SRS Trying to help a friend with financial advice...input?

Discussion in 'On Topic' started by blackgrrl23, Oct 23, 2007.

  1. blackgrrl23

    blackgrrl23 If the game ain't money, then I ain't playing.

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    and before anyone asks, this is NOT about me I pay my rent online :hsd:

    :ugh2:She is 5 years older than me but not that much wiser money-wise :coolugh:

    Against my advice not to about 3 months ago, she took out 2 payday loans for $500 each to pay for her late car note. Well now her car is on time but since the loans automatically hit her paycheck every payday before she even gets it, she didnt have money to pay last months or this months rent. Plus several other checks bounced as she saw the ATM balance was X but didn't account for the checks she wrote for Y and Z :hsugh:

    So as of right now, she did manage to get the payday loans paid off and all the bounced check fees, but she still owes 2 months rent (September and October and November is right around the corner).

    She did have a unlawful detainer court date yesterday and didn't go :duh: so the complex got the default judgement for September ($1400 including late fees/court costs/etc). There probably will be a court date soon for October's rent as well ($1050+whatever late fees).

    Now she told me she will have the money to pay september and October....but not until November 5th(paid once monthly :ugh2:). Her last check October 5th was eaten up in bank fees, paying the utilities, etc. This means November and December wont be paid until December 5th :eek4:

    I told her just send a certified letter to the leasing office NOW before they press for eviction, explain the situation, and try to come up with November and december's rent by selling off stuff on ebay and/or picking up an extra job ASAP.

    I also told her once she does get a court date for October being late (which probably wont be until AFTER the 5th when she hopefully paid it) SHOW UP and explain the situation to the judge and bring the reciept from the letter to management showing she asked for an extension and hope the judge is leinent and in the meantime think about applying to the new apartment while she can and her credit is decent(but don't sign the lease until court is over and she knows if she can stay/has to go)...


    She is saying if they won't take the late rent she minus whale "jump ship" like NOW and move into a new apartment while she can and deal with the old one later (only 4 months left on lease)....she planned on moving out anyway :sad2:

    SHe found another complex that has 1st months rent free so if she did "roll out" she would only pay $200 right now to move into the new place and dedicate her November paycheck to pay off the old complex.

    AS far as I know, she has no credit cards or no credit really :mamoru: ALl she has is a simple checking account/check card and pays everything cash...so I doubt she could get a loan from a bank or anything :noes: All she has that is positive (well now anyways) is her car....(at eastern motors your job's your credit :mamoru:)

    Any other advice I can give her? I don't want to see her credit getting royally flucked...the complex got the judgement already so :hsughno: Plus I'd hate to see her and her 2 kids kicked out right before Christmas :wtc:


    EDIT: she got a 3 day pay or quit and was served properly (summons taped to door) so she can't argue that point. No complaints about her from the leasing office she has been a good tenant up to this point :hsugh:
     
    Last edited: Oct 23, 2007
  2. Darketernal

    Darketernal Watch: Aria The Origination =)

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    Its a big problem, if she didn't listen to you before, why would she listen to you now? You know i know a friend of a friend, that guy would constantly get good if not great advice do this do that, but it was like flipping a coin into a bottomless pitt. So the first thing that you've got to do is convince her that she has to listen to you.

    The car loan was just rediculous, she's just filling one gap, by creating another hole. There's no progression in that. But in a desperate situation like hers its very understandable. She needs REAL cash, work extra hours ,but again that main question comes up

    'is she willing to listen to you, is she willing to work extra?'

    Paying off the debts isn't just a question of giving cash, its the structure that's behind it that's important, the way in how she spends money, and the way how money is going in, and the way how that money is managed.

    Going to a cheaper apartment is definitly a viable option, in fact i think you gave her exellent advice. She's got to fill the hole with real cash, but again is she powerfull enough to push these changes thru into her life?
     
  3. registeredPORK

    registeredPORK Happy Poo Poo

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    She needs to sit down and seriously, write out all the things that will be payed for by her check. Afterwards, tell her to look over it and see what she doesn't really need and cross it out so money isn't going towards that. Other simple solutions could be that for food, she could get the cheaper brands instead of the name brand stuff.

    She needs a financial plan and she should follow through with it.

    GL.
     
  4. blackgrrl23

    blackgrrl23 If the game ain't money, then I ain't playing.

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    The problem is, even if she does manage to catch up on rent, she will still have to let other bills fall by the wayside and that could kill her credit. SHe asked me for a loan but I politely declined....if she cant pay even her rent, how can she pay me back? :hs:

    I will sit with her this weekend and do a budget and see where she can trim the fat.

    I am just worried about the apartment....should she bail now and get the cheaper place and worry about the old later or stay put and try to keep it? Which would help her better? :noes:
     
    Last edited: Oct 24, 2007
  5. verdiocchi

    verdiocchi Oh snap!

