on how she thinks it might be best get out debt or at least be on the right path with the new money they borrow (likely at way better interest rates than credit cards and such if they have a decent income and can snowball or payback their debt with a little help)

Problem is she’s not a marketing whiz (nor am I)

Looking for a business name that sounds and looks good, hopefully with the .com available and if we’re really lucky.. a 1-8xx-abcdefgh telephone number also available. (Phone number doesn’t need to match the name, but bonus points if it can)

I think it’s a worthy goal and many of the people she expects to help are either not web-savvy or wouldn’t have the time and patience to try to sift through and piece together all the info and filter out the bad to get to the good stuff.

What do you think MeFi-tes? Worth your time and effort to help on this goal?

Original text: Name That Loan Company


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Want to move, feeling trapped

Help, need relationship/life advice… I’m staying at home for the time being to help out my family instead of jetting off to another city to be with my boyfriend. Target move date is in January but we’re both getting insanely antsy and we have the same conversation every day about me just going there NAO. My question is about what I should do, cause I really have no idea. Stupid details follow. I want to move to a different city ($300 away) to be with my boyfriend (both in the US).

I’m 24 and have been living at home this whole time, except for 4 of college years I was 1 1/2 hours away and came home a lot. I want to leave the nest now. The reason I haven’t moved yet is because:

1. I’m waiting on a mythical yet substantial Christmas bonus. I say mythical because this is my first Christmas at this job so I have no way of knowing how much I’ll get, but it might be somewhere around $1500. That money would be very useful. If I can make it that long.

2. In these tough economic times, steady job, health insurance, blah blah blah. It’s a pretty good, decently paying job but my boss is a nightmare and I’m not getting a reference letter. Plus I have NO sick days or vacation days so visits are rare. I see a bunch of jobs on Craigslist every day that I could apply for in my target city (admin/office/receptionist etc), so I feel confident I could get another one.
2a. I have about $3,000 in savings and not that many expenses/very little debt.

3. Living with my dad and brother because dad can’t handle the mortgage/other debt even when he was working, and now he’s not. We don’t want dad to lose the house.

4. Brother feels resentful that I’m about to move because he’s older and has been wanting to move for longer/missing out on opportunities and SOMEBODY has to deal with dad. Dad is a terrible alcoholic (but fine the other 10 months of the year).

5. Mom (who also moved out to be with her boyfriend at the disapproval of dad and brother) is supportive but says I need to give everyone time to figure out a plan instead of making brash decisions. They have yet to make a plan and probably won’t.

6. My plan is to continue paying the very high rent I’m paying now for the (nice but not up to code) basement apartment, on top of what I wind up needing to pay after I move (which wouldn’t be much as long as I’m with boyfriend). Everyone says this plan sucks. I agree it’s not a long term solution but that’s all I’ve got, short of saying «So long, suckas!» and not caring about what happens to them after that (I do care). If I keep paying then I won’t need to move all my stuff and it’ll keep the space open for me in case of emergency. I’m also going to have to leave my cat behind for the time being, who dad and brother aren’t fond of, so I kind of feel like I’m paying his keep too.

7. Relationship with boyfriend is very good. We want more out of life than lots of phone calls and draining my savings for plane tickets.

I’m really not sure what I’m supposed to do here. If i didn’t have an obligation to my family I would have been there long ago. I feel so impatient. What should I do?

Original text: Want to move, feeling trapped


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Can a future debt accure interest retrospectively?

I did my Australian taxes late. I’m now being charged a general interest charge on a $7.5k Higher Education Debt that didn’t exist at the time. Is there anything I can do? So my life fell apart for a few years (living arrangements, relationships, work, health – everything was a disaster). As a result I wasn’t able to get it together enough to do my taxes (from 2003/2004 till April this year). At the time I quit my job and went back to study.
Fast forward to now, I’m back on top of things so went back and submitted the 4 outstanding returns. Yay for me! I thought.
My HELP (Higher Education Loan Programme) debt in 2004 was about $200. In 2005 it was about $1.8k. Today it’s $7.5k. But when the ATO went through my tax return for the 2005 year, they applied the current HELP debt of $7.5k to that year, and slapped on a hefty general interest charge (around $3.8K). So all up my current liability to the tax office is $12 000, even though I’ve been a low income earner and student for all but one of these outstanding years.
It seems outrageous and unfair that a debt that accrued in the future, can be applied to the past, and that interest can then accrue on that debt.
I’ve been to 2 accountants already. The first said «sure it’s a bit mean, but the ato calculations are correct (HELP is not matched by year) and it will probably cost you more to have us fight this than to just pay it».
The second said «you might be able to get out of the general interest charge, but only if you can prove you didn’t submit your returns as a result of a natural disaster, medical reasons (supported by GP) or inability to access records».
Over those years I moved house a couple of times, went to various doctors many times, and saw a few counselors. But to chase up certificates/proof for all those little pieces of evidence seems unbearable. And I’m not sure that it will even stack up as a reasonable excuse.
Please help me hive mind – do I have any other options?

