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Posts by Lawrence Wright7

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The bank is taking my entire paycheck... in Banking, Insurance & Loans · Jan 3, 2011

rapidskipper12 said:Hm... Honestly, at this point, you might be better off just skipping the payments and letting them garnish a third of your check later. This is absolute madness... Besides, how on earth is a monthly payment $1277 on a salary of roughly $4,100???

Just four years ago, nobody was even talking about crises or recessions—getting a loan was a breeze. As long as you had a job, you were set. Paychecks were higher, they actually kept going up, and companies were still covering things like travel expenses, bonuses, and all that extra stuff.

But today? Salaries are shrinking, they’re getting cut, travel isn't reimbursed anymore, interest rates have skyrocketed... and then that moratorium kicks in and just bumps the monthly payment even higher.

So, in my own situation, the monthly payment is basically creeping up toward my entire paycheck.

The worst part is I can't even stop the payments if I wanted to! I've got an automatic transfer set up—every 15th of the month, the money just vanishes from my account. If there isn't enough in there, I just slide deeper into the red...
And that just means more interest and more fees.
It's a never-ending cycle.

The bank is taking my entire paycheck... in Banking, Insurance & Loans · Jan 3, 2011

fairy;29630748 said:Lawrence Wright7, what’s the status? Did you track down a new buyer? You have to start paying back that loan on September 1st, how are you planning to handle that?

I'm still here....
still breathing...
The reason I haven't posted in a while is simply because I just
wanted to say:

I DID IT! I SOLD THE HOUSE! I finally shook that massive weight off my shoulders—except, well, it didn't actually happen, and that's all I can think about right now.
Truth is, I was so close. I could practically taste the freedom, but then came the crushing disappointment and the reality check
slapping me right back in the face.......
The buyers' loan application got denied 😢 and I'm stuck being a slave to the bank once again!!!!!!!!!!
Yeah, the grace period ended on September 1st, so I'm back to making payments $1277 straight out of my paycheck which is roughly $1367.
Here is how I'm managing to survive:
I'm working purely to pay off this debt, while my roommate is basically working to cover child support.
We split the utilities and groceries. I live incredibly frugally: no cigarettes, I ride a bike because there's no car, no going out... just scraping by... meal prepping everything for the week just to save a dime... but hey, I'm still staying positive, haha🙂
During that moratorium period, I managed to scrape together some cash, but it's melting away—way too fast.

I honestly wonder why I even did this to myself. Back when I was signing those papers at
Zabiti, I was so happy with my girlfriend because the loan was approved; we felt like we won, and my aunt even gave us some chocolate while she was laughing—I was so naive, I had no clue what I was actually signing up for...

Now I know the truth = this thing is toxic for your soul.

The bank is taking my entire paycheck... in Banking, Insurance & Loans · Oct 2, 2010

Andrew Martin13 said:Good luck with everything. Fingers crossed.

Thanks,

So, here’s the deal. This Customer had their mortgage application rejected by Goldman Sachs. They "only" offered them $60,000, which is an absolute joke considering the couple brings in a combined income of $3333. She’s got a steady gig at a government agency and he’s on a contract... plus, they’ve still got an old debt sitting there at Goldman Sachs of about $15000.
Now they’re trying their luck over at Chase. The folks there said they could probably swing around $80,000, but there's a catch: they have to move their entire payroll over to Chase and completely wipe out that debt with Goldman Sachs first.
But here's where it gets messy. Apparently, because of the rejection and some red tape involving their credit score—basically a total nightmare with the credit bureaus—they’re being told they can't even apply for a new loan for the next six months. Is that actually how this works?! It sounds like a complete scam to me!

On the bright side, we just had another interested buyer pop up in the meantime.
Something is definitely moving.

The bank is taking my entire paycheck... in Banking, Insurance & Loans · Aug 28, 2010

Richard White48 said:The market is the only judge that matters here.
For instance, my bank appraised an apartment I bought for $85,000 at $110,000, yet Zillow is littered with similar listings priced at $95,000 that haven't moved in months.
At the end of the day, the only way to find out is to list it and see if anyone actually bites.

Interest has been pretty thin, honestly, but one serious Customer actually showed up. Right now, he and his wife are scrambling to secure financing, basically running from one Chase branch to another... I'm genuinely rooting for them to pull it off.

