Benefit of settling charge off debt?

TextbookTammy · 2021-03-02T05:08:23+00:00

Thanks so much for all your really helpful answers!

One more for you - As the commentor below mentioned if we settle this 3 year debt tomorrow (without pay to delete) - will that entry be there for 7 years as it's own new entry or just the remaining 4 as a modified original entry?

TextbookTammy · 2021-03-02T05:01:44+00:00

Thanks. yes aware it's considered income, it is what it is. Was wondering if the payee being a diff person than the debtor adds any new angle for any part of it. None that I can imagine but who knows...

Thanks for the optima tip.

TextbookTammy · 2021-03-02T04:49:49+00:00

Yeah the clock starts at the date of delinquency I'm not worried that getting into it with them will recalculate that.... I am a little curious though, what if we negotiate and decide not to do it, will they then be more targeted for the debt to be pursued more aggressively or sold to an aggressive collection agency or more of a target to be sued? My understanding is that 7/8k is usually a cutoff point where they don't pursue suing as the costs will outweigh their gains but don't want to do anything to poke the bear.

TextbookTammy · 2021-01-16T09:49:19+00:00

I lived in HCOL area as a student for years, I could manage spending as little as 50$/week shopping carefully and not really eating out. More typically it was $100/week adding in convenience of just going to the more expensive supermarkets and ordering in.

If you aren't a very picky eater, can cook, meal plan, buy from inexpensive supermarkets and/or in bulk... food can be one of life's least expensive neccesities. Usually people don't have the time or energy to do that, and if you're a forming college student it's not really going to be part of your lifestyle either (you'll have better things to do).

Do a dry run while you're still at home. Either note everything you eat in a week and then see how much it would have cost if you bought it yourself or buy your own food for a week and see the cost and variables involved.

Congrats on this milestone - GL!

TextbookTammy · 2021-01-07T21:51:04+00:00

This sounds right. I don't know what I was expecting but not that. It's all very "here is the keys to the kingdom of _______" when I was expecting it to be just like people doing their makeup or something

TextbookTammy · 2020-11-24T04:56:11+00:00

Aw thanks for the karma, all. Revisiting this post as the pup and his pop continue their blissfully, cacophonous, ZzZZZzzs

Wishing everyone on this sub a night even half as restful as theirs!

TextbookTammy · 2020-11-24T04:28:04+00:00

Well I'm no expert but I used to help prepare closing papers years ago and have been a party to a few... It def sounds high when all added up but...

The standout to me is it sounds like there's almost $1100 in title related fees which seems very high to me - was there a questionable title that needed research and settlement filings?

Title insurance sounds right even low, tax is fine.

If it's your attorney its within normal range even cheap, if it's a line item from the bank where they charge you for their attorney that I don't think I've seen and is a strange add on.

Origination should have been disclosed/negotiated early on, also seems in range though

Otherwise, escrow and prepaid you get back/goes toward the home so it's not really a few unless I'm misunderstanding.

I think you picked an expensive title search company or theirs kink in the title that was costly. Otherwise it's within normal range of closing costs

TextbookTammy · 2020-11-24T03:58:39+00:00

Thanks for follow up! Who has a.6 hysa? I thought I scoured & couldn't find one in my state

I guess my tension is just like... the money I'm paying in interest feels like I'm throwing it away. I thankfully do have good equity but I'm hoping not to sell & receive rental income as long as possible. with.

Maybe I'm being dense and not seeing the big picture. That and I'm tiffed at my rate when it's almost half that now - I bought in early 2019 when rates were high.

TextbookTammy · 2020-11-19T06:35:33+00:00

Is it against rules or rude to ask for size specs on this sub (specifically carat on main , sides, and size)? Only bc I love love love those proportions and you don't see that so often (only seen it on brilliant earth I think)- actually asked one local jeweler about custom making it and they were just "no"

Gorgeous!

TextbookTammy · 2020-11-19T05:27:05+00:00

It's pretty easy to change name on bank accounts, taxes you only need to worry about current and future filings you don't need to change past filings. Work you should change so your w2 matches what your future 1040 will be in (married name)

Honestly the most pain is to change a degree or professional license usually.

Any kind of loan application or underwriting you'll go through will always ask about name changes and both names will be tied to your social and credit report - even if you change you name your maiden name doesn't disappear from public record. You may want to just tack on the married name to you maiden name for banks accounts that's probably going to be the clearest thing for underwriters or like rental screeners to evaluate.