Original text: Can a future debt accure interest retrospectively?


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Financial crisis blog recommendations?

Recommend any financial crisis blogs written by people who are following all the relevant indicators, or by people involved in the finance industry, who are trying to make sense of the market and economy?

Original text: Financial crisis blog recommendations?


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How can I start getting square with my HECS debt?

Hey, Australians who have dealt with (or are) HECS bureaucrats! How can I start getting square with my HECS debt? I went to university in Australia in the 90s, receiving some money from the HECS scheme. I worked for a few years in Australia but without reaching the minimum wage requirement to pay back HECS. Then I left the country and got a job that does meet the requirement… but since I don’t pay any Australian taxes, no HECS. Now I’m building up to the house-and-family thing and want to deal with this thing once and for all.

What I want to be able to do is:
1) Contact HECS and find out how much money I owe
2) Work out a payment plan that’s as convenient for me as possible (for ex, taking advantage of ‘If you pay more than $1000 at once’ bonuses, if they have them.)

But I am afraid to take step 1 until I know how they’re going to react. If they’re just going to want to persuade me to pay them back, and offer me incentives to do so, great. If they’re going to be threatening me and making demands, I want to be prepared to respond.

BTW, I am definitely looking for closure here. I won’t ever live in Australia again but since who knows what will happen in the future (for ex: my government and Australian government reach an agreement about wage-garnishing in 2050, I get hit with 60 years of compound interest just before retirement)… I want to get to a situation where the Aus. government and I both agree that we are 100% square, end of story.

I am however open to fancy tricks that achieve this goal, legally, but minimizing the amount I pay back.

Throwaway gmail: hecs.question[at-ta]gmail.com. Thanks in advance for your advice.

Original text: How can I start getting square with my HECS debt?


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Help me find info showing both sides where they need to compromise

I seem to remember reading about a study which showed a correlation between higher taxes and lower spending, can you help me find it? I believe the argument went something along the lines that when taxes are higher people tend to pay more attention to government spending, and the greater scrutiny tends to discourage waste and unpopular spending.

A corollary was that lowering taxes actually encourages higher spending and creating deficits and driving up the debt.

I’d really like to find this study to see how well supported it actually was and if it would be useful for helping find a compromise between Republicans who are vehemently anti-tax and Democrats who are less inclined towards fiscal responsibility.

Original text: Help me find info showing both sides where they need to compromise


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Sell! Sell! Sell!

Predepression filter: Should I sell my car and pay off other debt? The Wall St. crisis has gotten me thinking about shoring up my financial situation. I currently own a car with 11k left on the note at 6.3% (29 months left), 1 credit card with 3.1k at 10%, and 1 credit card with 14k at 3% fixed. I don’t have much of an emergency fund, just 1 month’s rent. I also have student loans, but I’m ignoring them for this analysis. My total debt payment, including rent, is 33% of my monthly gross income. Not good, but I’m not hurting either.

If I dropped the car off at CarMax tomorrow, I’d get about 6k cash in my pocket. It’s sort of a desireable model, and I would do better on the private market, but that involves waiting for a buyer. Now, I love my car. A lot. I custom ordered it from the factory, I used freight tracking services to watch it cross the Atlantic (it’s a MINI). I’ve logged every last gallon of gas that’s gone into the tank. And I CAN afford it. The problem I have though, is should I afford it?

The interest portion on my huge credit card debt is ~$30/month, so I’m not in that big of a rush to pay it off. If I sold the car, ran a minimal (i.e. rice and beans) budget, I’d be wholly debt free in 8 months. Keep the car, it’s 18 months. And I have no cash at the end.

