As I laid out the plans for dealing with a repossession company in my last post, what if you don't want the vehicle back but you still need a car? What can you do?
Simply, save up cash for a new one. Now that you don't have any car payments, the last thing you want to do is get another loan. What I suggest is finding a car for around a grand or two. Save up for it and pay cash.
The other thing you need to save up for is when the reposession company sells your other vehicle and the bank wants to get paid the difference. You can possibly settle with them, but you'll also need cash to do this as well.
Thursday, May 31, 2012
Tuesday, May 29, 2012
3 Ways to Deal with Vehicle Repossession
"My car got repo'd! What do I do now?"
Having a visit from the repo man is a dreaded and unsettling event. But, truthfully, not expected. You know you're behind on your vehicle payments, possibly 3-4 months, and that is what banks do when you cannot pay: they take them away.
There are essentially three ways to deal with the Repo Man:
First, refuse to let them take the vehicle. If they do not have the vehicle up on their hoist or somehow have physical control of it, it is always possible to stop them. The majority of these ways are illegal and I do not recommend it. Some will insist on giving you the keys to the vehicle. If you do not, they'll probably take the vehicle anyway and charge you an extra fee for it. Here's the bottom line: if you refuse to let them take it, they can have a judge order you to do so, which will up the trouble you are already in. This method I do not personally recommend at all. Keep in mind, a repo man (or woman) is just doing their job. They are not evil, and if you talk to them like a normal human being, they can be quite reasonable. They'll still take your vehicle, but you can work out a way to at least take some possessions out of the vehicle first.
Second, let them take it and do not try get it back. If you are unable to get caught up on payments and simply let the vehicle go, please be aware that when the repossession company sells your vehicle for a fraction of what is owed on it, the bank will come after you for the difference and try to collect. Many times you can settle this like you would any other bad debt, but you need the money up front in order to settle a debt. Otherwise, they can sue you and eventually garnish your wages.
Third, let them take it and work like hell to get it back. This method is not easy, but if you have the ability to pay the payments once the vehicle is back, go for it. But be warned: this is not easy and will require multiple phone calls and plenty of extra cash, as you'll soon find out.
From the moment the Repo Man takes it, you have roughly 14 days to get it back--if you so desire. How this generally works is this: the Repo Man takes it to wherever they are located and waits these 14 days (the time may vary from state to state, so be sure to check this out). If you're able to get the money together to get it back, you'll either have to wire it in to the bank or use Western Union. After repeated phone calls to the bank, in which time they'll hopefully confirm they have your money, they'll give you a number to the Reposession Company. This is NOT the Repo Man's place, but a "Middle Man." Typically, these people can act nicer (in my opinion) then the banks themselves, and can act more professional (i.e. not treat you like you're a piece of scum or a doggie turd). Once they receive confirmation (usually via fax) from the bank, they'll give you the number of the Repo Man.
When picking up your vehicle from the Repo Man, be sure to inquire as to how much money you'll need to get it back--this is on top of the money you've already given the bank! And, be sure to get cash, and exact change if possible.
**Please keep in mind, the advice given above is only my opinion, and your situation may be different so it would be advisable to seek legal counsel**
Having a visit from the repo man is a dreaded and unsettling event. But, truthfully, not expected. You know you're behind on your vehicle payments, possibly 3-4 months, and that is what banks do when you cannot pay: they take them away.
There are essentially three ways to deal with the Repo Man:
First, refuse to let them take the vehicle. If they do not have the vehicle up on their hoist or somehow have physical control of it, it is always possible to stop them. The majority of these ways are illegal and I do not recommend it. Some will insist on giving you the keys to the vehicle. If you do not, they'll probably take the vehicle anyway and charge you an extra fee for it. Here's the bottom line: if you refuse to let them take it, they can have a judge order you to do so, which will up the trouble you are already in. This method I do not personally recommend at all. Keep in mind, a repo man (or woman) is just doing their job. They are not evil, and if you talk to them like a normal human being, they can be quite reasonable. They'll still take your vehicle, but you can work out a way to at least take some possessions out of the vehicle first.
Second, let them take it and do not try get it back. If you are unable to get caught up on payments and simply let the vehicle go, please be aware that when the repossession company sells your vehicle for a fraction of what is owed on it, the bank will come after you for the difference and try to collect. Many times you can settle this like you would any other bad debt, but you need the money up front in order to settle a debt. Otherwise, they can sue you and eventually garnish your wages.
Third, let them take it and work like hell to get it back. This method is not easy, but if you have the ability to pay the payments once the vehicle is back, go for it. But be warned: this is not easy and will require multiple phone calls and plenty of extra cash, as you'll soon find out.
From the moment the Repo Man takes it, you have roughly 14 days to get it back--if you so desire. How this generally works is this: the Repo Man takes it to wherever they are located and waits these 14 days (the time may vary from state to state, so be sure to check this out). If you're able to get the money together to get it back, you'll either have to wire it in to the bank or use Western Union. After repeated phone calls to the bank, in which time they'll hopefully confirm they have your money, they'll give you a number to the Reposession Company. This is NOT the Repo Man's place, but a "Middle Man." Typically, these people can act nicer (in my opinion) then the banks themselves, and can act more professional (i.e. not treat you like you're a piece of scum or a doggie turd). Once they receive confirmation (usually via fax) from the bank, they'll give you the number of the Repo Man.
