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I just rage quit my bank after 15 years and went to the credit union across the street (DISCUSS: banks vs credit unions)
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2019-01-05 at 3:10 AM UTC
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2019-01-05 at 3:11 AM UTCToo much ..didn’t read
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2019-01-05 at 3:11 AM UTCBut careThe following users say it would be alright if the author of this post didn't die in a fire!
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2019-01-05 at 3:12 AM UTC
Originally posted by Ughhu Another thing I’ve heard is once a lender sends your debt to collections it’s dead to them. The collection company owns it. As long as you never consent to the debt being yours either phone/email/ etc then if they haven’t gotten you to pay in 7 yrs the debt is dissolved. Same amount of time as bankruptcy. Credits already fucked so why pay off something you don’t need too
That is true that after like 7 years I think (almost certain but have no sources to back it up) TransUnion and Equifax stop reporting it.
Some other things I've learned about collections agencies:
1. You can often negotiate with them. Collections agencies are basically organizations that bid on unresolved debts because their whole revenue stream is collecting on bad debts. It's why they often resort to sometimes very desperate tactics, such as threatening legal action (I've never known anyone who has actually ended up in court, let alone jail or with any fines, for ignoring those legal threats).
2. Then, they auction off the debts they can't settle to YET OTHER collections agencies. This can actually be incredibly burdensome if one of the original agencies sells the debt and doesn't bother updating the credit bureaus.
I actually ran into that particular problem recently...
I had two debts for an IDENTICAL amount on my credit report.
After digging a little deeper, it turned out it was the same debt, but two different agencies were reporting it.
That was part of the delay in getting a personal consolidation loan. -
2019-01-05 at 3:22 AM UTC
Originally posted by Ughhu As long as you never consent to the debt being yours either phone/email/ etc then if they haven’t gotten you to pay in 7 yrs the debt is dissolved. Same amount of time as bankruptcy.
Sure maybe but then you’re gonna have a hard time doing anything like buying a car, house, or renting an apartment for the same amount of time. -
2019-01-05 at 3:25 AM UTC
Originally posted by ohfralala Sure maybe but then you’re gonna have a hard time doing anything like buying a car, house, or renting an apartment for the same amount of time.
Unethical Life Pro Tip:
1. Commit a crime that will profit you highly.
2. Hide the money (bonus points if you put it in a high-yield savings account off shore in a fake name).
3.???Do your time (make sure it'll only be 7 years).
4. Profit. -
2019-01-05 at 3:32 AM UTCNo no no I’ll end up completely butch if I go into the system and I need to retain what little femininity I have.
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2019-01-05 at 3:38 AM UTC
Originally posted by ohfralala No no no I’ll end up completely butch if I go into the system and I need to retain what little femininity I have.
Well, I got to thinking about my initial suggestion and realized that, if you have the resources to set up an off-shore bank account under a false identity, you could just do the following...
Even-less-ethical Life Pro Tip:
1. Create several identities for yourself (costumes, wigs, and makeup; practiced fake accents; state-of-the-art false identification; etc).
2. Walk into at least one branch (probably safer to do no more than one) for each financial institution in the city.
3. Build up credit.
4. Keep borrowing.
5. Cash out.
6.???Move to another city and repeat.
7. Profit. -
2019-01-05 at 3:42 AM UTCYes that’s much more my style. I’m into theatrics.The following users say it would be alright if the author of this post didn't die in a fire!
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2019-01-05 at 3:43 AM UTCBefore Wachovia went under and was bought out by Wells Fargo, I LOVED that bank. I never really had any overdrafts to name, save for one time I'd deposited a check that was supposed to have cleared like 2 days before (paycheck), and for some reason or another it hadn't cleared in my account yet, and me thinking it had, I over drafted. My fault, I shoulda checked my balance first, but I didn't as paychecks usually were available the next day if deposited. One of my close friend's sister worked there though, and she was so sweet and always fixed shit like that for me. I think back then it was a $25 overdraft fee.