My job is pretty stable, I’m in infrastructure. Roads are one of the few things that are still entirely built in the US, so they’re usually a big part of federal stimulus packages. So I’m not entirely worried about needing cash to survive. But who knows, right?

Sorry for rambling, but this uncharted territory we’re in sort of makes me crazy. What would you do? Liquidate everything and be debt free, make minimum payments on the status quo and hoard cash, or sell the car and hoard the cash?

Original text: Sell! Sell! Sell!


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Help me find a part-time job!!

Part-time job ideas that are not minimum wage? I am a full time business analyst and a part time singer-songwriter. I am looking for some funds to do my own release of an album (I will self-release it on CDBABY, Itunes, etc).

I am currently employed in a financial services company somewhere in wall street. In order to finance my album I got into some debt thinking that in time I will be able to pay it back thinking I had a stable position right there and then my company stock went down 90% wiping out most of 401k (which I wont even look again until a year) and my position all of a sudden is not as stable as I thought it was.

I am looking to work part-time in order pay off the debt I incurred while recording the album (about 15k), I was thinking of working in a retail store but I mostly have office experience and was wondering whether there are any other faster ways of getting this money.

If it helps to know some of my info I’ve been steadily employed in said company for 4 years, graduated from NYU in 2005, and for the most part I am good with people and learn fast……any ideas of what I could do to pay off my debt faster? I am very sorry to say that I am not even sure I will have a job in the next couple of months the way things are going. Please help

Original text: Help me find a part-time job!!


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Questions about the possible economic depression

Questions about the best course of action to prepare for a possible economic depression I’m no economist, but I’m trying to learn about the possible economic depression everyone’s been talking about since the recent financial upheaval. I have a number of questions.

1. I have always read that there are huge bargains to be had when the stock market tanks. If this is so, what stops investors from jumping INTO the market when there is a huge crash? For example, why not invest in an index fund as soon as the market drops off 500 points? Why *wouldn’t* this be a good idea for the individual investor (assuming it isn’t).

2. What would happen to people’s outstanding debt if the companies they owe $ to went under? For example, did people’s debts get wiped out with the banks that closed up shop during the Great Depression? What about nowadays…for example, what would happen to student loan debt if virtually nobody could afford to make payments?

3. Let’s say you’ve got some extra cash flow right now…what’s would be the best bet when preparing for a possible period of economic depression? Pay off outstanding debts? Stockpile money in order to buy up things once they’ve lost value? Etc.

4. How were some people able to purchase «bargains» during the great depression if indeed inflation caused money to lose most of its value?

5. Does FDIC insurance REALLY ensure that money is safe and accessible (up to the limits specified)?

6. Anyone care to venture a guess about what the next few years are going to look like economically?

Original text: Questions about the possible economic depression


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Can I take a Stafford loan without the help of my school?

Can I apply for a Stafford loan without going through my school? I am enrolled in a nursing program at a very disorganized and poorly funded community college. I started August 20. Due to «the new computer system isn’t working» type problems, no one’s financial aid paperwork has been processed for this year. So I’ve received no aid and neither has anyone else. The person in charge of loans is refusing to even talk to any students until «the computer system is fixed» which could be «never» as far as I can tell. I’m a broke single mama and I’m starting to get desperate.

I want to apply for subsidized and unsubsidized federal loans. Is there any way I can do this on my own – since the financial aid department will not help me or even talk to me?

Thanks folk!

Original text: Can I take a Stafford loan without the help of my school?


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So i’m frugal, but what’s next ?

I am a frugal person entering his senior year in college [age 21].
I have been following advice like the stuff in
thread 84915and thread 99852
and living below my means. I sought advice in Financial books for college kids my age [for example, generation debt], but left feeling wanting more because they focus primarily on how to cut expenses [skipping the latte, etc].

So, I have some student loans already, but will need more for my senior year. I also have some money set aside, but I should I use this money to lower the loan amount that I’ll take out or use this money for an investment (Roth IRA, index fund), and take out more for my student loans ?
Here’s my scenario:

- I have NO debt – EXCEPT from my Student Loan Debt

($46,025.40 for undergrad so far, heading into my senior year).
($27,519.40 are government loans – fixed rates, ),
the rest is from a private company, at variable rate –
A combination of federal and private loans
I am getting VERY Scared about affording this (right now, I have
estimated payments of $ 541.34, given the current interest rates and a normal payment schedule that is not income contingent).

