Fatwallet.com Finance Our Mission - Serve consumers with knowledge, value and guidance. https://www.fatwallet.comhttps://static-forums.fatwallet.com/static/i/spacer.gifFatWallet.comhttps://www.fatwallet.com <![CDATA[Best 401K options for a small business with one employee (trying to maximize retirement contribution (~35,000-$50,000)]]> https://www.fatwallet.com/forums/finance/1515903/

Rating: 0 Posted By: 401kquestions
Views: 23 Replies: 1

I've seen similar threads to this, but the advice seems conflicted, or the OP didn't give enough information. Here is everything that I can offer:

Have a small boutique business with my mother. She is past the age of 60 and isn't focused on maximizing retirement dollars (she's set). I'll be phasing in more for her in the next 3-5 years.
Have a full time employee that makes about $50,000 a year on payroll.
I pay myself about $70,000 on payroll and my mother about $50,000 on payroll. We then split about $100,000 in dividend distributions.
My husband has a full time job and maximizes his 401k ($17,500 I think?)
We both currently also maximize Traditional IRAs.

I am looking for a vehicle to put away as much a year as possible, while also minimizing expenses. I could put away $40,000-$50,000 a year, or more.
I've looked at all the IRA options and the most attractive seems to be the simple IRA.

Simple IRA:
I can put away $12,500
I have to do a 3% match($2100me/$1500employee) match or 2% ($1000employee)flat on my employee.

If I go for a full blown IRA, I am looking at $3000+ in fees and matches, and not sure that seems worth it.

Am I better off just forming a second company, having the Prime Company pay me as a subcontractor and then doing a SEP IRA for myself in Company #2? That way I can put away a lot more than $12,500.

Thoughts? Need anymore info?
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https://www.fatwallet.com/forums/finance/1515903/ Tue, 26 Jul 2016 20:21:43 -0500
<![CDATA[Lender forgot to close HELOC]]> https://www.fatwallet.com/forums/finance/1515787/

Rating: -2 Posted By: zimma13
Views: 828 Replies: 29

We sold our house nearly 3 months ago. I happend to logon and see the HELOC appeared to not be closed (1st mortgage and HELOC were different banks). The HELOC lender was contacted by title and asked to send in a payoff. I know this because I had to pay back part of the closing costs because I closed the line before 36 months and got free closing costs originally. The title company asked me to review to make sure I agreed. So sale of house closed, 1st mortgage was paid off and recorded. No signs of a recording for HELOC, and the line is still available. Technically that HELOC is in first position over the new owners.

I did a test transfer to my external account and it worked. Should I used more of it? I FULLY INTEND TO PAY IT ALL BACK. I'M NOT LOOKING FOR FREE MONEY HERE.(but I'd wantit for a few years)But a $100k line at prime is nice to have.

What happens if they figure out I've used the line in a few months? I don't own the collateral anymore. I'd imagine title insurance for the owners would step in.
Could they demand I pay it back immediately? Whats their recourse? Would they be forced to convert it to an unsecured line?
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https://www.fatwallet.com/forums/finance/1515787/ Tue, 26 Jul 2016 09:23:44 -0500
<![CDATA[My Car Threw a Rod]]> https://www.fatwallet.com/forums/finance/1515679/

Rating: 5 Posted By: Phenomix
Views: 2246 Replies: 40

Story:

My car "threw a rod" and caused major damage. It will cost $4500 (new engine) to fix per the mechanic. The car, 2000 tdi jetta 200k miles, isn't worth $4500 so I come to you for advice. What is the most frugal thing to do with a non-operable car? Sell for parts, dontate, etc?

I am in the process of getting it towed to my residence. O yeah! I've already thought of getting a Crown Vic!
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https://www.fatwallet.com/forums/finance/1515679/ Mon, 25 Jul 2016 22:59:00 -0500
<![CDATA[Hit fallen tree]]> https://www.fatwallet.com/forums/finance/1515674/

Rating: -10 Posted By: cougarman
Views: 1106 Replies: 24

So I was driving home tonight after some bad in the early evening. I leave work at 10pm. I travel small 2 lane roads to get home. On my way home it was a bit rainy. On one road a car was headed toward me so visibility was minimal with the headlight glare. When all of a sudden I come upon a fallen trees branches sticking into my lane. I swerved as much as I could and the branches broke my antenna and hit my A-Pillar which doesnt look damaged. I notified the police afterwards to make sure they were aware of these branches/tree so no one actually really hit it. My car only has liability insurance, can I sue the property owner to get the cost of replacing my antenna covered? Since the tree came from someones property?
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https://www.fatwallet.com/forums/finance/1515674/ Mon, 25 Jul 2016 21:56:41 -0500
<![CDATA[IRS mail-in audit. (Only for education credit)- $1600 --Recommendation?]]> https://www.fatwallet.com/forums/finance/1515602/

Rating: 4 Posted By: dayseedesi
Views: 2578 Replies: 34

I am getting audited for claiming education credit for year 2014 for my son. I claimed $1649. I have for 1098-T showing $1190 for Tuition from the community college. I claimed $459 for books and supplies for the whole year. This is not unreasonable for have $460 for books. They are asking for receipts. We bought used books from someone we know. Is hand written receipt going to work?

Should I just mail-in the receipts? Now that I am looking, I found around $700 for supplies. (There was a TI graphing calculator, backpack etc) Thinking of asking to pay me back.
Don't they have anything better to do than to audit measly $400-$500?
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https://www.fatwallet.com/forums/finance/1515602/ Mon, 25 Jul 2016 15:23:14 -0500
<![CDATA[Costco Amex Service?]]> https://www.fatwallet.com/forums/finance/1515571/

Rating: -4 Posted By: web1b
Views: 765 Replies: 8

I know Costco moved to Citibank Visa, but I just went to login to my old Amex online account so I could look at old statements to verify that I didn't have any autopays still set for the old account number and discovered they removed all my account history.
I called the number on the back of the car to contact American Express and I can't reach anyone. There is a recording that says "All circuits are busy."