Bank of America is horrible. They fucking charge money to cash their own checks which is fucked up, and they charged me like $25 for a $200 check, wtf! (This was circa 2009-2010)
I can't recall the name of the bank I was with last, but my ex begged to open an account together (FUCKING NEVER DO THIS WITH YOUR SPOUSE, THERE'S LITERALLY NO GOOD REASON! Learn from my mistakes, kids!) and then he got a payday loan... Fuckers tried to cash the check something like 35 times. They charged their $35 bounced check fee EACH TIME! I'm like WTF, okay, I get I should pay a bounced check fee, but 35 TIMES?!?! When it's $35 EACH TIME?!?! I thought you could try and cash a check ONCE, and when it doesn't clear, it's voided. Fuck no... I begged my ex to not get that payday loan, and then the stupid fucker lost his fucking job for being a lazy nigger faggot... and that folks is why I don't have a bank account anymore. Never before, even when I was a stupid teenager had I fucked up a bank account (shoulda know better since that nigger had.. but it was always someone else's fault...), but as soon as I had one with an asshole nigger, that's what happened... I don't think the account was open a year before he toasted it... and the first time, I told him NOT to get a payday loan, I thought he actually listened to me, and I found out later he went against what I'd said... God, I'm so glad that fuck is out of my life. Sure, I might have an infection in my bone, I might have a clotting disorder, and blood clots in my legs, but he was worse than all this, I'll tell ya...The following users say it would be alright if the author of this post didn't die in a fire! -
2019-01-05 at 3:52 AM UTC
Originally posted by hydromorphone Before Wachovia went under and was bought out by Wells Fargo, I LOVED that bank. I never really had any overdrafts to name, save for one time I'd deposited a check that was supposed to have cleared like 2 days before (paycheck), and for some reason or another it hadn't cleared in my account yet, and me thinking it had, I over drafted. My fault, I shoulda checked my balance first, but I didn't as paychecks usually were available the next day if deposited. One of my close friend's sister worked there though, and she was so sweet and always fixed shit like that for me. I think back then it was a $25 overdraft fee.
Bank of America is horrible. They fucking charge money to cash their own checks which is fucked up, and they charged me like $25 for a $200 check, wtf! (This was circa 2009-2010)
I can't recall the name of the bank I was with last, but my ex begged to open an account together (FUCKING NEVER DO THIS WITH YOUR SPOUSE, THERE'S LITERALLY NO GOOD REASON! Learn from my mistakes, kids!) and then he got a payday loan… Fuckers tried to cash the check something like 35 times. They charged their $35 bounced check fee EACH TIME! I'm like WTF, okay, I get I should pay a bounced check fee, but 35 TIMES?!?! When it's $35 EACH TIME?!?! I thought you could try and cash a check ONCE, and when it doesn't clear, it's voided. Fuck no… I begged my ex to not get that payday loan, and then the stupid fucker lost his fucking job for being a lazy nigger faggot… and that folks is why I don't have a bank account anymore. Never before, even when I was a stupid teenager had I fucked up a bank account (shoulda know better since that nigger had.. but it was always someone else's fault…), but as soon as I had one with an asshole nigger, that's what happened… I don't think the account was open a year before he toasted it… and the first time, I told him NOT to get a payday loan, I thought he actually listened to me, and I found out later he went against what I'd said… God, I'm so glad that fuck is out of my life. Sure, I might have an infection in my bone, I might have a clotting disorder, and blood clots in my legs, but he was worse than all this, I'll tell ya…
Payday lenders are truly predatory and should be illegal.The following users say it would be alright if the author of this post didn't die in a fire! -
2019-01-05 at 4:27 AM UTC
Originally posted by hydromorphone I can't recall the name of the bank I was with last, but my ex begged to open an account together (FUCKING NEVER DO THIS WITH YOUR SPOUSE, THERE'S LITERALLY NO GOOD REASON! Learn from my mistakes, kids!)
I have yet to see a situation where this isn't solid advice.
Well, I guess there is the occasional couple whose relationship defies all odds and stands the test of time.
But the odds of that are not worth betting on.
The following users say it would be alright if the author of this post didn't die in a fire! -
2019-01-05 at 4:30 AM UTC
Originally posted by Ajax Payday lenders are truly predatory and should be illegal.
Holy fuck, another topsy turvy scenario in this same thread...