When picking up your vehicle from the Repo Man, be sure to inquire as to how much money you'll need to get it back--this is on top of the money you've already given the bank! And, be sure to get cash, and exact change if possible.
**Please keep in mind, the advice given above is only my opinion, and your situation may be different so it would be advisable to seek legal counsel**
Friday, May 25, 2012
About.com's Frugal Living
One site to check out for living a frugal life is About.com's Frugal Living.
A young lady named Erin Huffstetler is in charge of the blog, and she offers weekly tips on a variety of topics centered around living a frugal life and saving money. She shows areas where you can cut costs, get bargains for food, etc., and even do-it-yourself topics.
A young lady named Erin Huffstetler is in charge of the blog, and she offers weekly tips on a variety of topics centered around living a frugal life and saving money. She shows areas where you can cut costs, get bargains for food, etc., and even do-it-yourself topics.
Wednesday, May 23, 2012
Verizon Droid X2 - problems in initial programming and activation
Recently, I upgraded up LG flip-phone for a Droid X2. However, I ran into a problem right away with the activation. Whenever it would try to activate, it sounded like someone was pressing the "1" key over and over and over and over again. It was quite annoying, which resulted in my not being able to activate it.
When I went online, I found many people had similar problems. Here's one such video I found:
I even tried pressing the dialer and pressing *228. No such luck.
The solution: call Verizon at 1-800-922-0204. I found the lady at the call center over-the-top helpful and she got my phone activated without problems. Oh, by the way, you'll have to call from another phone into of your new Droid. She'll more than likely ask you to power it down and then back up--and I'm not really sure how you can do that while talking to her. So, bottom line, call from a land line or another cell phone.
When I went online, I found many people had similar problems. Here's one such video I found:
I even tried pressing the dialer and pressing *228. No such luck.
The solution: call Verizon at 1-800-922-0204. I found the lady at the call center over-the-top helpful and she got my phone activated without problems. Oh, by the way, you'll have to call from another phone into of your new Droid. She'll more than likely ask you to power it down and then back up--and I'm not really sure how you can do that while talking to her. So, bottom line, call from a land line or another cell phone.
Tuesday, May 22, 2012
Temporarily cutting back
As you may have known, I've been regularily posting every weekday for the past few months. Since the publication of my ebook, I've been working back on my thriller novel--for updates on this, please see my other blog Views From The Outhouse.
I have been ramping up on my thriller so much that I've found that I'm not doing this blog justice by posting everyday. I will be temporarily cutting back to 2-3 days a week, unless I feel compelled to delve into a topic that I just need to get out.
If you wish to help with this, and know of any topics you'd like me to cover here, please let me know by commenting below or e-mailing me at phazerpub@yahoo.com
I have been ramping up on my thriller so much that I've found that I'm not doing this blog justice by posting everyday. I will be temporarily cutting back to 2-3 days a week, unless I feel compelled to delve into a topic that I just need to get out.
If you wish to help with this, and know of any topics you'd like me to cover here, please let me know by commenting below or e-mailing me at phazerpub@yahoo.com
Monday, May 21, 2012
An easy way to pay for your child's sports
Having grown up in a town where hockey is the predominant winter sport, there are tales of parents taking out loans at the beginning of the season just to pay for all of the equipment, fees, traveling, etc. This isn't exclusively with hockey--although, I must confess, my son played hockey for many years and even though it's not in the same town as where I grew up, it's still expensive. This can be for any of your child's activities.
What I suggest for those out there fighting this battle is this: start a sports fund.
The concept is simple. Figure out what you'll need for the entire season (or even for the entire year) and split that total up by 12. If you really want to get crazy, you could divide it by 26 if you get paid every two weeks, but going by a monthly budget, this works the best.
For example, let's say you figure out that all sports will cost around $2,000.
$2,000 / 12 months = $166.67 a month.
Okay, but what if your total sports costs around $5,000?
$5,000 / 12 months - $416.67 a month.
What I suggest for those out there fighting this battle is this: start a sports fund.
The concept is simple. Figure out what you'll need for the entire season (or even for the entire year) and split that total up by 12. If you really want to get crazy, you could divide it by 26 if you get paid every two weeks, but going by a monthly budget, this works the best.
For example, let's say you figure out that all sports will cost around $2,000.
$2,000 / 12 months = $166.67 a month.
Okay, but what if your total sports costs around $5,000?
$5,000 / 12 months - $416.67 a month.
Friday, May 18, 2012
The importance of an emergency fund
The other day I was at the grocery store and I overheard the cashier talking with the stock boy bagging up my groceries. She said that they're been without water in their house for three days (not sure why, as she didn't say and I--a complete stranger--didn't want to seem like a nosy prick).
The cashier went on to say that the plumbing company completely tore up their yard and their parents had to take out a $10,000 loan to pay for it.
Then a thought struck me: if they had an emergency fund, they wouldn't have to go into debt to pay for it.
This truly was an emergency, and it shows one small example of why it is important to have an emergency fund.
The cashier went on to say that the plumbing company completely tore up their yard and their parents had to take out a $10,000 loan to pay for it.
Then a thought struck me: if they had an emergency fund, they wouldn't have to go into debt to pay for it.
This truly was an emergency, and it shows one small example of why it is important to have an emergency fund.
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