How do you access old statement info and check the cash rewards? Do the old cash rewards automatically transfer over to Citibank?

American Express never offered a new AMEX card to replace the Costco card, but now I don't think I want another card from them anyway because of this poor service and since the main reason I had that old card was for Costco use and to get cash back on restaurants and travel purchases.
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https://www.fatwallet.com/forums/finance/1515571/ Mon, 25 Jul 2016 13:23:48 -0500
<![CDATA[Changes to Coulee Bank Kasasa Cash & Saver program]]> https://www.fatwallet.com/forums/finance/1515483/

Rating: 0 Posted By: drzeyas
Views: 522 Replies: 1

APY is up but so are requirements to attain that rate. More info attheir website and the depositaccounts review.Those of you who jump in to the new program, please share w us your experience next month. btw, that image on the L is outdated. Just a reminder of the good ol' days.
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
In a response to the volatile interest rate market, we are adjusting the Annual Percentage Yield (APY) on our existing Kasasa Cash & Saver accounts beginning August 1st. There are no changes to the account qualifications for you to receiveour competitive interest rate.However, at Coulee Bank we believe in rewarding our customers that bank with us. By doing a few additional point of sale debit card transactions and an additional ACH transaction, you'll earn a higher APY with our newKasasa Cash account. See details below:

Existing Kasasa Cash Account APY New Kasasa Cash AccountAPY New Kasasa Saver AccountAPY
Balances $0 - $15,000 2.05% 2.65% 0.55%
Balances over $15,000 0.10% 0.10% 0.10%
Non-Qualification 0.01% 0.01% 0.01%
Qualifications
POS Transactions 10 15
ACH Transactions 1 2

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https://www.fatwallet.com/forums/finance/1515483/ Mon, 25 Jul 2016 05:45:55 -0500
<![CDATA[What effect is the conflict in Turkey doing to their high interest rate savings accounts?]]> https://www.fatwallet.com/forums/finance/1515397/

Rating: 0 Posted By: atikovi
Views: 1146 Replies: 6

There was a thread here last year about banks in Turkey having 10-12% interest savings accounts but the group consensus was that it's too risky. What is the current situation with those accounts? Banks defaulting? Rates much lower? No change?
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https://www.fatwallet.com/forums/finance/1515397/ Sun, 24 Jul 2016 20:21:25 -0500
<![CDATA[What Gold Commodity Stocks to buy??]]> https://www.fatwallet.com/forums/finance/1515376/

Rating: 0 Posted By: romnet
Views: 786 Replies: 2

Hey guys, I am interested in purchasing some Gold Commodity stocks in the near future, does anyone have any recommendations on what funds or stocks to purchase that align with the Gold spot price?
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https://www.fatwallet.com/forums/finance/1515376/ Sun, 24 Jul 2016 17:17:08 -0500
<![CDATA[Prepaid debit cards to pay rent]]> https://www.fatwallet.com/forums/finance/1515319/

Rating: 0 Posted By: phisher4
Views: 838 Replies: 1

Hi Fatwalleters!

I really appreciate the community and can understand that discretion is required when talking about MS questions so as not to ruin it for everyone.

Quick question: I've been using Vanilla for some MS spend activities, but now have an opportunity to pay rent with a $3.95 per debit card transaction fee. As a result, I would like to buy prepaid debit/gift cards with a credit card but maximize the face value of the gift card. Are there any gift cards out there that are better than Vanilla (i.e. allow more than $500 face value)?

Thanks, as always.
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https://www.fatwallet.com/forums/finance/1515319/ Sun, 24 Jul 2016 13:12:49 -0500
<![CDATA[Paypal VISA Agreement: a small win for consumers - Yay!]]> https://www.fatwallet.com/forums/finance/1515148/

Rating: 13 Posted By: invisible
Views: 2845 Replies: 4

http://www.businesswire.com/news/home/20160721006308/en/PayPal-V...

Now Paypal will stop pushing bank debit in front of Credit Card / VISA payments -- so looking forward to this,

It was always an annoyance switching payment from Bank debit to CC, hopefully now CC choice can remain as default .... lets see

But may seal Paypal's future income to some extent, which many here will not regret anyway
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https://www.fatwallet.com/forums/finance/1515148/ Sat, 23 Jul 2016 15:14:42 -0500
<![CDATA[How to handle Student Loan Payoff]]> https://www.fatwallet.com/forums/finance/1515123/

Rating: 0 Posted By: valvo23
Views: 1244 Replies: 12

My wife is a school teacher and she has about 20k left on her school loans. I'd say the average interest of her loans is 6 - 7%. We have the funds to pay it off. In another year she'll be eligible for 5k to be paid off on her loan through the teacher loan forgiveness program. We were thinking of knocking down as much as we can now without paying it all off to use the 5k she'd be eligible for. Just looking for thoughts on how we should handle this. Say we pay 15k now, would the loan still be required to pay a monthly amount which would say take it under 5k and then not be able to fully use the program money? The loan is thru Nelnet if that matters. Thoughts?
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https://www.fatwallet.com/forums/finance/1515123/ Sat, 23 Jul 2016 13:28:11 -0500
<![CDATA[$200 BMO Harris checking bonus:]]> https://www.fatwallet.com/forums/finance/1514998/

Rating: 6 Posted By: SinglePapa
Views: 1999 Replies: 12

https://www.bmoharris.com/main/personal/always-on/2015/checking

this offer's been around a decade! Currently, it seems one has to call in for account application(?) Additionally, last year there was $50 extra bonus for opting-out of paper statements! Let's see what we can do this summer...