The bank is taking my entire paycheck... in Banking, Insurance & Loans · Jul 23, 2010

Is it overpriced? Honestly, who knows... maybe, maybe not. It’s hard to say in this market.
Here’s how the numbers currently look:
Fully furnished apartment with all the appliances: $125,000
Empty unit, just the bare bones: $115,000

The bank is taking my entire paycheck... in Banking, Insurance & Loans · Jul 13, 2010

Well, after an absolute marathon of back-and-forth fighting against myself...
I finally had to make a call on:

http://www.zillow.com/homedetails/real-estate-listing-example-1432547

The bank is taking my entire paycheck... in Banking, Insurance & Loans · Jun 18, 2010

coppernomad28 said:@ danco - why on earth are you clinging to this apartment like it’s sitting on an undiscovered gold mine in Nevada?!?!😲

I mean, seriously man, you’re just digging your own grave here. Sell the damn place—if you can even find a buyer in this market—and then, when things actually look up (which is basically just wishful thinking at this point), you can buy something else. Maybe something better.

Just looking at your posts, if you're stuck paying this off over 30 or 35 years, you'll end up paying back two and a half to three times what you originally borrowed. You'll be living like a pauper just to keep the lights on, and there's always that looming shadow... what happens if you lose your job? What then?😕
The absolute worst time to sell is when you're desperate and need cash yesterday. Then you aren't selling; you're just dumping it at any price just to survive.

Just remember one thing: this isn't the only roof in America.

Good luck!

Every single day, it hits me harder that you're right—just like everyone else who gave me this exact same advice.
Since I haven't had to make payments yet (thanks to the forbearance period ending September 1st), it’s given me a moment to realize how much better life is when you don't owe anyone anything.
Honestly, these four walls aren't worth this level of misery, the constant stress, the heartache, the sacrifices, the sheer terror...
But, well, I'm the one stuck in this mess, and this pile of problems is a bit much for just one person to handle alone.

The bank is taking my entire paycheck... in Banking, Insurance & Loans · Jun 18, 2010

Rachel Reed2 said:Anyone planning to take out a mortgage with monthly payments exceeding $1.00 should read this thread. It would likely make many reconsider the risks they are inviting.

If I were in the author's shoes, I’d bite the bullet and put the house on the market immediately.

But we aren't all cut from the same cloth. If he believes these sacrifices are worth it and there's a genuine chance things will turn around, then fine—good luck to him.
I just sincerely hope he isn't stuck living like this for another 10 or 15 years. 😢

There is absolutely no way I’m letting myself live this miserably for 10 or 15 years.
I have to admit, looking back three years to when I signed my own loan—back when I was actually celebrating getting approved—I would have done things so differently now.
If only I had stumbled upon a thread like this back then...
It’s true, I really dug myself into a hole here, and I’ll be the first to admit that I'm thinking about selling more and more often lately.
The plans I had in motion? They only half-worked, and frankly, "halfway" just doesn't cut it.

The bank is taking my entire paycheck... in Banking, Insurance & Loans · Apr 22, 2010

So, I’ve been on this two-month payment moratorium now. Every month, JPMorgan Chase just pulls $0.00 from my account, and honestly? It feels incredible. Just for a moment, it feels like I’ve finally lifted this massive weight off my chest. There’s something genuinely peaceful about living without the constant shadow of debt, credit lines, or being deep in the red...
I’m not delusional; I know the bill eventually comes due. I know exactly what’s coming. And that’s why I’m handling it the right way.
Every single extra cent I can scrape together, I’m tucking away—currently sitting in a Chase savings account—trying to build up as much of a cushion as possible...
Bills? Paid. Overdrafts? Gone. Debts? Settled.
It’s such a relief...
In the meantime, I’m starting to get inquiries for the apartment I rent out to vacationers starting July 1st. People are reaching out, though I haven't locked in a firm booking just yet 😢
I still have a great roommate staying with me 😉 so there's a little bit of extra cash flowing in there too... 👍
Child support is paid up and regular, as always...
I’m keeping things modest and being extremely frugal right now...
On top of all that, I actually got a notice from the bank saying they're dropping my interest rate starting May 1st 👍
Which means my new monthly payment is going to be $1277...
Before the moratorium kicked in, I was paying $1264...
And yeah, that's where I'm at...
I’m actually really liking how things are looking lately...

By the way, if anyone is looking for a cheap place to stay while vacationing in New York City
Shoot me a DM and I'll send you the link 😉

JPMorgan Chase Go!Card help? in Banking, Insurance & Loans · Apr 2, 2010

I’m completely lost here:

Looking at my Chase credit card statement:
Today is April 2nd.
The principal balance is $224 (I actually made an early payment of $333 back on March 23rd)
But the account says the due date isn't until May 16th, and the amount owed is $32
Then there’s this regular interest charge:
On April 1st, it shows $5.00😲
A standard interest charge of $5.00 😠
How on earth are they calculating this? Where is this number even coming from??
12% of 671 should be $2.75!!!! Not $5.00

Sure, I did spend some money on the card on March 26th $217 but that hasn't even posted to my transaction history yet—it won't show up until April 6th.