See, I have taken payday loans, and I have never blamed them.
To put things into perspective, I will gladly take a payday loan to cover my end-of-the-month bills if I'm a bit short.
I mean, it's like escaping from the piranha tank only to find yourself swimming in a shark tank (for the sake of my analogy, sharks are slightly less bad than piranhas).
At least when you get a payday loan, you know you're going to be paying ridiculously high interest rates.
But you don't really factor in $48 NSF fees on $200 bills when you're budgeting / planning your finances.
Payday loans are exorbitant, but they don't reach that level. -
2019-01-05 at 4:33 AM UTCDon’t payday loans have like 400% interest rates though?
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2019-01-05 at 4:34 AM UTCSo payday loans typically charge something like several hundred percent ANNUALLY.
I was less than 24 hours late in securing the funds for my automatic withdrawal, and was charged 50% FLAT.
I can't even imagine calculating the equivalent PER ANNUM rate... -
2019-01-05 at 4:35 AM UTC
Originally posted by gadzooks Holy fuck, another topsy turvy scenario in this same thread…
See, I have taken payday loans, and I have never blamed them.
To put things into perspective, I will gladly take a payday loan to cover my end-of-the-month bills if I'm a bit short.
I mean, it's like escaping from the piranha tank only to find yourself swimming in a shark tank (for the sake of my analogy, sharks are slightly less bad than piranhas).
At least when you get a payday loan, you know you're going to be paying ridiculously high interest rates.
But you don't really factor in $48 NSF fees on $200 bills when you're budgeting / planning your finances.
Payday loans are exorbitant, but they don't reach that level.
Why didn’t you get a payday loan then instead of overdrawing your account? -
2019-01-05 at 4:45 AM UTC
Originally posted by gadzooks So payday loans typically charge something like several hundred percent ANNUALLY.
I was less than 24 hours late in securing the funds for my automatic withdrawal, and was charged 50% FLAT.
I can't even imagine calculating the equivalent PER ANNUM rate…
I needed a notary once and ended up at a cash advance near my work. I was reading the signs while waiting and got depressed doing the math but convinced myself I was just reading it wrong and that there was no way 400% was correct. -
2019-01-05 at 4:53 AM UTCSo, a payday loan that you pay back in two weeks incurs 14 days out of the year worth of interest, thus costing you ~3% interest on what you borrowed (assuming 400%).
I was charged $50 dollars for a debt (of only $200) that lasted 12 hours.
That's 0.5 days out of a calendar year of 365 days.
Interest is calculated via the following formula:
I = P * r * t.
P is the principal (200).
r is the interest rate (unknown).
t is the time period elapsed (12 hours == 0.5 days == 0.017 months).
We know I in this case, it's $48.
Thus, if we algebraically rearrange the above formula, we get...
r = (1/t) * ( (P+I) /P - 1) = (1/0.017) * ( (P+I) /P - 1) = 1,6941.2%/year. -
2019-01-05 at 4:55 AM UTC
Originally posted by Ajax Why didn’t you get a payday loan then instead of overdrawing your account?
Actually, one of those expenses was a payday loan.
I went in to pay it as soon as my paycheck came in, but I was too little too late... according to their records, since the check had not yet cleared, I was stuck in limbo. -
2019-01-05 at 4:57 AM UTC
Originally posted by gadzooks So, a payday loan that you pay back in two weeks incurs 14 days out of the year worth of interest, thus costing you ~3% interest on what you borrowed (assuming 400%).
I was charged $50 dollars for a debt (of only $200) that lasted 12 hours.
That's 0.5 days out of a calendar year of 365 days.
Interest is calculated via the following formula:
I = P * r * t.
P is the principal (200).
r is the interest rate (unknown).
t is the time period elapsed (12 hours == 0.5 days == 0.017 months).
We know I in this case, it's $48.
Thus, if we algebraically rearrange the above formula, we get…
r = (1/t) * ( (P+I) /P - 1) = (1/0.017) * ( (P+I) /P - 1) = 1,6941.2%/year.
I so could have fucked this up because I'm a bit tipsy at this point.
Nobody ridicule me too harshly if I fucked something up in there.