I'm quite sure that despite the standard DD language, plenty of precedent pushing $300 DD yourself...
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https://www.fatwallet.com/forums/finance/1514998/ Fri, 22 Jul 2016 20:56:32 -0500
<![CDATA[Spending $30k in home improvements. Which points/miles cards to get?]]> https://www.fatwallet.com/forums/finance/1514981/

Rating: 1 Posted By: jpfern15
Views: 1745 Replies: 19

Going to get solar and a new hvac system. Total project will be about $30k. Once I stopped crying, I confirmed that they will take split payments across as many CC's as I want. So I want to maximize my miles and points opportunities. I might as well get a free trip (or two) out of this. Both my wife and I have a credit score over 800 and I will pay them all off immediately.

Any recommendations on how to maximize the bonus points/miles? I currently have an offer from AA for 50k miles after $3k spend so I'll do that one. What else is good out there?

Thanks in advance.
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https://www.fatwallet.com/forums/finance/1514981/ Fri, 22 Jul 2016 18:45:26 -0500
<![CDATA[Bummer: Amazon stops sub $1 GCs, there goes my source of monthly income]]> https://www.fatwallet.com/forums/finance/1514980/

Rating: -2 Posted By: invisible
Views: 2500 Replies: 30

Today Amazonsays minimum amount for gift card is $1 (

Amazonuse to allow me to send myself 99c GCs on some cards that forgive sub $1 monthy spends. Now that easy source of income gone.

Which online cash equivalents / store GCs can be bought for under $1 (free delivery / digital) ?

Edit:
--------------
Solved:bksavings said: "You can still refill yourAmazon)gift card balance for 50 minimum."

Reference for those new to this type of mini "income" gain more "knowledge" @ https://www.fatwallet.com/forums/topic_view.php?catid=52&threadi...
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https://www.fatwallet.com/forums/finance/1514980/ Fri, 22 Jul 2016 18:44:21 -0500
<![CDATA[Blue Cash to Blue Cash Everyday Conversion and Rewards]]> https://www.fatwallet.com/forums/finance/1514965/

Rating: 0 Posted By: SinbadS
Views: 1141 Replies: 12

They are converting my Blue Cash to Blue Cash Everyday because "I am not getting the most out of my Blue Cash from American Express Card" as they put it in their letter.
I have unused Reward Dollars in my current Blue Cash account. Will these Reward Dollars automatically transfer to my new Blue Cash Everyday after conversion?
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https://www.fatwallet.com/forums/finance/1514965/ Fri, 22 Jul 2016 17:35:51 -0500
<![CDATA[Shopping for home insurance - insurer size/reputation matters?]]> https://www.fatwallet.com/forums/finance/1514917/

Rating: 0 Posted By: exclusivelysid
Views: 983 Replies: 7

Currently shopping for homeowner's insurance and I'm wondering if it's worth paying 50%+ more simply because of the name/insurer size/reputation? A tiny insurer called FedNat.com quoted $900 for my home while Liberty Mutual quoted me $1500.

It seems if the insurer fails, the state jumps in so those will insurance do eventually get paid (however late). Any advice?
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https://www.fatwallet.com/forums/finance/1514917/ Fri, 22 Jul 2016 13:32:21 -0500
<![CDATA[How to finance a cabin? ]]> https://www.fatwallet.com/forums/finance/1514890/

Rating: 5 Posted By: ltcm
Views: 2756 Replies: 32

I'm considering bidding on a cabin that is coming up for sale at an auction soon. The total purchase price will be in the $100K-$120K range (if it's higher than that, I'm out). The auction requires 10% down the day of the auction and then the balance within 30 days. It sounds like there is a bit of wiggle room if it takes a few extra days to close, but not much otherwise. I do not have $120K sitting around liquid, but I can get access to funds if needed. I wanted to get everyone's collective thoughts about the ability to get a mortgage on a property like this, particularly in a short timespan like this. I have about $100K equity in my house but I don't have a HELOC in place -- could I get one in 30 days? I have ~$60K in paid off vehicles, so I assume I can refinance those relatively easily at Penfed/NFCU. I have $30K liquid at the moment so I can make the down payment, along with some additional funds into the LTV if I could get a mortgage. Credit card cash advance/BT are always an option, I have some pretty big lines open. I haven't done any BTs in a while -- are banks still sending BT checks out?

The plan would be to close and then likely refinance this into a small mortgage to pay off anything I borrow, or just pay off the entire thing when I sell my primary residence in the next 12 months, or at bonus time. Anyone have thoughts on this, angles I'm missing?
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https://www.fatwallet.com/forums/finance/1514890/ Fri, 22 Jul 2016 11:31:47 -0500
<![CDATA[Best Options If Income Drops While Having a Low Payoff Mortgage?]]> https://www.fatwallet.com/forums/finance/1514784/

Rating: 0 Posted By: web1b
Views: 1589 Replies: 34

I had been making accelerated payments for several years and at this rate, my home mortgage is only a few years away from being paid off. However, I may need to leave my job and go on disability retirement at a much reduced income level before I get it fully paid off. Loan payoff amount is under $50K

What are the best options?
Pay off loan balance by emptying savings?
Refinance low loan balance while still employed so I have super low payments after leaving employment?
Sell house and buy lower priced home for cash (in a lower cost of living state) despite losing realtor fees, home fix-up costs to prepare for sale, closing costs, moving expenses etc,?

Without a mortgage, I estimate the monthly fixed costs of property taxes, insurance and HOA to be about $500 per month at my current home. The other housing-related expenses would be utilities (gas, electric, water, garbage, internet/economy basic cable plus a healthy $200 per month fund for saving for home repair/maintenance (future $10K HVAC replacement and other repairs as the place ages) would total about $500 so total housing expenses should be a bit under $1000 per month all inclusive.
I can rent the spare bedroom to a lodger for $500, so my net cost for housing could be as low as $500 per month without moving if the mortgage was paid off.
If I refinanced the loan balance, I would have to add the mortgage payment to that cost.
I expect to net about $2000 monthly income plus medical insurance from the disability pension. In another 15 to 20 years, I could apply for social security and have that income too and not deal with having to rent the spare room any more at that age. I think I should be set for life then as long as I don't have any long term care expenses.