- I have NO credit cards.

- I do have a checking account (with a debit card).

- I have a saving account (only 1.05% APR) of $ 800 (a 6 month
emergency reserve).

- In the past 5 months or so, I have saved 40 % of my income to a
general savings and a checking account

(it’s only 1.05 APR, and I know there’s better ones (ING, etc) but
both my [savings and checking]
banks charge a rather large fee (of $30 or so) for transactions from
one bank account to another,
for retirement.

My most important question is THAT I have received conflicting advice
regarding the following
situation:

This fall, I’ll need to take out an additional $5,500 (estimated) for
living expenses (this is living frugally, rent, utilities, etc) (I am aware that I could work off campus more hours, but I have tentatively decided not to do that.
(I decided not to work more than 12-15 hours a week, while in school,
which can be for metatalk if you want to discuss that).

Should I take that 40% [which I saved - $650] and my federal work study job income ($2220) towards my expenses and take out a smaller loan (the advice from a counselor at the school financial aid office) ?
(Because any rate that I get on investing wouldn’t be higher than my loan rate)
(I have not applied for the loan yet, so not sure of the rates that I’d be getting. This loan would be a private loan, because I am already taking out the maximum from Stafford and Perkins loans. I am looking at PLUS Loans – another govt loan, but that may not work, because my parents do not want a loan in their name).

Should I take that money and put it into certain investments for retirement (Roth IRA, Index Fund,etc) ?

Should I put that into something more safer like a money market account (Andrew Tobias’ advice for those with less than $5,000) ?

Original text: So i’m frugal, but what’s next ?


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How can I investigate/remedy possibly misleading loan agreements from several years ago?

Debt/Loan Filter: I was stupid with credit and debt when I was younger. Is there anything I can do now? More details inside. When I was in college, I did not manage my credit properly and wound up taking out a debt consolidation loan. I started out with about $8000 in debt in 1999 and due to poor choices on my part and, I believe, possibly misleading loan officers, I still have $4000 left to repay now.

I refinanced it a couple of times, which was dumb, but I suspect that the loan companies misled me about how much I was refinancing and tacked on additional charges. I don’t even know if I could track down copies of those original loan documents, but is there anything that anyone could think that I could do to investigate or remedy my situation, without increasing my debt more, of course?

Original text: How can I investigate/remedy possibly misleading loan agreements from several years ago?


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Would we save money by moving the debt to a lower interest credit card?

Personal Finance 101: Is it smart to pay off an auto loan at 10.25% interest with a credit card that has a 6% interest rate? My husband has a $7700 balance on an auto loan with an interest rate of 10.25%. I have a credit card with a gigantic credit line that has an interest rate of about 6%. Does it make sense to switch the debt over if we continue to make the same monthly payment? Obviously, I want to minimize the amount of interest that we pay, but I don’t really understand if auto loans and credit cards compound interest in the same way or not. So I don’t know if this is a smart move. However, I really want to get out of this auto loan that has such a high interest rate! Would we save money by doing this?

We’re in the US, if that makes a difference.

Thanks in advance!

Original text: Would we save money by moving the debt to a lower interest credit card?


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Roommate in NYC

Thinking about getting a roomate to live in my apartment in NYC…Where are good places to find one, please tell me some of your New York Roomate stories, and how I could screen for people to move in my place? I currently live in a two bedroom apartment all by myself (it is a very nice Luxury here in manhattan). I have gotten into some debt and I thought that one of the good ways to get rid of it was to get a roomate at least for a temporary basis (i am thinking 3-4 months). I work a 9-5, and I am a part-time musician (the extra room currently has a recording set-up that I will have to take down)……..I am worried about taking this step and would like to listen to all recommendations about how I can make the best of this situation….in fact if you think that it is a bad idea please say so (I also just got rid of my car and that will help a lot towards paying off my debt).

I am currently looking at craigslist as the main source to do this….are there any other places where I could find room-mates?

Thanks in advance…….

Original text: Roommate in NYC


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How can I use my law degree and still like my life?

I’m getting a law degree but I hate being adversarial. Any ideas for something fun to do with this degree? I know there are books about this question, but I thought some of you lovely people might have personal experiences you could share, or at least some outside-the-box ideas.

