Chapter 7 Bankruptcy & Renting Issues

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Tarrant

Tarrant

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Also I’ll add...I just checked my mail 5 min ago and I am astounded at the amount of predatory lending out there. Today alone I got three offers for 5k or more and the cheapest interest rate in them is like 122%.

I get many of them exploit legal loop holes somehow and some are based on reservations... but holy shit, no wonder the poor stay poor if they are falling for this. Something needs to be done.
 
Sanrith Descartes

Sanrith Descartes

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Tarrant said:
Also I’ll add...I just checked my mail 5 min ago and I am astounded at the amount of predatory lending out there. Today alone I got three offers for 5k or more and the cheapest interest rate in them is like 122%.

I get many of them exploit legal loop holes somehow and some are based on reservations... but holy shit, no wonder the poor stay poor if they are falling for this. Something needs to be done.
Click to expand...
If the mob does it, its loan sharking. If a business does it, its "providing credit to those in need". ;)
 
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Tarrant

Tarrant

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Spoke earlier how I refinanced my car a few months ago for 8.9% through my credit union. Capital One just offered me 6%. Are there any down sides to refinancing so quickly again? I’d probably call my credit union and see if they can match. Saves me like $30 a month. Not huge, but over time it adds up I guess.

But at the same time I literally want nothing to ding my credit and I know there’s a small term potential hit that could happen. I just dunno if it’s worth that as I need my credit score to be as high as possible in feb.
 
Sanrith Descartes

Sanrith Descartes

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Tarrant said:
Spoke earlier how I refinanced my car a few months ago for 8.9% through my credit union. Capital One just offered me 6%. Are there any down sides to refinancing so quickly again? I’d probably call my credit union and see if they can match. Saves me like $30 a month. Not huge, but over time it adds up I guess.

But at the same time I literally want nothing to ding my credit and I know there’s a small term potential hit that could happen. I just dunno if it’s worth that as I need my credit score to be as high as possible in feb.
Click to expand...
You would need to see if they have an early payment penalty. Also gotta see how much in finance charges are involved in the refi.
 
U

Unidin

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I would double check the actual savings. Because car loans are shorter terms, they're nowhere near as sensitive to rate changes as mortgages are. The refi may only save you $10 or $20 a month. Then it's up to you if it's worth the time and/or effort.
 
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Fucker

Fucker

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Tarrant said:
Also I’ll add...I just checked my mail 5 min ago and I am astounded at the amount of predatory lending out there. Today alone I got three offers for 5k or more and the cheapest interest rate in them is like 122%.

I get many of them exploit legal loop holes somehow and some are based on reservations... but holy shit, no wonder the poor stay poor if they are falling for this. Something needs to be done.
Click to expand...
A lot of people think credit cards are another ATM but in a different form factor, and they treat it like another source of income. They make minimum payments every month, and they don't realize how badly they've fucked up until it is too late. Not only is interest an issue, but late fees stack up really quickly and someone can go from bad to worse before they know it.

You'll never see any meaningful credit reform in this country because the amount of money flying around is absurd.

Probably the biggest issue is credit being thrown into one big pot. At very least, I'd like to see housing related credit being its own thing because people shouldn't be screwed out of getting an apartment if they were never late with a rent check even though they got laid off and had to prioritize their bill paying and credit card payments got skipped altogether out of necessity.

OTOH, people who are chronically bad with money deserve their high interest rates. Someone has to pay for all the perks my credit cards give me. ;)
 
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Sanrith Descartes

Sanrith Descartes

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Fucker said:
A lot of people think credit cards are another ATM but in a different form factor, and they treat it like another source of income. They make minimum payments every month, and they don't realize how badly they've fucked up until it is too late. Not only is interest an issue, but late fees stack up really quickly and someone can go from bad to worse before they know it.

You'll never see any meaningful credit reform in this country because the amount of money flying around is absurd.

Probably the biggest issue is credit being thrown into one big pot. At very least, I'd like to see housing related credit being its own thing because people shouldn't be screwed out of getting an apartment if they were never late with a rent check even though they got laid off and had to prioritize their bill paying and credit card payments got skipped altogether out of necessity.

OTOH, people who are chronically bad with money deserve their high interest rates. Someone has to pay for all the perks my credit cards give me. ;)
Click to expand...
Few things beat getting a 1.5% discount on everything I buy with my Amex.
 
