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Desperately need help

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Community Leader
Valued Contributor

Re: Desperately need help

@credit_is_crack 

 

 

Very good insight,  very detailed . Kudos for taking the time to post this👍👍

Message 11 of 32
New Member

Re: Desperately need help

Yea I could sell some of the stuff I bought over the years. If it did sell, maybe 5k. I was thinking of this as a last resort though (which I'm getting closer to every day). But on the flip side, it's kind of ridiculous I haven't had a 2nd job yet in my situation. I ultimately do think that's my main problem. I've been just trying to cruise by so far with just getting by. I should have been more aggressive. 

Message 12 of 32
New Member

Re: Desperately need help

The card with 6.5k is at 0%APR until next July, and the card with $1200 is 0% until Nov of 2021. And yes, since I opened both of those two cards recently the rates on them are pretty high. Both sitting around 22%-24%. My main card with 12k is at about 14%APR. I have another card that is at 14% APR as well, but that is the card that I took all the balance transferrs from which is why it is empty now. 

 

The original loan I was looking at I believe was for $20K. Mainly looking at places like Lending Club, Marcus, New Egg, Sallie Mae, etc. Those generally come in around that 18% APR. I did have a smaller loan from my main bank TD Bank for 10K at 12% I think it was, but didn't pursue it, as it didn't cover all the costs and at the time I was still hoping for better interest rates. But yea, If I did take one of these loans from the others the interest actually is higher in a lot of cases than that 3rd card I have or when I had most of the debt on 2 cards before I did the balance transfers. Payment amount was very similar. I remember it being somewhere mid three hundreds to four houndred as a high. 

 

Credit card UTI is about 63%. I do have more credit across all of my cards. I've just been pretty strict on not using it anymore. I like your idea on taking out a loan and freeing up the UTI rate if that's what your saying, for the purpose of making my profile better to then get another loan later down the line to replace the first one. To be honest though, I wasn't sure a bank would give a 2nd loan to someone like me if I had one already along with my college debt. If it's possible I do like the idea though, I just thought they would always look at it as high risk. 

Message 13 of 32
Established Contributor

Re: Desperately need help

A few questions:
1. Are your loans federal? Total balance and loan type?
2. What plan are you on? Have you looked at PSLF?
3. Which type of deferment did you use up?



Message 14 of 32
Valued Contributor

Re: Desperately need help

You already know the things you need to do

"..If it did sell, maybe 5k. I was thinking of this as a last resort though (which I'm getting closer to every day).." - BK is your last resort (and I still don't agree that $19k is worth pulling that lever for). Flag this a 2nd to last resort if you're going to hunt for another job. If it doesn't prove successful, then this is your next step. $5k will buy you some breathing space.

"..I've been just trying to cruise by so far with just getting by. I should have been more aggressive." - you recognized it and let it bleed. Nobody is here to judge what you already did, but keep looking forward. YOU own your destiny.

"..and I did have a smaller loan from my main bank TD Bank for 10K at 12% I think it was, but didn't pursue it, as it didn't cover all the costs" -- it's always preferred to truly consolidate all debt, but if it's not an option, paying two payments (that equal less) than the one you're paying now still makes sense. It's just a nuisance, but you're not chasing convenience. The goal is to reduce your monthly payments and get out of debt.

"..I do have more credit across all of my cards. I've just been pretty strict on not using it anymore." -- keep this up!

"..and freeing up the UTI rate if that's what your saying, for the purpose of making my profile better to then get another loan later down the line to replace the first one.." -- yes, that's exactly what I'm saying

"..loan to someone like me if I had one already along with my college debt" -- the core thing a bank will look at is DTI (how much is coming in vs how much needs to go out), but the math used there is not like a mortgage where they factor in daily expenses like food, gas and the other things you originally listed. They will look at how much all your debts require each month minus your income. In your case CC1, CC2, CC3, CC4 (sounds like theres a 4th ghost card), Student Loans and prospective Personal Loan minus $2,000 (I'm also assuming this is your post tax amount, but they'll use your pre-tax amount). If after all the math is done you still have 30% or more left over, you're generally in a good spot. If your profile shows limited debt on credit cards (which banks fully know compound very quickly and can accelerate a problem), then you're adding points to your application. The overall credit score looks healthier and it lends itself to more of an approval. Keep in mind this is all YMMV - we're only talking about you, let alone the state of the market and how generous/reserved banks are at the time you execute all this. However, if you aim for this setup though then you're on the right path.

We're just discussing manipulating your finances to get you some breathing space. A 2nd job and/or selling some of those collectibles is your immediate fix. If you can't get the 2nd loan, then sell at least half of those collectibles - yes you'll have a few less, but you'll be sane enough to appreciate them.

A little from column A, a little from column B and you'll be a little more stress free.

Go get it!
Message 15 of 32
Regular Contributor

Re: Desperately need help

Things like getting a second job, selling collectibles, moving in with a roomate and/or potetially moving to aother state are understandably uncomfortable. I'm currently working three jobs and live in an RV to save on rent. It's not easy or pretty. But, it's the avenue that gave me hope for a financially independant future.