I came to law school because I wanted to be a public interest lawyer — I like helping people. I have one year left before I graduate and sit for the bar. I have spent the last two years learning about indigent defense and working at the public defender’s office. Even though I think the work public defenders do is very important, I think it makes me miserable.

I admire public interest lawyers who fight for good, but the truth is that I just hate fighting! That is hard to admit, and it took me a long time to own up to it, but it’s just true. Fighting just depresses me.

If I could turn back time, I would never have gone to law school. I would have opened up an organic coffee cart near the beach, or become a dog walker or something. But now I owe $120K in student loans (and by the end of this year, I’ll owe around $180K). So I sort of feel like there is no turning back…I’m going to need to get a decent-paying job just to pay off the loans, which means something in the legal field. …Right?

(For anyone wondering how my debt could be so huge: tuition is $35K per year, and I get about $25K per year for living expenses. Cost of living in my city is pretty much as high as it gets within the US.)

Original text: How can I use my law degree and still like my life?


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Do I have to go in debt over my friend’s wedding?

Bridesmaid stress: My friend’s wedding is costing ME a huge amount of money (it’ll be over a 1000$ all said and done) and I do not have that kind of money to spend on anything. How do I explain this to her? One of my best friends is getting married new years eve this year and I am a bridesmaid. Already I have spent 300$ on the dress and shoes, and that alone is a hell of a lot of money for me. But there is more to come. I still am expected to pay for:
- hair and makeup the day of
- transport to the wedding (no car, so it’ll be a 100$ bus ticket)
- paying for a hotel for myself the night of the wedding
- a wedding gift
- supplies for decorating her bridal suite (my assigned bridesmaid task)

Plus I got a message from her this morning that she wants me to supply nicer sheets for her bridal suite because the ones the hotel provide aren’t «pretty enough». if the bed is a king size, which it probably is, I would have to purchase a set because no one I know has king size sheets I could borrow.

Basically, her wedding is stressing me out more than it is probably stressing her out. I want to make her wedding day as lovely and wonderful as possible, but does it have to mean costing me a thousand dollars when I am already in debt on my own? I have credit card debt and a student loan, and my salary gives me JUST enough money to pay to live and pay bills and leaves me with very little disposable income. How do I explain, without seeming super cheap and selfish because I am ruining her special day (which is kinda how she might see it), that I can’t afford to do all these things? I do want to be involved in her wedding, and it isn’t that I want to back out of all bridesmaid responsabilities, because if I did the cost would fall on the other two and both of them are no better off then I am. I know another of the bridesmaids is currently unemployed because she is taking care of her mother as she undergoes cancer treatment, AND she just became pregnant, so guaranteed money is tight with her too….

Am I being selfish? Should I just suck it up since she is my friend?

I’m also worried that if I DO say something she’ll get really upset, freak out, and then start telling everyone to never mind, that she doesn’t need her bridal suite decorated, that she doesn’t need a bridal shower, that she doesn’t need a stagette party, and would people please not bring gifts, etc etc etc. and basically cancel everything and go way overboard, when that wasn’t the point.

HELP!

Original text: Do I have to go in debt over my friend’s wedding?


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P.S. I’ll find my phone. Who took my phone.

UK phone fraud: Someone stole my phone and rang up £3000 of calls to Nigeria. The phone company says it’s my fault for not keeping tabs on the phone and I have to pay it. Is there anything I can do? I’m with O2. I got the phone with my 12-month contract but hadn’t been using it, because I preferred the usability of my old Pay-As-You-Go Nokia… so when the new phone went missing on 18th May I didn’t notice. I made a call on 18th (Sunday) and then the thief started making calls on 19th, continuing until 23rd May. In that time they made 60 hours of calls, some to Nigerian numbers, some to UK mobiles and landlines.

I discovered what had happened last night when I got a notice that O2 had tried to take £3,042.86 out of my account (it bounced, because I don’t have the money). I called them up for advice and they told me I was liable for the whole amount as «we expect customers to contact us as soon as they realise their phone has been stolen,» and that I’d have to pay it back within 6 months. The best they could do was refer me to a debt collection agency who would offer longer payback terms with less to pay per month. I told them I’d have to talk to the police before I committed to anything like that.