Is it actually possible that they are charging me interest on a transaction that hasn't even officially cleared the system yet??
Does anyone actually understand how this works? Please, someone explain this nonsense to me...

If you take 650 + 671 = 1321 * 0.012 = $5.25—is that supposed to be the interest???

Anyone have experience with JP Morgan Chase? in Banking, Insurance & Loans · Apr 1, 2010

A total nightmare...

So, about 7 or 8 years ago, I opened a checking account at Slavonian Bank—which is Hypo now. Back then, all they needed was my ID and we were basically done. Signed the paperwork, easy peasy. I didn't have any fees, no monthly maintenance charges, nothing... and I wasn't even using the account! There was maybe twenty bucks sitting in there. Just sat there for years. Seven long years.
Fast forward to this year, I decide I want to open a Hypo savings account for my kid. So I head over to the teller and ask, "Hey, do I still have an active account with you guys? What's the status?"
- "Oh, yeah, you do. And you're actually overdrawn by about fifteen dollars!!!!! You might even get a collection notice soon if you aren't careful.($33) You should probably just settle up so you don't end up on a blacklist..."
I lost my mind. I mean, seriously, how is that even possible!!??😲
- "Well, when Slavonian Bank 'became' Hypo, we updated our policies, so now we charge an annual membership fee$8.25 regardless of whether you actually use the account or not..."
And how on earth is that allowed without notifying me? Without my signature? That's what I'm asking!😕
- "The bank reserves the right to make changes... blah, blah, blah..."
Fine. Whatever. I told them right then and there, I'm closing this account immediately...
- "Sure, you can do that.$27 Please.
" Now I'm looking at eighty bucks total, I ask.😠
- "That's the fifty debt plus $10 for the account closure fee!!!!!!!"
Insane. Absolutely mental... I paid the money and shut the whole thing down.😳

I already went ahead and opened the Hypo savings account for my child, so I left that one alone for now...
I'm just hoping for a better experience with this one..
I ASKED THEM straight up... "Are there any hidden fees or extra nasty costs attached to this?"
They said no...

What do you guys think about this savings plan? Is it any good?????

Should I move the money somewhere else or just leave it be....
For the record, I also have an account over at Chase.

Plus, my parents both have accounts at Hypo, so it's just easier for them to wire a few bucks to their grandkid once their Social Security hits...

JPMorgan Chase Go!Card help? in Banking, Insurance & Loans · Mar 29, 2010

Kimberly Nguyen said:I’m a little bit out of the loop here with my credit card... I honestly thought the payment wasn't due until the 16th, but apparently, according to what they sent over regarding the notification date... it’s actually the 6th.

👍
Look, the simplest way to handle this is...

Once that transaction finally shows up on my JP Morgan Chase online banking, I’ll just pay it then and be done with it. Simple.
I’ve been checking the app—nothing yet.
It’ll probably pop up on the 6th.

JPMorgan Chase Go!Card help? in Banking, Insurance & Loans · Mar 28, 2010

Kimberly Nguyen said:No, look... anything you charge up before the 6th of the month hits your statement on the 16th...

So, if you run up a balance on March 1st, the billing cycle wraps up on March 6th, and then that payment is due on March 16th.

But if you wait until March 7th to spend that money? You won't be looking at a bill until April 16th.

Okay, thanks.
So, just to make sure I've got this straight—if I buy something on March 26th, the bill isn't due until April 16th? Is that right?
And I have to have everything paid off by then to avoid those nasty interest charges?

JPMorgan Chase Go!Card help? in Banking, Insurance & Loans · Mar 26, 2010

Look, here’s the deal:
The grace period isn't just a flat thirty days from whenever you swipe that card(30days)
It all hinges on when the transaction actually hits and when the payment clears.

So, let me see if I've got my head wrapped around this. If I make a purchase on March 23rd, but the charge doesn't settle until the 16th, and then I have to settle the bill by April 6th—as you're suggesting—that means my actual delay in this specific scenario is only about 13 days, right?

But if I had made that same purchase back on March 1st, and still had to pay it off by April 6th, wouldn't the delay jump up to 36 days?
Am I tracking with you here, or am I totally missing the mark?😕

JPMorgan Chase Go!Card help? in Banking, Insurance & Loans · Mar 26, 2010

Anyone else dealing with this yet?

So, here’s my situation:
Today (March 26th), I dropped $217 on my Visa...
My billing date is the 16th of the month.
Basically, what's the deadline to pay off the full amount ($650) before they start hitting me with interest??
How long is this grace period actually?

I heard someone say it’s ten days before the payment date (so 16 minus 10 equals the 6th), which would mean April 6th? Is that right?

JPMorgan Chase Go!Card help? in Banking, Insurance & Loans · Mar 25, 2010

Visa
deferring payments?