 

So I'm trading in comfort for hope.

I wonder if that perspective might be helpful to you? Sounds like you're in desperate need of hope. It is within your reach, it'll just take time. Hang in there,  you got this!

Message 16 of 32
Valued Contributor

Re: Desperately need help

@Batsy — “..trading in comfort for hope..” beautifully worded!
Message 17 of 32
Community Leader
Senior Contributor

Re: DESPERATELY NEED HELP


@Hanzo18 wrote:

I mean in the end, I agree I need to pick up 2nd and maybe even a 3rd job. I did spent most my summer looking for other teaching jobs even public ones, but it didn't go well. So now I'll just have to be looking at part time stuff. If my apartment was big enough I would definitely consider a roommate but there is no room for a 2nd bedrom. Hell even if I moved in with a roommate somewhere else, I feel like it won't make that much difference with how expensive apt rents are. 


Hi and welcome to MyFICO

 

You have gotten good and very supportive advice from everyone here who posted. 

 

So here are my thoughts. I want you to rethink the BR situation. You don’t have to have space for another bedroom. I’m willing to bet there’s another teacher struggling to make ends meet too. A roommate can sleep on a pullout couch in the LR, or the DR can be turned into a BR. If no separate DR, the open area where a table is right now can be used to setup a cot, or a cot can be placed right out in the LR. I want you to think outside of the box. Believe me, your problem has a solution. 

 

So if your school has a bulletin board, put up an ad that you’re looking for a roommate who is also a teacher so you can help each other out. Put an ad on roommates.com. Find that roommate yesterday. This is going to be the biggest influx of income. 

 

Second. Maybe a second job as a security guard would work. The work is nonstressful and will give you the time needed when school is back in session to grade papers, prepare for the next day, etc. 

 

So you’re ok and you’re going to be ok. Stop being hard on yourself and start thinking positively. I hope, ”I’m going to get out of this mess” will be your mantra. 

 

GL2U

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Message 18 of 32
New Member

Re: Desperately need help

The loans are federal and is a Direct Loan. I actually had 3 months of hardship forbearance left and just put it through because I can't afford to pay them right now or my checking account would be close to $0. This gives me like 3 months to hopefully get a 2nd job and start making more money. I've looked at some of there forgiveness and cancellation problems a little, but I honestly don't think I qualify. The one you said is the public service one, but if right, I think you need to make at least 120 qualifying payments to be considered, which I'm nowhere near that. It also is tough because there are loan forgivess options there for teachers, but unless you basically teach in a low income public school district, then it's not going to be appliable. Another huge dissapointment about teaching... I don't think there are a lot of options for private school forgiveness, at least not from what I read. 

 

And thanks for all the replies everyone, it helps. I agree and I think I know where I stand. I just have to get moving right now if I'm going to get in front of this. Tough thing is one of my options was that I wanted to ask for a raise from my current employer, but seeing as how that ended up in 2012 with my last teaching job I just couldn't risk it. Even with great testing scores and a special honorable mention in the private school organization my school is a part of, I just think I wouldn't have got the raise. I know my private school I work at isn't too lucrative of a school, and I doubt they would be eager to do anything like that. Still, I wish to god I could just find a way to clear out my 401K right now, I swear it would help put a dent and help turn the tables around. I'm even thinking of talking to my principal about it, but I'm wary because I don't want them to know how bad my financial situation is. 

Message 19 of 32
Established Contributor

Re: Desperately need help

Actually that's not true at all. The loans are direct loans, so no need to consolidate. You've been working in schools; even private schools count. I believe there is a minimum number of hours needed for each month's qualifying payment (30 hours/ week worked?). And if you've made any payments after you graduated they were likely qualifying payments. The count of 120 doesn't need to be all at one time.
As long as you don't consolidate this count will be preserved. Additionally the rules are that the majority of the payments need to be made on an IDR plan but the others can be on a standard repayment plan. What majority is hasn't been defined as far as I've read.
What's confusing is that many people see apply for PSLF and it's not what it actually is. You're applying with a servicer (which will become FedLoan Servicing) to have them keep track of your progress. When you have the requirements, it seem to, they send the actual application and supporting documentation to the government to have it approved. The servicer has no say in the process, ultimately it's up to the gov. (Lack of processing and iversighty are some of the main reasons the Dept of Education is being sued.)
Each year you'll turn in an employment certification form. Have one signed for your servicer's records and keep one original for yourself because servicers loose stuff. The best part is PSLF can be retroactive, so you should apply and get updated with your employment certification forms from past years. Keep copies of everything and make sure to ask your servicer to send you your qualifying payment count at minimum annually.
I know this doesn't help you now, and since you used the hardship deferment these (non-) payments won't count. But it's something imo.
If you have any questions, ask away. 🙂



Message 20 of 32
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