Financial Woes

[Malacite]

Re: Financial Woes

^^b good luck!

[Aksannyi]

Re: Financial Woes

It turns out I start salary on Monday. I have not yet discussed compensation with my employer and I am a little surprised that they're moving this quickly. I sent an e-mail to the HR manager to schedule a meeting to discuss salary. I'm hoping to walk away with at least a halfway decent number.

[Aksannyi]

Re: Financial Woes

Keep in mind that I did just land a much better position in my company and that will entail a pay raise. I haven't started in that job yet and won't see my paychecks for it for at least a month, but this problem is temporary. I was looking for short-term help and I got it, thanks dad. I was honestly trying to avoid doing that, though.

I've put school on hold long enough. There has always been another excuse not to do it. If I don't get to school and finally get a degree, I am never going to get out of this cycle. I have accepted that my company is not a good paying place to be, but it isn't like jobs are falling from the sky. I've applied places but haven't had any luck. I am hoping this new job will solve some of my issues.

Basically, it worked like this:

• Last month, my income-based repayment plan with Sallie Mae expired. I wasn't notified of this, and when they auto-debited my account, they took out about $600 instead of the usual $170.
• I didn't know this until my I paid my rent check and it bounced. Due to the time it took for my bounced check to be sent back to the leasing office from the bank, I had racked up 10 days worth of late fees, which cost me another $189.
• I called Sallie Mae and they said they couldn't reverse it, that my income-based plan had expired and told me to apply again. I got firm with them about why they didn't see fit to notify me before nearly quadrupling my debit.
• I paid the leasing office fees to keep a roof over my head and put the car insurance on hold, putting me a month behind.
• I fixed the income-based plan with Sallie Mae and I am back to normal (for me) payments.
• I took out an employee advance from work but the limit is $300 and that only helped halfway.
• I had been planning to go back to school this month before all of this shit went down, and I was not prepared to wait three more months to do it.
• I looked for second jobs, no success.
• Found out that I had gotten the position/promotion with my company and I started my training last week (but still was needed in my old capacity while backtraining happened).
• Applied for my Chapter 33 GI Bill benefits.
• Waiting - for the VA and for work to make the changes.

So basically it is a temporary problem. I hit a run of bad luck and it's sucking the life out of me. Once I get back on my feet I am going to find a way to open an account not tied to my current ones and start building up some savings so that when shit like this happens, I don't end up in this position again.

I was just wondering if anyone had any short-term solutions since work is taking its time - and it's not like I don't understand, people have to be trained - and I can't even blow my way to overtime. XD

I do appreciate the advice and help though. I did take a withdrawal from the Bank of Dad (as much as I hated to do it), and that will probably put things back to right, or damn near close to it. I plan to sell back every single book I bought for this term and get some of my investment back. My friend told me I most likely won't see VA money until June 1st anyway. /prays.

However, I am keeping a lot of what's been said in mind. I should look at getting a second job for added income once my schedule settles and I know where I'm going to be and when. I am also always looking for ways to save money (using CFLs, not running the AC constantly, getting applicable discounts, etc.) so I know I can be thrifty. I am at least doing my very level best to pay off everything and not use deferments as a crutch, and when I start making more and get even again, I'm going to continue to pay more to Sallie Mae because I want to get out from underneath their mountain, and it only takes me an extra $650 a month to pay them off in 15 years (I used an online debt calculator for this), so that's what I'm going to aim for.

So now I'm setting financial goals - but I'm taking them one step at a time. I think things are looking up now, as much as I hated to borrow from my dad again. But I'm looking at preventing this type of situation again. So any advice for the future and working on savings, etc., when I get back to the black would be appreciated.

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I believe I've said that twice already. Seriously is there no at your local bank Aky that you can consult with?!

USAA has financial advisors. I have spoken to them in the past. I will call them again after I get Friday's paycheck.

[Malacite]

Re: Financial Woes

It's probably what you don't want to hear but speak to a Financial Advisor rather than "random people from the interweb".

I believe I've said that twice already. Seriously is there no at your local bank Aky that you can consult with?!

[Firewind]

Re: Financial Woes

It's probably what you don't want to hear but speak to a Financial Advisor rather than "random people from the interweb". If that is not an option then what Mezlo said is pretty much what you're going to have to do.

If this was the UK there would be a whole lot of people I could put you through to for help, but since I have no knowledge of what sort of advice and support you can get out in Florida I can't really be of much use here.