I phoned the police, who took the details and said they’d pass them on to the phone investigation team. However, the operator seemed pretty ambivalent about whether they’d give me a crime reference number as «the question is, why didn’t you notice the phone was missing?» At this point I thought the phone must have been taken around the start of June and told her as such. Now they’re supposed to get back to me in the next 72 hours.

After that I phoned O2 again to ask them to send me a list of calls, and to check whether they’d barred the phone, which they had. I checked my statement online and saw the details about the calls that I listed above.

So: Is there anything I can do about this? Am I really liable for this fraud? Surely it wouldn’t be the case if this was a credit card. Is there some regulating body I can complain to? Should I talk to a lawyer? Just refuse to pay up? Or am I screwed? I can barely afford this, and that’s assuming they give me a long payment term without much extra interest to pay.

Original text: P.S. I’ll find my phone. Who took my phone.


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Reporting debt-based harassment to attorney general

What’s the best way to go about reporting a case of harassment from creditors for debts I don’t owe? I’m in Pennsylvania, USA. For the past two years, I have been threatened and harassed by various creditors for debts (at least three or four different ones) that aren’t mine. They are in the name of a person who happens to have the same name (except middle initial) as me, but these companies have a different SSN and birthdate associated with the person and their debts. The person has mailing addresses (P.O. boxes) in my state, but I have never lived anywhere near the city those P.O.B.s are in. I have checked my credit report, and, so far, these threats have not affected my credit.

After two years, the phone calls and letters haven’t stopped coming. I write disputes citing the FDCPA, and, for a while, things are quiet. Then, after a few months, I am contacted about a new debt. When I talk to someone on the phone, I do explain the full situation and tell them not to call me again, and they say that they’ll remove my phone number from their database. I hadn’t gotten a call since January, but I got a new one yesterday.

Here’s my question: I’ve been told that I should report this entire issue to my state attorney general. Once I realized what was happening, I kept records of calls, and I have all my paperwork (letters received and sent) pertaining to this case. I was looking at the PA attorney general‘s website, and I don’t really know how to go about reporting this. There is a consumer complaint form, but it doesn’t seem to really apply to my situation. I’ve been procrastinating this step for a while, but I do want this taken care of. Or, at the very least, I want a paper trail started indicating that I have contacted some sort of governmental body disputing this entire situation. How would you handle this? Would you fill out the form (linked above), or would you write a separate letter? Or.. is it not worth it (Please don’t tell me this.. This is affecting my physical and mental health; I need it to end already!)? I’m sorry if this is a really obvious or dumb question.. I’m clueless about how to deal with this whole situation, and I don’t have anyone who can advise me.

[Also, I have asked questions relating to this issue in the past, and the information, help, and support I have received have been invaluable. I followed a lot of the advice given, and I'd be in a far worse place if I hadn't asked. So, even if no one has anything to say on this particular topic, I am so appreciative of everyone who has answered my questions in the past.]

Original text: Reporting debt-based harassment to attorney general


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Do I have to pay my roommate’s debt?

I’m in a financial pickle due to a bad choice of roommates two years ago. What are my options? Two years ago, I moved in with a girl during my divorce. I was put on the lease as an «addendum» and while I lived in her apartment, I paid 100% of the bills. About a week after I moved out (before her lease was up), she skipped out on the lease. Stupidly, when I turned in my key, remote and parking pass, I asked for a copy of the lease with my name stricken from it and was told that it wasn’t necessary… the office woman assured me that I didn’t need it and they would strike the addendum from the lease. I walked out not realizing that this girl was planning on moving out, but she did… and left owing almost three thousand dollars. How, I don’t know, because I paid EVERYTHING when I stayed there.

For the past year and a half, I have been receiving notices from the creditor who purchased the debt. I spoke with someone recently and tried to explain my situation… unfortunately, the divorce coupled with an IRS audit has cost me over $30,000 and I am more or less penniless. The last thing I can afford now is to pay for someone stupid and irresponsible’s mistake.

Unfortunately, the credit company has had no luck getting this girl to pay. She apparently has no bank account, no assets to seize, and refuses to work out a payment plan for the debt. I consulted a lawyer and was told that at some point, the credit company has the right to put a lien on my home to recover the debt. Apparently, this can be done without going to court and without notifying me… and will be horrible for my credit. What options do I have? I cannot pay the debt. I have sold everything of value I own, down to my shoes and clothing. Every penny I have goes to my house payment. It’s all I have left. I have accrued almost five thousand dollars in credit card debt just buying groceries and so forth so I cannot put this debt on a credit card… it’s maxed out.