If I move to a cheaper state where I can buy a lower priced home for less than the cash I would net after a home sale, I would lose my regional HMO coverage and have to choose a PPO where I could pay up to $5000 in copays out of pocket plus another $2000 in prescription costs annually in a worst case scenario.

In the described scenario, what are the best options?
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https://www.fatwallet.com/forums/finance/1514784/ Thu, 21 Jul 2016 22:54:30 -0500
<![CDATA[Questions about Geico insurance]]> https://www.fatwallet.com/forums/finance/1514758/

Rating: 3 Posted By: uberbobby18
Views: 2115 Replies: 29

Hi, I just got an accident around March, like 4 months ago. I struck a 4 year old boy, who dart to the road and his father didn't hold his hand to walk against traffic due to the reason he said his cell phone is falling down.
I know it's around the school, but I really couldn't see him because he run out in front of the taxi on my left hand side that my view has been hindered by the taxi. The police report showed that I'm "no fault" and 4 years old children is "unknown fault". Recently, I got the letter from Geico and they just said the claim may exceed my limit 50k. They said the children got broken leg, but the father haven't replied for them for 4 months. That's the reason they send me the letter. I also asked them according to their own investigation, did they think I'm at fault or negligence? They said right now it didn't show that I'm at fault.

I'm really afraid. If it's over the limit, will Geico give me a lawyer to help me on the court. I'm an international student studying in Maryland.

Thanks for any advice,
Bobby
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https://www.fatwallet.com/forums/finance/1514758/ Thu, 21 Jul 2016 20:10:53 -0500
<![CDATA[35k Student Debt vs. 401k]]> https://www.fatwallet.com/forums/finance/1514747/

Rating: 0 Posted By: Notaek
Views: 1297 Replies: 15

So Guy just graduated and is looking to figure out what the correct balance of funding his 401k program and paying back his student loans is.

Guys budget
Income: 4k
Rent: 680
Car: 275 (13k loan 4%)
Utilities: 150
Gas: 100
Food: 400
Alcohol/ Nights out: 150
Cell: 40

Guy has about 5k socked away in savings

In college Guy had to take out 32k in Student loans, all federal and with average interest rate of 4.92% (weighted)
Guys Company matches up to 5% of eligible compensation with the 401k plan so he asks himself, is his discretionary income better spent paying down this student debt or investing in retirement.

How aggressively should Guy be paying down these student loans vs. putting money into the 401k?
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https://www.fatwallet.com/forums/finance/1514747/ Thu, 21 Jul 2016 18:34:18 -0500
<![CDATA[NFCU CC - Impossible to Setup Recurring Payment?]]> https://www.fatwallet.com/forums/finance/1514701/

Rating: 0 Posted By: scottybweyy
Views: 1078 Replies: 3

I was planning to put the Go Rewards CC into my rotation for the 3% at restaurant to replace my Citi Forward. Upon trying to setup automatic monthly payments with my confirmed external account, I encountered difficulty. When the from source is a NFCU checking account, you have the option to pay the statement balance monthly. When you change the source to an external account, it only allows you to use a set amount. After speaking with them, apparently this is how it's designed since "it sometimes takes 3+ days to traasfer funds and your current balance may be more by the time we receive funds". The CSR didn't really understand billing cycles and what a statement balance was.

So, is this really true, or is there a backdoor like a form I can fill out? Thank you!
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https://www.fatwallet.com/forums/finance/1514701/ Thu, 21 Jul 2016 14:00:02 -0500
<![CDATA[2016 Odyssey EXL Versus 2013/2014 Odyssey CPO EXL - Which one?]]> https://www.fatwallet.com/forums/finance/1514688/

Rating: 0 Posted By: fwfisawesome
Views: 1727 Replies: 52

Hello FWF friends need your help with the depreciation calculation and to see which is a better deal.

If you could get a 2016 Honda Odyssey EXL for lets say $31,500 + TTL (6% PA Tax) - 36 months / 36,000 mile bumper to bumper warranty, additional warranty 7 years/100K will cost around $1000 - which will extend warranty another 4 years till 2023.

Or, a 2014 Honda Odyssey EX-L - Certified - Miles around 32,000 for $24,500 +TTL (6% PA Tax) - Certified up to 7 years/100K miles from original date of 1st sale - so another 5 years warranty till 2021.

Or, a 2013 Honda Odyssey EXL- Certified - Miles around 36,000 for $23,000 +TTL (6% PA Tax) -Certified up to 7 years/100K miles from original date of 1st sale - so another 4 years warranty till 2020.

Which one is a better deal? Both the used vehicles are single owner, no accidents, clean car fax, regular maintenance done.

Certified Vehicle gets 12 months / 12,000 mile "comprehensive" warranty, not quite bumper to bumper, but much more than just powertrain.

After that for the remaining duration of the warranty it covers powertrain, 100% Parts and Labor.

Details on Honda CPO here:http://www.hondacertified.com/warranty.aspx

It is for my wife and kids (kids are both under 8). So the minivan will last few years in the family, easily 5-6 years, maybe more.

We average only around 6K-8K miles a year. I know there is a lot of discussion about Minivan versus SUV or Sedans.

We like minivans and it works for our family, so on that front our decision has been made.

We are open to Siennas also. 2016 Sienna or even a late model used Sienna, but the best 2016 Sienna XLE deal I have come across is around $32500 + TTL.