How does this actually work..?

Say, for instance, the 16th of the month is when my Visa statement closes, and I’ve set up this arrangement where I just pay off 5% of whatever the total balance was.

Here's the scenario:
At the start of April, I charge a few things to my Visa, totaling about $400. By what date do I absolutely have to pay the full amount to make sure they don't just automatically grab that 5% and start tacking on interest like crazy?
Is it by, say, April 15th, or
is it more like May 15th? (the following month)

thanks.

The bank is taking my entire paycheck... in Banking, Insurance & Loans · Mar 12, 2010

Look, I don't have a dedicated private banker myself—I just use the family account. But from what I understand at Chase, if your income climbs north of $2167, they’ll probably assign you someone specific.

And honestly, of course you can... you just walk into a branch, ask to speak with a manager, explain your situation, and set up an appointment...
I mean, it's not like you're trying to book a meeting with the President of the United States 😂

The bank is taking my entire paycheck... in Banking, Insurance & Loans · Mar 12, 2010

Andrew Parker41 said:Hey,

I'm feeling kind of wiped out, so I can't really focus on reading this whole thread. Ugh.
Look, if you don't mind, could you clarify—during that six-month moratorium period, are you still paying interest on the loan, or are you skipping both the interest and the principal payments entirely?!

And what's the damage with the moratorium fees? Do you have to go see a notary or perform some sort of ritual to amend the contract or whatever?!

It’s no trouble at all..
During the 6-month moratorium (which is what they approved for me), I don't pay a single cent for those 6 months.
Basically $0.00. I can already see it on my Chase online banking portal; my next payment isn't due until 09/01/2010
That's the upside. It gives me 6 months of peace and quiet. A chance to get back on my feet.
The downside, though, is the cost of the moratorium itself👎
Specifically, they bump up the principal by 3.5%😠 so, in my case, the principal increased by roughly $6333 , which means the total interest (not the interest rate itself, mind you) goes up, and naturally, the monthly payment increases too.
You really have to account for the fact that once that moratorium ends, you'll be staring down a higher monthly bill
In my situation, it jumps to about $33.
That's pretty much your "only" cost—no need to deal with a notary or any of that legal nonsense.

Bottom line: I wouldn't recommend it unless you're backed into a corner and have absolutely no other choice.
Use those 6 months to hunt for better solutions... it's a good thing interest rates are dropping... well, slightly, but still.
I actually tried to ask for a full year's moratorium, but they shot me down.. apparently, the standard practice here is just 6 months, and they rarely grant anything longer than that... so yeah..

The bank is taking my entire paycheck... in Banking, Insurance & Loans · Mar 12, 2010

Kimberly Nguyen said:I’ve linked this to a similar thread here 🙂

Honestly, I have a bad feeling we’re going to see way more of these situations... 😢

Go read through this thread... basically, banks will approve a check, sure, but while you're stuck waiting for those funds to clear, they’re already charging you interest on the principal balance (and let me tell you, that is no small change)

If there is any way at all for you to boost your income, do it. And then, get yourself down to the bank and tell them straight up that you're drowning. But listen to me—don't waste your breath talking to the tellers behind the glass; go directly to the branch manager

Exactly!
Don't bother with the frontline staff, because from my own experience, it usually leads absolutely nowhere... you have to demand to speak exclusively with the branch manager... explain just how dire things are... and push for an agreement before it's too late.
It’s probably best to bring your pay stubs to prove that your income has actually dropped.
Bring the most recent one and, say, one from six months or a year ago.
Look, trying to increase your income right now is incredibly tough; it's much easier to cut back on expenses. You can do that, obviously, but it requires real sacrifice and some serious discipline.

The bank is taking my entire paycheck... in Banking, Insurance & Loans · Feb 26, 2010

Anthony Rodriguez58 said:Why on earth would you even bother with a two-bedroom? If you’re actually dead set on owning something, just sell the place and grab a studio. Then, when the market finally turns, flip the studio for a one-bedroom, and so on. I guess plenty of people play the game that way.
You basically skipped the first few steps and jumped straight to the middle.

Try being a bit more open-minded; a pile of bricks and concrete isn't worth all those sacrifices.

Exactly. It’s definitely not worth all the constant grinding and giving things up that I’m doing right now, but look, I’m a delusional optimist at heart, hoping that......
tomorrow won't require quite as much blood, sweat, and tears, so I'm working toward that.

I actually managed to snag a 2.5-room place for what was basically the price of a tiny studio.
The opportunity was staring me in the face and I couldn't let it slip away... even though I'm totally broke right now, and honestly, the whole country feels like it's circling the drain, haha... but hey...
we'll see how things shake out by the end of the year.