Can I negotiate some kind of «settlement payment» with the credit company without a lawyer? I have already tried going directly to the apartment complex people, who told me I was «in collusion» because we left during the same 30-day period. They will not give me a copy of the lease, or the addendum. I cannot afford a lawyer. I have been told I can try going to the Texas Tenants Union, since I’m in Texas, but they probably won’t be able to do much.

Has anyone else been in this situation? If so, how did you handle it? I’m worried that before I know it, they will put the lien on my home, and then I won’t be able to sell it if I have to. Things are very touch-and-go financially for me, so I would prefer to avoid the lien.

Another person told me that my best option would be to settle the debt directly with the credit company and then take the former roommate to small claims court; how can I do that if I have to charge my groceries as it is? Wouldn’t I have to pay a lawyer for that, too?

If anyone would like to respond off-site with ideas or suggestions, please email roommatetrauma[at-ta]gmail.com. As stated, I am in Texas, if that helps.

Original text: Do I have to pay my roommate’s debt?


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Why can’t I close out and withdraw from my 401k? Any way out?

I want to close out my 401k (and pay the necessary taxes) so I can pay off some debt. My 401k says I’m not allowed. Why not? Can I change anyone’s mind? I have relatively minor credit card debt n. I have meager 401k savings n. (I am only 23). I would like to pay off my credit card, and be putting the money I’m currently putting toward monthly credit card payments toward more immediately accessible savings. Additionally, my company has as of last month decided to start matching 401k contributions, so I’d rather be putting matched money in than letting the $n sit there doing not much in the stock market while I continue to accrue credit card interest. However, I can’t put money in until I’m not worried about paying off credit cards.

So I called my 401k people (Fidelity) to ask to take the withdrawal. They said I can’t. I said, are you seriously telling me I can’t have my money? And they said that since I’m still at my current company, I can’t do anything with it until I’m fired or leave voluntarily. I’ve got a while before I’m planning on either of those. What the hell? It’s my money, isn’t it? We wants it :(

The other option is to take out a loan, but I’m only eligible to take out loan n/2, and paying back loan + interest plus paying off the other half of credit card debt won’t really solve my problem. My goal is to wipe out the debt, be able to start contributing small (matched) amounts to retirement, and separately do a better job of keeping an accessible savings account with monthly contributions.

So, question 1: Why can’t I take out my money? What’s the reason behind this? And is it likely that by arguing in a different way I could get it? I’m fully aware of and willing to pay the necessary taxes if they’ll just let me get at the money.

Question 2: Any other options for what I’m trying to do?

(Anonymous because I don’t want this connected to the real name I use on here)

Original text: Why can’t I close out and withdraw from my 401k? Any way out?


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How to go about paying for a college education?

How to go about paying for a college education? Here’s the situation. I went to college right out of high school and pursued a degree only to find out a year away from getting that degree that it’s not really what I wanted to do.

The problem is that my credit is just about maxed out after taking on a pretty substantial student loan in order to pay for the unfinished degree. I’m ready to go back to school now, but am having difficulty trying to finance it. My mom’s credit isn’t great after enduring some pretty hefty medical bills, and I’m not entirely sure that federal money will get me by while making payments on the earlier student loan. Between my rent and my student loan payments, I’m at about $1000 per month in bills (plus internet, phone, etc.). If I go back to school my income is likely to drop so that I’ll not be making enough to cover those bills. I could defer the previous student loan, but I’d rather not if possible, to keep knocking down my debt.

I’ve looked at some sites like Fynanz and GreenNote. Anyone have experience with these? I hate asking family and friends for money honestly, but am more afraid that if something were to happen to me they’d be out the money.

In talking with some friends, apparently some companies have programs to help you pay for school where you work for them at a reduced salary while going to school and they help pay for it, and in return you agree to continue working for them for X years after you graduate in order to «pay them back.» Haven’t had much luck in that department with the companies that I’ve expressed an interest in.

Any other creative ideas for paying for a college education?

Original text: How to go about paying for a college education?


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