Posts by driftingviper12

MOD is handling the payouts, and that transfer from column III directly into MOD—which we should basically view as two branches of the same parent company—is going to cost you 5% of whatever total amount you have sitting in your savings account!!!!!

Timothy Kim9 said:I was reading about how this whole thing actually works.
Basically, people end up paying more in interest than they would at a standard bank like Chase,
but that’s not where the money is being made.
Take this one woman's situation, for example:
First, you have to join some kind of credit union or cooperative—you pay a monthly
membership fee of $83. You keep paying that until the loan is totally cleared out.
Then there's the account maintenance fee, which was $75 per month
until the debt is gone.
See, those two fees? That's their actual profit, not the interest.

This is 100% true. I personally dealt with two clients who were charged exactly what zvonkotelefonko described.
And it gets worse—the prepayment penalty was 15%, but it wasn't based on the remaining principal; it was calculated against the total original debt!
Unbelievable...
But hey, the loan was processed in two hours.

Thomas Walker13 said:Either he's talking nonsense, or someone got through via a connection—like an outside consultant for the bank—and doesn't even realize it. 😁
ps. Volkswagen is running a promotion on mortgages without checking creditworthiness.

Volkswagen always verifies everything. I've personally dealt with at least five cases where they were applying for mortgage loans without submitting credit history, and they demanded every single document. Not one of them was approved.

Daniel Fisher said:So, I spent some time at JP Morgan Chase today getting all my paperwork in order, and I’m planning to head back in tomorrow to officially submit my application. It turns out that for a mortgage with a Euro-denominated currency clause, you don't actually need to meet those strict creditworthiness requirements! Does that even sound right? It means I should be able to secure this loan quite easily with my $833 income, keeping my monthly payments at just $333... though, of course, I'll be putting the house up as collateral
.

Hold your horses and don't get ahead of yourself. Look before you leap. Good luck.

Frank Walker7 said:I'm a little confused by what you mean there.
How does 5% of 25% even work?

In my experience, if an injury is assigned a value of 5%, 10%, or whatever the official scale dictates, that exact percentage of the total policy coverage is what gets paid out.
There really isn't any reason for them to reduce that scheduled percentage, especially in your example where it would drop them down to 95%!!!

Correction!
It depends on the specific insurance policy someone holds. In some plans, percentages are listed the way you described, while in others, they follow the method I laid out.

Rachel Murphy18 said:Kids, you aren't ever going to see that insurance money...

That’s false. If the payout conditions are met, they get paid.
I have a client with an accident rider attached to a major life insurance policy. He was driving a truck off the books into Mexico when he got into a wreck where he was at fault. There was no alcohol in his system
and the insurance company paid out everything through $6667 before his treatment was even finished—all without having every single document finalized. They did a great job.

Frank Walker7 said:That isn't quite right.
If you only have basic life insurance, you aren't entitled to anything.

But if you also signed up for accident insurance:
The term disability in an accident policy can cover a huge range of injuries depending on what you paid for in your premium; I remember back in the day, even a simple sprain could trigger a payout, though that's not really how it works anymore.
So, even a minor fracture that heals perfectly fine without leaving you with any lasting issues could still qualify as a "disability" according to the insurance company's specific charts. It’s not necessarily about being in a wheelchair or needing a cane to get around.

Everything wiredwalker30 mentioned is true, but I personally feel like you shouldn't necessarily have to wait until all treatment is over; if you broke your fibula and the policy schedule lists a fibula fracture as, say, 5% of the total value, there's no reason to wait for the bone to fully knit back together before filing, since the fact that it's broken is the key part.

I disagree. It’s not 5% of the total sum insured. It’s based on the disability schedule. If that leg is rated at 25% disability, you get 5% of that 25%.

feralangler55 said:Just a quick question!!

So, imagine someone is officially unemployed, right? They're listed as jobless on paper, but they're actually picking up cash under the table for odd jobs here and there.
The thing is, they desperately need maybe $20,000 to $25,000 $0.00 to get a new business off the ground.

What kind of chances do they actually have of scoring a loan?

Or, I don't know, maybe even some private loans??? But where would you even go for that?

Because, I guess, the plan is to have everything paid back within 6 months.!!

Nowhere is the best answer. They should just work harder, save up, and in 6 months they'll have their own $8333 if things go as planned. Because the only people willing to lend money like that are loan sharks.