S

Secrets

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Another update: We're in! The home was in super good condition, and we're working out a priority system for the move-in process. Mortgage is ~400 USD a month, plus lot rent ($734/mo) + homeowners insurance, bringing us to about $1400 a month. I pull in $5230 every month after taxes.

My two nestmates have been super helpful. Basically, they kicked into overdrive and did most of the unpacking and I handled all the financial, legal and logistical nightmares.

Pics related.

20201211_021609.jpg



20201211_110135.jpg
 
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Tarrant

Tarrant

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Secrets said:
Another update: We're in! The home was in super good condition, and we're working out a priority system for the move-in process. Mortgage is ~400 USD a month, plus lot rent ($734/mo) + homeowners insurance, bringing us to about $1400 a month. I pull in $5230 every month after taxes.

My two nestmates have been super helpful. Basically, they kicked into overdrive and did most of the unpacking and I handled all the financial, legal and logistical nightmares.

Pics related.

20201211_021609.jpg



20201211_110135.jpg
Click to expand...
Awesome man, congrats!

also, get a bed frame ya heathen. ;)
 
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S

Secrets

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Tarrant said:
Awesome man, congrats!

also, get a bed frame ya heathen. ;)
Click to expand...

We opted not to get one for now. Washer/Dryer, shower head replacement, shower rod for bedroom #2, and siding needs to be done. We're prioritizing what we actually need based on severity.

It's far down on our list and we're super comfortable in bed right now. The heat works. The fuzzchildren are snuggling us up for body warmth. We're trying to be practical with spending.
 
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Tarrant

Tarrant

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Secrets said:
We opted not to get one for now. Washer/Dryer, shower head replacement, shower rod for bedroom #2, and siding needs to be done. We're prioritizing what we actually need based on severity.

It's far down on our list and we're super comfortable in bed right now. The heat works. The fuzzchildren are snuggling us up for body warmth. We're trying to be practical with spending.
Click to expand...

i was just giving us shit man. Do what works for you. :)
 
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Control

Control

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Secrets said:
We opted not to get one for now.
Click to expand...
I never cared about bed frames until I had an apartment with a really cold basement, which apparently resulted in condensation/mold on the bottom of the mattress... And of course, you don't notice that until you move your mattress for some reason. That was very not great.
 
Sanrith Descartes

Sanrith Descartes

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Secret:
Find a St Vincent DePaul or other thrift store in or in close proximity to the most affluent town you can find. Shop for really nice stuff and pay thrift store prices. To this day I still have a mahogany dining room table w/2 leaves and 8 chairs that has the Ethan Allan burn brand from the 1950's underneath. I got the entire set about $100 at an affluent area St. Vincent DePaul.
 
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Mahes

Mahes

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Estate sales can be very nice for people who are a bit tight on money but need house stuff. Kitchenware, Furniture, and tools can be gotten dirt cheap at the right sale. As an example, my new looking microwave that works just fine cost me 5 dollars. As a basic rule, always wait until the last day of the sale.
 
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S

Secrets

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Followup a year later.
We're still in our manufactured home. Got the old heating system out of here. Hella cozy.

Old landlord tried to send us to collections for the asbestos claim, had $6100 in there for about a year on my record. Made rebuilding credit impossible.
Lawyered up; We're about to settle with them out of court where we shake hands and walk away and more importantly the debt is invalidated.

Paperwork is getting done behind the scenes and my credit score's back up to 640 on all 3 from 580 just from the collections invalidation.

Our 3bd 2ba manufactured home is paid off in April for certain. Bill total with lot rent, electricity, cellphone and net bill combined is about $1100.
I've put like $200 in various shitcoin cryptos like SHIB and that's paying off pretty well. SHIB won out; my $200 investment is now $1800.

About 1 or 2 more years and I'll be able to put a down payment on a mortgage - or honestly just outright buy a foreclosed home. Pretty incredible.

It's been a humbling experience, but I appreciate life a bit more now because of what I went through. I learned a shit ton about apartments, owning land/property, and even how that integrates with interpersonal relationships.

Just wanted to thank you all here for giving me advice and encouragement to keep going. FOH was by far the most helpful out of everywhere I reached out to.
 
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