My family and I thank you for your input and suggestions!
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https://www.fatwallet.com/forums/finance/1514688/ Thu, 21 Jul 2016 13:05:07 -0500
<![CDATA[Dimesavings and fatca question]]> https://www.fatwallet.com/forums/finance/1514661/

Rating: 0 Posted By: rpi1967
Views: 929 Replies: 0

Unable to open account online with Dime savings if you are subject to FATCA.
Does it apply to a spouse who does not have to report but is on a joint tax return.
Someone else has posted a problem on FW with FATCA and opening a US account before.
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https://www.fatwallet.com/forums/finance/1514661/ Thu, 21 Jul 2016 11:02:45 -0500
<![CDATA[Medical bills and credit score?]]> https://www.fatwallet.com/forums/finance/1514546/

Rating: 0 Posted By: lodak008
Views: 1200 Replies: 9

guys

This is a short answer but may infuriate some and may become a long thread. Do medical bills really affect your ability get credit? I know they could affect your credit score by a few points but understand that where you go to get major credit like a new car or a new mortgage, most of those places ignore any unpaid bills under $300. Also wondering how much impact will it have when applying for new credit cards

Thx
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https://www.fatwallet.com/forums/finance/1514546/ Wed, 20 Jul 2016 20:22:33 -0500
<![CDATA[Account in collection]]> https://www.fatwallet.com/forums/finance/1514509/

Rating: 0 Posted By: sumara
Views: 1657 Replies: 33

Hi,

I am regular visitor of fatwallet, but never had an account. I needed some help and hence created an account just now.

Close to 2 years back, I was employed and was pregnant. Right around my pregnancy due date, a lot of people in my company was laid off and I was part of it. Now I went into my pregnancy without an insurance since it was from my work. Now, after delivery with no job and no insurance, I had a bunch of bills coming from my hospital visit. I would not like to go into details of my personal issues, if it is ok with you guys, so I would just say that I did not have anyone who could provide financial support during this period. I ended up diggin into my savings to pay the bills. I will be honest that I was a bit overwhelmed with everything that was happening in my life at that point. And I did miss out on a 2K bill (I belive it was for anesthesia, I dont remember) to be paid on time, due to one of the facts that I needed more time to arrange for it. The hospital quickly moved it to the collection department and I mostly ignored it at that point because - 1. I did not have the amount with me and 2. I was too much impacted (with post partum and all, and being plain stupid I guess) with everything.

So now it has gone into collection, I get regular mails from the collection folks and calls that I do not attend since I am afraid!! The bill due is now about 2.5K as per the collection company.

Now, it is my mistake and it is something that I should be paying for the service I have availed. However, given my current financial situation, if I can get it settled for much lesser as I see discussed a lot in these forums, then I would like to do that. It would be great, if I could get some recommendations on this. With my kid around 2 years now, I would like to get back to working full time. However, one of the impacts to this is my background check which shows up the collection on my account. I believe I was rejected from one of the job openings due to my background check. So, I would also like to get my history cleaned up as part of the settlement too.

Any ideas and suggestions would be greatly appreciated. God bless.

Note: Hope I am not breaking any rules with such a big message!!
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https://www.fatwallet.com/forums/finance/1514509/ Wed, 20 Jul 2016 15:51:31 -0500
<![CDATA[Banking for International Student]]> https://www.fatwallet.com/forums/finance/1514491/

Rating: 0 Posted By: mmyk72
Views: 1168 Replies: 10

Wondering if anyone has experience with opening bank accounts and applying for credit cards as an International Student. Since the student will have no SSN, what other documents will the bank need - other than a passport as an ID. Thanks in adv.
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https://www.fatwallet.com/forums/finance/1514491/ Wed, 20 Jul 2016 14:43:48 -0500
<![CDATA[{deleted}]]> https://www.fatwallet.com/forums/finance/1514454/

Rating: -2 Posted By: Lotsofquestions
Views: 1137 Replies: 6

{deleted}
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https://www.fatwallet.com/forums/finance/1514454/ Wed, 20 Jul 2016 12:25:43 -0500
<![CDATA[15 Year vs 30 Year Mortgage + Sudent Debt ]]> https://www.fatwallet.com/forums/finance/1514427/

Rating: 0 Posted By: Gear_Head
Views: 1409 Replies: 18

Emergency Fund: $10k
Joint Income: $110k
Debt $86K ($82k Student Loan 4.8%, $4k Auto 1.99%)
Mortgage 223k 5/5 30yr ARM 4.25%
401K(5% Contribution + 4.5% Match)

Married
Age:31
No Kids currently although will be planning in 2-3 years

Budget:
Excess in current budget to apply to debt: $2500

Question: Should I refinance the mortgage to either a 2.75% 15 year or a 3.375 30 year? Increase in monthly payment between the two would be 540$.
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https://www.fatwallet.com/forums/finance/1514427/ Wed, 20 Jul 2016 10:27:14 -0500
<![CDATA[Collections - Help - Being charged for not giving 1yr termination notice on a 1yr term]]> https://www.fatwallet.com/forums/finance/1514306/

Rating: 0 Posted By: kogerk
Views: 2146 Replies: 27

Hi All:

I highly appreciate help and advice in this collections matter. We bought a store that has NuCO2 equipment already installed. We signed a 1 year lease agreement with them while we make alternate arrangements (lease attached). Beginning about 3 months before lease expired we started notifying them that we want to terminate the contract. However, at the end of 1 year period they took the equipment away and sent us an invoice for $4100+. They did not send any break down of these charges. Normally the charge was around $150 ($75 for rental and rest for CO2 refill).

Upon inquiry, the NuCO2 Resolution manager, pointed out the following terms from the contract:
"Unless one of the parties has notified the other party of its intention not to renew this agreement at least twelve (12) months prior to the expiration of the Initial Term or any Renewal Period,as the case may be, this Agreement shall automatically renew for successive six (6) year periods (each, a "Renewal Period")."

I did ask them, how could I notify my intention 12 months prior if the contract is for twelve months. Her response was "Normally they send in their non renewal right away." However, that is technically not 12 months prior.

They have sent this to Collections agency now. Kindly advice how to proceed.

P.S. NuCO2 is based in Florida and I am in Arkansas.



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https://www.fatwallet.com/forums/finance/1514306/ Tue, 19 Jul 2016 21:59:00 -0500
<![CDATA[Margin loan for all-cash purchase of property?]]> https://www.fatwallet.com/forums/finance/1514066/

Rating: 0 Posted By: caproperty
Views: 1986 Replies: 26

Has anyone used a margin loan (e.g. Interactive Brokers or Morgan Stanley PLA) to purchase property all-cash? In a previous thread, I've been stockpiling intermediate term CA muni bond funds. I would like to use the money in my bond funds as collateral for the all-cash purchase then re-finance the property later.

