Posts by Paul Williams9

Head down to the bank to work out a deal...

If you stop making those loan payments, they’re going to freeze your account immediately. Even if you try switching over to a different bank for your direct deposit, be warned: they can issue a garnishment order against your employer—something most people inadvertently agree to in their contracts—and they’ll come after you for the entire outstanding balance at once...

There is absolutely no way to pull a fast one on a major bank like Chase or Wells Fargo...

Your only move is to face them directly and have a conversation...

If they refuse to lower your monthly installments, your only other option might be asking your company to report your official income at the federal minimum while taking the rest under the table just so you can cover basic living expenses. But if you go that route, you better be ready to deal with the bank hunting you down until every single cent is collected...

If my business operations require MIT, I understand that I’ll need to file an application and deal with some sort of committee from the Democratic Party... but what I'm really wondering is, can those costs be covered by my initial capital, or should I just add that amount to the total funds needed for the startup phase?

A friend of mine is looking into importing some films from China... we already sent an inquiry to one supplier, and the pricing looks decent... roughly $2 per unit for a batch of 1,000... FOB Long Beach

Given that this will increase the box size (we're talking about maybe 4 packs of 500 sheets of A4 paper), I don't see them sending this via ocean freight in a container,

Does anyone have any advice? My gut feeling is that shipping by air might actually be more cost-effective... unless they end up receiving a tiny little box sitting inside a massive container full of Styrofoam 🙂 .. the unit price is attractive enough that even paying for a container—around $1,500 based on what people are saying in this thread—would be worth it. But if air freight ends up being cheaper, or at least comparable, then it’s definitely faster...

Any insights or past experiences you can share? What would the total landed cost look like here? We are ordering 1,000 units... so that's $2 per unit plus shipping, customs, taxes, handling fees, and all that good stuff...

Does the same logic apply to loans?...

I’ve got about $15,000 in debt hanging over my head, but I don't own any property or assets at all....

How exactly does the bank handle a situation like that?

Paul Williams9 is spot on, and honestly, I’d be perfectly fine with a 10% rate too... When I was looking into those loan options myself, they didn't even care about Indianapolis; they were strictly focused on Washington, D.C., California, and Florida... I'm not sure if the terms have shifted since then, but the mortgage ratio was 1:2... interest rates hovered around 7 or 8%, and that was the deal... the monthly payment could easily eat up half your paycheck...

Anyway, if you manage to dig up any more info tomorrow, please post it here...

I’m dealing with a very similar situation, and the fact that I don't even have a mortgage makes things even more complicated... I actually went down to the Detroit branch to check my options, but I missed the window by just a few days. Apparently, they’ve frozen all lending for LLCs at the moment...

I did some digging over at Slatina, and they offer unsecured loans with terms up to 15 years where you can use insurance policies as collateral, so it might be worth looking into them...

As for JPMorgan Chase, I found their approach toward Americans a bit unusual. To be honest, I fell behind on my payments for five months, yet they didn't demand a lump sum settlement right away. Instead, we just handled it over the phone and worked out a plan to get everything squared away over a few months...

I couldn't get anything through Venmo, PayPal, or even my online sportsbook... I actually went down to Chase in person, but they blocked my foreign exchange transfers. I have to head back tomorrow once the branch manager is in... honestly, dealing with these banks is such a headache; I had to bounce between three different branches just to find one that actually knew what was going on.

Isn't that just ridiculous... maybe it's time to switch banks entirely after this mess...

Did Chase roll out some new restrictions? I was just at the branch, deposited my cash, and now it won't let me make a payment... they're telling me the bank is declining the transaction...