[cidbahamut]

Re: Financial Woes

That's kind of a catch-22 isn't it?

[Mezlo]

Re: Financial Woes

It looks like you need a better paying job, and that's the only answer.

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Also, putting school on the back burner until you can afford it is advisable as well...

[Aksannyi]

Re: Financial Woes

There's no room for a second person in here. I have considered it. No one will want to sleep on my couch (sharing the bed is out of the question) and there is not even a centimeter of space for anyone else to put their stuff in this shoebox. In my old apartment it would have worked but this one is too small for two people. Not only that, I don't have any friends looking to move and I'm not picking up a random roommate.

[Truece]

Re: Financial Woes

Perhaps finding a roommate to split your living expenses would help? If you could cut your rent in half that would free up the ~$300 that you're currently short. I know that sharing space with someone else sucks (especially after living on your own), but it could be a short-term solution to the current problems that you're having.

[Aksannyi]

Re: Financial Woes

Chapter 33 doesn't work that way. They pay the school directly for up to 36 months and send you a monthly living allowance. That money, once I catch up on any remaining bills, will be about 90% sent to Sallie Mae as soon as I get it, so I can work on paying down the debt. I actually can't borrow any more money for school, I am over the federal limits. So this Chapter 33 GI Bill is actually the only way to do this. I have exhausted the Chapter 30 GI Bill benefits already.

I am going to continue to work. But where I'm working now, it's basically dead-end, as you can clearly guess from my current debt situation. I want to be more than a paycheck to paycheck person. I will make this work. And part of the reason for my financial bind is really that one of my debtors *cough*SallieMae*cough* decided to take four times what I normally owe them out because my income-based plan expired and they didn't see fit to tell me so I could take care of it. Up until then, I was actually doing kind of okay. It's just getting my feet back under me at this point and making it work, which I have done remarkably well even with this low-end job.

But yeah, I know how it looks. I wouldn't want to rack up more debt if I can help it and that's why I'm doing it this way. If I didn't get the benefits, I would have to withdraw and that would be the end of my college hopes, forever. I know this. So I am trying, this is my last shot.


The credit card is only like $400 balance. It's a pittance. The student loans are over $75,000, and the truck loan is about $11,000. I'm not worried about the Best Buy card, lol. I was very smart about avoiding credit cards like the motherfucking plague, at the very least.

[DakAttack]

Re: Financial Woes

I'm not qualified to give out financial advice, but I feel for you, Aks. There are some non-profit debt management services in the DC area that will consolidate your debt under a five year payment plan, who are always more successful at negotiating with the bank than the customer. Perhaps you could look into something similar for your credit card debt?

[cidbahamut]

Re: Financial Woes

I hate to be that guy, but if you're this far in the hole financially, is it really the time to be racking up even more student expenses?

[Aksannyi]

Re: Financial Woes

Well, for now.

I called my dad. Typical, running to daddy. But I am writing him a check and mailing it for the amount, and when I get the government money, I will tell him he is clear to cash the check - so I am actually paying him back this time. He is going to pay my entire insurance bill - which means I won't owe USAA a cent until my policy renews on June 22nd. That isn't going to fix everything but it is going to help quite a bit.

Now to figure out a few additional solutions. This is a band-aid fix until my VA money starts showing up in my account. But it's something, and fortunately for me, the Bank of Dad doesn't report to the credit scoring agencies. (Oh, I'd be so fucked forever on credit if that were the case.)

[Oniwabanshu]

Re: Financial Woes

have you looked into government assistance? I know it's not much for anything not related to food and such but maybe it could help? Try looking at Benefits.gov - Your Path to Government Benefits i know it helped my mom when she was between jobs and working part time at walmart for $8/hr. There are alot of questions it will ask you about your home, income, family, ect.

[Aksannyi]

Re: Financial Woes

That's take-home with the employee advance payback factored in. So I'm usually making $100 more than that. Hourly is $10.50 until I take over the new job, but I never realized how much I relied on overtime. I will be salary and it will be a pay raise.

For reference, my rent is $614 for a one-bedroom, cost of living is not super high here. But with the truck payment and my high insurance rate (unluckily two accidents within days of each other) plus student loans, if I could get out from all that I could live. Keep in mind I don't have the kids so I don't have to worry about their welfare.

I am looking for a second job. Just not having much luck.

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On the pay last year, I was making $1900 a month. So yeah, no overtime kills. It was once guaranteed which is why I kept this job. I should get around that after my promotion hits. Key word should.