Anybody work in finance?? I need some advice

by Junction-Guy 29 Replies latest jw friends

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  Junction-Guy

  Well I dont remeber the terms exactly, but its 23% interest. You see I used to be an assistant manager for a loan company several years ago, and back then you had to have the person's written consent to run a credit check, it was the law. Perhaps its changed since then. Whats to stop anyone from cashing those checks? I think these companies are taking big risks by sending out checks like this, I could be almost bankrupt by now, and they would never know. When I worked at the loan company we sent out similiar checks to our "customers" people we knew and had done business with. I dont have , Whoaaaaaaaaaaaa, I just thought of something. When I filed rapid refund through H&R Block, seems to me I remember seeing this HFC on the check. Thats how they got my info. Well Well Well H&R Block is actually starting to be sued in a class action lawsuit, concerning their rapid refund loans. I will look further into this.

  By the way, with the job schedule I have, its not very conducive to a 2nd job, but If I had a business on the side, then maybe I could make some extra money. Im desperate, I just might have to quit my job and withdraw my retirement savings or else remain here for a while longer and then file bankruptcy. Now why couldnt I have just been born rich?
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  Elsewhere

  DO NOT CASH THAT CHECK!

  This is a scam that works by targeting people who are in financial trouble!!!

  What they do is lock you into a loan with unconscionably high interest and then take you for all you have through interest. Basically they make you their btch.

  Loan sharks are illegal, but banks like that get away with it with even higher interest rates than a loan shark. Those are nothing more than legalized loan sharks. DO NOT CASH THAT CHECK!
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  Elsewhere

  Mail that check back to them with a brick or two.... postage due and a return address that is their own.
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  Elsewhere

  My advice to you would be to liquidate what you can, put the rest in storage and live in a small apartment or a friend who is willing to put you up in a spare room.

  I've had to do this before in hard times. Basically unload all liabilities and live as cheap as possible until you get back on your feet. Now that you are single and only have one income you will have to live accordingly.

  Last time I had to do this I had lost my job and totalled my only car within a week. Basically I was screwed! It took some time, massive cutbacks and living in a 10 x 10 room... but I got through it.
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  garybuss

  Burn the check!

  Buy this book . .

  http://www.daveramsey.com/shop/The_Total_Money_Makeover_P123C48.cfm

  Read the book.
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  Eyebrow2

  I definately would avoid cashing the check, and seeing where you can cut expenses, or work in a second job. If you do start a business on the side, be very careful that you don't end up running up a lot of expenses on that. Pick something that is really cheap and easy to do with a quick turn around. (If you were starting a business for other reasons, my advice would be different.)

  You would be wise to make bankruptcy your ABSOLUTELY LAST choice. The laws are tougher now, I believe they make you deal with credit counseling agencies that have been "approved" by the governmnt. Lots of times you can get done what they say they do by yourself.

  Elsewhere's advice may sound drastic, but I think if things are that tough, it is good advice. You don't want to cash on your retirement too early if you can help it. I know it isn't easy to do, but perhaps you can find somewhere cheaper to live while you get your debt under control.

  Good luck...and you know you want to retire to TX.
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  CaptainSchmideo

  If you are behind in your credit cards, go to a reputable, non-profit, Credit Counseling Service, and see if they can give you some helpful advice.

  Warning, if they only spend a minimal amount of time with you before insisting that you sign up with a payment plan, run out of there like it was on fire.

  As has been stated before, write up a budget, and start at the top of the list

  Rent or Mortgage

  Food

  Utilities

  Car

  Other Living Costs

  Credit Cards

  Those cards HAVE to go at the bottom. Quit using them. Don't borrow more money.

  Don't let things get so far out of control you are limited in your options.

  Get good Professional Advice.
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  sass_my_frass

  Bad, bad idea. As bad as withdrawing cash from your credit cards to pay your rent in advance.

  Are you able to consolidate your credit cards with a personal loan from a reputable bank?
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  penny2

  Don't cash the cheque and please don't quit your job. Ask for a payrise, overtime, sell some furniture you don't need, live somewhere cheaper, move in with someone else temporarily.

  But don't cash the cheque.
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  Junction-Guy

  Thank you all for your advice and opinions, now could I ask a favor. I would like to find that link of the disfellowshipping video at the door, it has been several weeks since it was posted and I have no idea where to start looking, can anyone re-post it here or give me a general direction to find it. Apparently my time hasnt expired since yesterday, and I cant create another new topic just yet.

  Dave