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https://www.fatwallet.com/forums/finance/1514066/ Mon, 18 Jul 2016 18:46:04 -0500
<![CDATA[Protocol for accidental apartment damage?]]> https://www.fatwallet.com/forums/finance/1514047/

Rating: 0 Posted By: nic3456
Views: 1988 Replies: 15

just moved into a new apartment - and went to use the dryer for the first time. Hot air and lint start blowing from behind dryer and I see that vent is not connected to back. While pulling the dryer out the feet tore two holes in the vinyl. I didn't do anything odd while pulling it out But the dryer just had pegs on it instead of slides/wheels (fwiw washer has slides) - is that something typically I would be charged for? Maintenance man said he guessed it may cost me $300-$400 😡 It wouldn't have happened if there were slides on it, I guess that's what I get for trying to fix it myself. I talked to someone in the office but they didn't have any clue on what to do. anyone had a situation like this?
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https://www.fatwallet.com/forums/finance/1514047/ Mon, 18 Jul 2016 16:56:17 -0500
<![CDATA[What if I Die Without a Will?]]> https://www.fatwallet.com/forums/finance/1514007/

Rating: 1 Posted By: raceman73
Views: 2662 Replies: 27

I didn't know where else to post this at, so I thought I would post it here. Feel free to move if necessary.

If I were to die with no will, would it matter if my immediate family, such as mother/father/sister/brother, were still alive? Would they automatically get my assets or would they go straight to the state no matter what if I don't have a will?

Personal details: Current state: Georgia; single, no kids; nobody relying on me for support, no I don't have any sort of insurance because I feel I have enough in savings to cover any final expenses, and retirement funds.

My situation is pretty basic; no complicated stuff like kids or anything like that.

Thanks!!
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https://www.fatwallet.com/forums/finance/1514007/ Mon, 18 Jul 2016 14:06:32 -0500
<![CDATA[ACH Transfers - Who Has Use Of My Money?]]> https://www.fatwallet.com/forums/finance/1513977/

Rating: 6 Posted By: Ryan641
Views: 2967 Replies: 19

When making inter-bank ACH transfers, I have encountered float times as much as 5 days or more between the time the money is debited from my account at the sending bank and credited to my account at the receiving bank. That means I lose 5 days of the use of that money, and 5 days of the earnings on that money. Who is eating my lunch on these? The sending bank? The receiving bank? The Federal Reserve? Someone has use of my money without compensating me for it during that period... but I have no way of finding out who it is. Not nice.
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https://www.fatwallet.com/forums/finance/1513977/ Mon, 18 Jul 2016 11:56:51 -0500
<![CDATA[Highest Possible Investment Property LTV Available...]]> https://www.fatwallet.com/forums/finance/1513851/

Rating: 0 Posted By: swistie
Views: 1393 Replies: 7

Longtime student of FWF here...

Short Version:

A family member has a investment property that is paid for, with tenants in it. For an obscure reason (see long version) they need to get a mortgage with the highest possible LTV (95% would be great) and no prepayment penalty. Does anyone have suggestion of where to go for such a product? The home is located in California and we don't have access to USAA, Navy Federal etc.

Long Version:

A family member passed away, but before they did was in the process of changing their trust to exclude several people. Sadly they were unable to make the changes before they succumbed to brain cancer. My DW is the trustee (as the primary has formally refused the job). The piece of investment property was in the trust, and as it is currently written the income is to be divided among said people that were going to be excluded, before family member passed away. At the advice of an attorney, DW is going to get the largest mortgage possible on the investment property, giving the proceeds to the living spouse (whom refused the job as trustee) of the deceased family member, and the remainder from the sale (after paying off the brand new mortgage) will be divided according to the trust instructions. So ideally we'd like to find a way to get 95% financing with no prepayment penalty or as close as possible, to give all of the proceeds to the living spouse.

Suggestions of where to go for such a unicorn?

TIA
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https://www.fatwallet.com/forums/finance/1513851/ Sun, 17 Jul 2016 22:50:43 -0500
<![CDATA[Evictions and Credit Scores]]> https://www.fatwallet.com/forums/finance/1513819/

Rating: -1 Posted By: Gauss44
Views: 1953 Replies: 36

Looks like my new landlord might try to evict me. I was wondering whether my credit score will be ruined the moment he files for my eviction, or once the eviction is granted by the judge? If I were to find a place to move to and move out before the judge rules, could that save my credit? Worst case scenario, let's say the judge does rule against me and I get evicted, how long will that stay on my credit report in Massachusetts?
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https://www.fatwallet.com/forums/finance/1513819/ Sun, 17 Jul 2016 18:13:27 -0500
<![CDATA[Prepaid debit card for online-only use]]> https://www.fatwallet.com/forums/finance/1513816/

Rating: 0 Posted By: Delta223
Views: 1323 Replies: 4

Hi,

Can anyone recommend a good prepaid card that has convenient online reloading? A low monthly fee would also be nice. It will only be used for online purchases.
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https://www.fatwallet.com/forums/finance/1513816/ Sun, 17 Jul 2016 18:06:24 -0500
<![CDATA[Best credit card for traveling? Capitol One Cards]]> https://www.fatwallet.com/forums/finance/1513802/

Rating: -1 Posted By: firedapprentice
Views: 1269 Replies: 6

Hello,
​I am looking for a credit card to use exclusively for traveling. I specifically was looking for cards that have a 0% Foreign Transaction Fee and $0 Annual Fee. I was looking at the Capitol One Venture and Capitol One Quicksilver Cards. The Venture Card offers 1.25 "miles" for every dollar spent, while the Quicksilver card offers 1.5% cash back.Does anyone have a recommendation? I am stuck between the two cards. Thanks for any advice.
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https://www.fatwallet.com/forums/finance/1513802/ Sun, 17 Jul 2016 16:15:04 -0500
<![CDATA[Refinance mortgage - negative points and targeting a final bank?]]> https://www.fatwallet.com/forums/finance/1513779/

Rating: 0 Posted By: foglem
Views: 1298 Replies: 4

I'd really like to refinance my home this year while rates are pretty low and my principle is about 80% due to the markets changes in order to remove my PMI. I'll toss in whatever amount of cash is needed to achieve that, should be close right now. 30yr fixed, my current rate is 4.375% so anything should be better.