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    She needs to take out a bank loan to pay off all the other bills and then concentrate on that.
     
  6. blackgrrl23

    blackgrrl23 If the game ain't money, then I ain't playing.

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    If only it were that simple :sadwavey: She has sorry credit. I guess I should tell her bail while she can? :hsughno:
     
  7. registeredPORK

    registeredPORK Happy Poo Poo

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    If she can pay everything else off when she goes into her new living arrangement (the one that's free rent for a month), then she should do that instead of sticking it out. Then again, she'll be breaking the contract since she still has four months on the lease.
     
  8. Midgetized

    Midgetized Don't mess with Douche Cat

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    I'm not understanding how her moving to a new place would solve anything. Then she would owe rent on 2 places instead of 1.
     
  9. blackgrrl23

    blackgrrl23 If the game ain't money, then I ain't playing.

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    Yes, but at least she would have a place to go vs. being evicted and having no where to go :hsughno:
     
  10. registeredPORK

    registeredPORK Happy Poo Poo

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    Say, if the lease allowed her to get a sublease--basically someone replacing her in her current apartment--then she would be able to move into the new apartment with 1 month of free rent.

    With that 1 month of free rent, she can focus on paying the other bills with her paycheck.
     
  11. blackgrrl23

    blackgrrl23 If the game ain't money, then I ain't playing.

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    she asked and she would have to get current before she could do that.:o
     
  12. registeredPORK

    registeredPORK Happy Poo Poo

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    She's only missing a month's rent, right?
     
  13. blackgrrl23

    blackgrrl23 If the game ain't money, then I ain't playing.

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    2 really inculuding october :eek3:

    ok so I got word from her right now that the lawyers already got the writ of possession filed with the courthouse and the sheriff will be along to serve her with eviction papers in the upcoming week. :wtc: so unless she pays sept, oct. AND november by next monday the sheriff will be along to kick her out :noes: that is not happening per her, she only has maybe 1.5 months of rent to give at best :hsugh: I told her either apply elsewhere TODAY and hope she gets approved and go ahead and move into that situation or call mommy and go home until she can get it all paid up :sadwavey:

    I just wonder if they will bill her for the entire lease period or just the past due amount (she is in alexandria va)....
     
  14. registeredPORK

    registeredPORK Happy Poo Poo

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    She should call her mom, explain to her the situation, live with her mother for about 6 months AT LEAST ... a year at max to help her save up money and it'll allow her to pay her past due bills with her current land lord right now.

    If the land lord is a douche, he'll probably have her pay his attorney fees and court expenses and because he won, she'll more than likely have to pay that too.

    I'd say tell her to move back in with her Mom and although it might not be her ideal living arrangement, it's the best way that she'll be able to save enough money to 1) Pay all her past due bills, 2) Save money for an apartment, 3) Save money for "in-case emergencies"
     
  15. blackgrrl23

    blackgrrl23 If the game ain't money, then I ain't playing.

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    she is packing for her mom's right now :bowdown: Got the eviction notice on the door but the landlord said as long as she pays the balance within 6 months she will only report it as a*paid* unlawful detainer judgement not an eviction so that is better than nothing :mamoru: At least she has a shot (once she settles this) at getting another apartment....:bigthumb:


    I told her to save at least 3 months living expenses in a seperate account called the "oh shit" account should an emergency pops up again, she lose her job, or something like that so this wont happen again :)squint:)+ 3 months rent (we calculated she can afford up to 1000 a month in rent) before she tries to go anywhere and said "wouldn't you rather spend next summer chilling by the pool at your new apartment complex with your kids rather than in your moms stuffy old house with no central air?" I think that got her more than motivated to work a 2nd job and do better for herself :bowdown:

    Thanks all for the advice, you are all on point as usual :bowdown:
     
  16. registeredPORK

    registeredPORK Happy Poo Poo

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    Well, let's see how it goes though. It's still way too early to tell if she's going to fall through with all of that.

    Hopefully she learned her lesson and saves up enough money by next spring.
     
  17. KatWoman

    KatWoman •••••••••••

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    Why are you calling the landlord a douche? She signed an agreement that she would pay rent on time and for a certain time period (the lease time). She fell behind on her payments and essentially breached her contract with him, thus he needed to go through the legal avenues to boot her out, so he can make room for a paying tenant to fill in the space. If he had to go through the cost and inconvenience of legal action, why shouldn't he charge her for atty fees and costs? Sorry but business is business, and it sounds like she went against the advice of her friend and continued down her path of financial destruction and this is the end result. It sounds like someone has a bad case of living beyond their means. If it was you or I that was owed money, you bet your butt we'd want our money plus reimbursement for the fees we spent to get it.

    Yes, I realize there are scumbag landlords out there, but if you sign an agreement that you will make monthly payments, then you are bound to that contract.

    If she were paying a mortgage on a house and went into foreclosure, this would be an even bigger headache. Thank God this is just an apartment :eek5:
     

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