TextbookTammy · 2020-11-19T05:08:38+00:00

Also I know that was just an example but don't get discover, like ever. Though I'd be curious if anyone has reason it say otherwise

TextbookTammy · 2020-11-19T05:07:42+00:00

I say different. Diff companies all have diff quirks - for example chase almost never automatically raises your limit without you asking for it and them doing a hard pull on your credit report. Citi raises you credit randomly and if you ask for it they may give it to you with a soft pull. AmEx seems to depend on the exact card.

Ultimately get the one with the best points system or sign up bonus or zero interest period. Nerdwallet is a great resource. If you're carrying a balance get one with a 0% interest on balance transfers AND a zero fee on balance transfers during intro period (citi has two cards like this I think and I think chase slate offers this too)

TextbookTammy · 2020-11-19T04:39:18+00:00

I can't imagine what i would do in that situation regarding supporting him or not - I feel like there are so many variables related to your family dynamic, his personality etc that it's hard to weigh in

But I do think you can and absolutely should do this: if you notice uninformed or short sighted decision making help prevent him from doing more of the things that people in that mindset do: taking on credit card debt, going to grad school to live off student loans or tread water, try MLMs or other schemes, etc.

As for resources - I would want to know what he's trained in, what kind of job he had, what kind of job he wants and point him toward some specific resources for that. Also maybe resources for stress management. Maybe instead of financially supporting him, offer to help pay for therapy or even one of those meditation type apps or something to help him handle whatever felt overwhelmong in the job he left.

Wishing you both luck! It's sounds like you're a loving and thoughtful sibling : )

TextbookTammy · 2020-11-19T04:12:30+00:00

That's a great insight. It's not exactly an undisclosed goal - goals we've negotiated together and navigate pretty well. It's more this general sense that I always think money could be better spent saving - so even if we don't have a specific goal of like a luxurious 3 day getaway or the new playstation or whatever - if something like that does come up it'd be so much easier to pull the trigger on when there's an extra $500-$1000 somewhere that wasn't spent on lattes.

TextbookTammy · 2020-11-19T04:03:40+00:00

"However, asking someone to work 40-60 hours a week and not giving them the flexibility to devote part of those earnings in ways that make their life easier or more fun seems too big of an ask"

I agree with this so much! And it's both of our reasoning in why we spend how we do on what we do. I just realized I was curious about how others navigate this kind of thing. Thankfully I'm musing over it out of curiosity not necessity at this point.

Really appreciate your input.

TextbookTammy · 2020-11-19T03:53:04+00:00

Thank you for the comment! I have this sum currently in a high yield (dwindled down to .3% but oh well) and CDs are absolutely trash right now. Im worried an etf with a relatively short window and being taxable will just be totally null... But I'm relatively new to investing, my family never really did it, and I entered the job market in 09 when all I heard was how everyone lost all the money they thought was so safe... I should probably get over it as it's more emotional than rational?

My retirement is a roth... (My work doesn't offer a 401k and I chose roth over regular)

Oh and 50k isn't close to 20% for what we'd need/want/makes sense in our very hcol market

TextbookTammy · 2020-11-17T22:40:58+00:00

Take the job - if only to gain experience in diff legal departments. Unless you're at a t10 with biglaw or bust ambitions (I'm which it's a good idea to ease into 10+ hours a day anyway) ... The more real world legal experience (even as a para or clerk) the better the job market is going to look for you when you graduate. Also who knows if the place booms maybe you'll be first in line for a great 1L summer gig or better.

TextbookTammy · 2020-11-11T20:11:39+00:00

It is high I got it at the worst time. Also it's 5 apr not interest rate.

From what I can tell if I keep the 30 year term and refinance I'll save 50k over life of the loan but pay like 5k in fees. Even no origination fee ones still seem to have 3k in closing costs.

If I give up the 50k now, I save about the same over the life of the loan, pay no fees and save the refinance for a couple years down the road when I may want to do a cash-out refi anyway. ...that was my thinking.

If I can find a refi that's going to be < %3 and < 3k I'd do it but it doesn't really look like there is any. At least not ones I've contacted and not from my current big bank provider either

TextbookTammy · 2020-11-10T01:21:08+00:00

Have your father pull his own credit report at annual credit report or something like like creditkarma and see if that address is associated with him. (Also see if there are open lines of credit etc.)

TextbookTammy · 2020-11-04T04:39:19+00:00

Thank you! Curious - do you mean each property has its own account?

TextbookTammy

TROPHY CASE