What I'm looking for is recommendations on mortgage companies to work with keeping in mind I'd like to have negative points (the bank pays for closing) and also I'd like to use a company that is known to sell mortgages to Chase so that I end up with them. (Being with Chase enables me to have all their premium accounts without monthly fees being required.) Granted I'm willing to go with others if it's a far better deal, it's just an advantage to be with Chase. And of course Chase directly only offers horrible rates, I've done this before and managed to go through a 3rd party for around .5% better than Chase would give me directly.

Any advise/recommendations?
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https://www.fatwallet.com/forums/finance/1513779/ Sun, 17 Jul 2016 13:27:45 -0500
<![CDATA[Single family rental home in TX - who pays to exterminate bedbugs?]]> https://www.fatwallet.com/forums/finance/1513740/

Rating: 0 Posted By: myuserium
Views: 1789 Replies: 16

Moved into a rented single family home in Dallas TX from out of state, two weeks ago. Couple of days later wife had itches and spots on the skin. Went to Doctor few days later, she said could be bedbugs. A houseguest this week also had similar skin irritation.

The lease says tenant must pay for any extermination, including bedbugs, unless otherwise required by law. How should I proceed? What is the law in Texas, regarding bedbugs?
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https://www.fatwallet.com/forums/finance/1513740/ Sun, 17 Jul 2016 09:25:20 -0500
<![CDATA[How much house can I afford?]]> https://www.fatwallet.com/forums/finance/1513652/

Rating: 0 Posted By: ltnawlins
Views: 2830 Replies: 44

First time home buyers here. My wife and I are 26 and make 110k gross. We about 1k in debt payments each month including student loans (grad school for wife) and car loans. We have been preapproved for 450k which is way more than we would ever consider. Is there a rule of thumb to try and stick to? We are in Nashville, TN and housing is still relatively affordable compared to other metros, but are sick of the increase in rent each year. We currently pay $1750.00 without issue.

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https://www.fatwallet.com/forums/finance/1513652/ Sat, 16 Jul 2016 21:04:19 -0500
<![CDATA[What would you do with $15K]]> https://www.fatwallet.com/forums/finance/1513641/

Rating: 1 Posted By: thePHX
Views: 5456 Replies: 75

Not new to personal finances, but relatively new to investing. I have $15K that is idling in a 0.75% interest rate bank account that we don't need right now.

What should we do with it? Here's some background to help.

  • Married, early 30s.No kids yet,soon on the way in the next year or so.
  • We already have a rainy day fund that has enough cash.
  • We have a healthy balance in our retirement accounts.
  • We have a mortgage (bought in 2013)30 year /4.75% interest rate (will probably move in the next 2 years)
  • We owe $10K on our car loan, which has an interest rate of 2.49%

Ideas:

  • Put it into our mutual funds.
  • Pay off the car and be consumerdebt free
  • One time payment toward our mortgage.

Any advice?
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https://www.fatwallet.com/forums/finance/1513641/ Sat, 16 Jul 2016 19:25:05 -0500
<![CDATA[Ridgewood Savimgs Bank 1.05% - local branch]]> https://www.fatwallet.com/forums/finance/1513635/

Rating: 0 Posted By: deeder
Views: 1493 Replies: 0

I got an email saying the bank plans to redo the website this summer which needs some work. I tried to do a next day transfer into the bank and it seems to be working now when I was given differing responses before and was even told it wouldn't work. So I am very happy overall with the bank and just moved more money in.

Apparently a new bank President and new trustees and employee promotions at the bank. And a chance of sharehokder returns if the bank hopefully turns into a shareholder owned bank. Bank is lucrative with around 7-8% profit margins as of the last reported year. New figures will be due out soon as per FDIC.

Beats the hell out of Goldman Sucks bank wih more potential for upside.
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https://www.fatwallet.com/forums/finance/1513635/ Sat, 16 Jul 2016 18:07:08 -0500
<![CDATA[Restaurant refuses Visa/Amex Gift Card AND requires photo ID with matching name for credit card]]> https://www.fatwallet.com/forums/finance/1513629/

Rating: 0 Posted By: DTASFAB
Views: 4031 Replies: 123

Violation of credit card merchant agreement? How big of a stink should I make?

If I go in there with nothing but a pre-loaded $500 Vanilla Visa card - no cash, no other cards, no ID, and eat, what are my options upon receiving the check?

I figure I can present them with 3 possibilities:

1) they run the Visa card, which I point out can be used as either credit or debit

2) they refuse the Visa card and let me go - I would make it clear that I'm not planning to return to pay and by not accepting the card before I leave, they're allowing me to eat for free

3) they call the cops, at which point I would explain that I offered a valid form of payment that was refused, show the Visa logo on the card to the cops, and let the cops decide what happens next
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https://www.fatwallet.com/forums/finance/1513629/ Sat, 16 Jul 2016 17:25:25 -0500
<![CDATA[ First National Bank of Omaha (FNBO) - no fee unsecured Line of Credit again]]> https://www.fatwallet.com/forums/finance/1513472/

Rating: 1 Posted By: JW10
Views: 1551 Replies: 2

First National Bank of Omaha (FNBO)
I was making a teller deposit today. The teller in doing his job noticed I had a closed line of credit. I voluntarily closed it a few years ago when First National Bank of Omaha started adding fees just to have the account.
Today the teller advised me they no longer have a fee just to have the unsecured line of credit attached to your checking account. We did not get into details, but I let him process an application.I have since verified a hard pull on Experianis standard.
Later, I called the CSR telephone number and verified this to be true because I could not find anything on line. The CSR was enthusiastic and supportive of the statements made by the teller when I repeated what I was told.
I will add some details when I get them.

Interest rate variable based on Wall Street Journal Prime Rate - currently about3.50%
plus add on based on credit rateing10.74% to 14.74%. FNBO adds slightly to that and then credits back for certain bankingrelationships such as checking or mortgage.

Credit Line varies on bank judgment, so YMMV. In my case, it was increased about 20% from where it was when I closed it due to a fee being tacked on in 2011.
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https://www.fatwallet.com/forums/finance/1513472/ Fri, 15 Jul 2016 18:35:09 -0500
<![CDATA[Vacant land liability insurance options?]]> https://www.fatwallet.com/forums/finance/1513456/

Rating: 0 Posted By: nic3456
Views: 1749 Replies: 16

Anyone have suggestions of insurance companies for liability on a vacant lot? I'm just needing something for about 30-60 days until I begin to build and switch to a building policy. My current insurance said their only option was to partner though lloyds of London and I would have prepay for a full year and they don't allow refunds until after 3 months. Plus I had to apply and they said it would take 48 hours to get a quote and approved for coverage.

Ideally I could apply for everything online even if it cost a few dollars more as I hate sitting on the phone for 30-45 min.
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https://www.fatwallet.com/forums/finance/1513456/ Fri, 15 Jul 2016 16:34:31 -0500
<![CDATA[Help Me with Talking Points Why "TSP Millionaire" Is Risky]]> https://www.fatwallet.com/forums/finance/1513414/

Rating: 0 Posted By: scottybweyy
Views: 2727 Replies: 29

I have a family member who subscribes ($100/yr) to this site, TSP Millionaire,along with other colleagues. Every 2 weeks, it basically tells you how to move your total allocations around the 5 retirement funds (G, F, C, S, I) they offer. I'm worried for his retirement as he is maybe 10 years away. The recommendations seem backed by minimal insight. It appears some of his advice would have netted good results in the past probably by chance. My family member is caught up with believing that past performance indicates future performance and is set on running with this guy's system.

Below is a past excerpt from the newsletter he sent me:
TSP Millionaire said:
June 24, 2016

TSP Millionaire recommends that you make an interfund transfer in your Thrift Savings Plan to distribute your account among the TSP Funds in the following percentages:

F Fund 100%

Great Britain just finalized its referendum vote last night to leave the European Union. As a result, world markets are dropping precipitously. Market trading hasn't opened yet in the U.S., but pre-market data indicates that the S&P 500 (which the C Fund generally tries to emulate) is down approximately 3.70% as of this writing. This is a huge overnight loss. But that is nothing compared to the MSCI EAFE Index Fund (which the I Fund approximately follows). It is down 8.94% in pre-market trading! As the F Fund tends to move counter to the C, S, and I Funds, we're going all in to hopefully take advantage of the moves traders will make to get into bonds (the F Fund follows a bond fund) as a safe haven from the volatility of stocks.

As of June 23, here are our results so far this year:




TSPM
System
G F C S I
5.51% 0.90% 4.32% 4.55% 4.39% 2.10%
LIncome L2020 L2030 L2040 L2050
1.78% 2.53% 3.09% 3.37% 3.56%



So what are your thoughts on this site? Is it a bad idea to pay for advice such as this? Thanks!
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https://www.fatwallet.com/forums/finance/1513414/ Fri, 15 Jul 2016 11:59:00 -0500
<![CDATA[Pay Raise or Additional Paid Time Off?]]> https://www.fatwallet.com/forums/finance/1513408/

Rating: 3 Posted By: raringvt
Views: 3095 Replies: 56

I had my annual raise meeting with my boss today. I received 3.5% and an additional week of paid time off (per year) with the option that if I didn't want the paid time off, I could opt for an additional raise equivalent to an extra week of pay. By my math, the additional week of pay + the 3.5% raise would come out to about 5.5%. I have 3 kids (twin 7 month olds & a 5 year old) & my wife stays at home with them for now. I greatly value my time with them, and work is burning me out some, so I'm leaning towards taking the PTO. On the other hand, I have 3 kids and a stay at home wife, so the extra cash would definitely help. I realize that if I forego the pay increase, I may also be losing out on future compounding pay increases, additional 401(k) matching funds, profit sharing, etc, but will also be avoiding FICA taxes and income taxes. Also, I'm considering what we would do with the extra week of PTO--probably another vacation, which costs $, or if we stay at home, we'd end up doing things that cost $.

What would you do & why?
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https://www.fatwallet.com/forums/finance/1513408/ Fri, 15 Jul 2016 11:22:57 -0500
<![CDATA[interest rate for rental security deposit]]> https://www.fatwallet.com/forums/finance/1513406/

Rating: 0 Posted By: VAIndigo
Views: 1615 Replies: 13

My tenant vacating after 26 months demanding interest on her 1.5k security deposit. I don't think virginia law requires me to pay the interest but i assume the interest would be negligible. Where do i get the interest rate that i should pay. Couldn't find on google.
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https://www.fatwallet.com/forums/finance/1513406/ Fri, 15 Jul 2016 11:13:17 -0500
<![CDATA[Golden State Bank will DOUBLE your money market rate]]> https://www.fatwallet.com/forums/finance/1513392/

Rating: 0 Posted By: Waffles
Views: 2198 Replies: 16

http://www.goldenstatebank.com/2459/mirror/files/GSBWebAd.pdf
website said: WELL DOUBLE YOUR RATE
Bring Us Your Most Recent Statement For An Existing Money Market Account From Another Banking Institution And We Will Double Your Interest Rate For A Minimum Of One Year

* Branch visit REQUIRED
* Min balance to earn rate is $10k
* Max balance $500k
* Statement must be from the last 3 months
* Offer expires Aug 31.
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https://www.fatwallet.com/forums/finance/1513392/ Fri, 15 Jul 2016 10:11:24 -0500