Hey y’all, I’m pre-approved for a personal loan

[Beau Vine 55859]

1 hour ago, Llano Estacado said:

 

That’s exactly what JG Wentworth preys on though.

They find someone with an insured annuity or a structured payments from divorce, bankruptcy, lawsuits, etc. then pays the recipient a lump sum worth a fraction of the total value to assume the annuity.

Guy with bad credit and poor financial sense has $100,000 for a motorhome or Harley in retirement and JG Wentworth takes over that pesky mailbox money coming in at 1k/month for the next 20 years. (No idea how bad they screw clients to process claims or for the time value of money)

 

`Oh, yeah, that's selling an annuity.  That's usually a huge ripoff.  It's why state lotteries now have lump sum options.  

My dad bought an annuity at retirement.  

[MissingInAction 25554]

No way, but paying all that shit off put me behind in other ways financially.

[futureman 22691]

20 hours ago, GhostOfTomJoad said:

A beer drinking buddy of mine tells the story of a friend of his in DFW who was told by his doctors in the early '00s that he had a terminal condition & that he basically had 6-12 months to get his affairs in order. Dude was in his early 50s, smoked like a chimney & had been a functioning alcoholic most of his adult life. So he said "fuck it," quit his good job at IBM, cashed in his 401k, liquidated everything AND maxed out his credit cards traveling the world on a year long bender.

Except he didn't die.

He still hasn't died. Whatever condition he has/had hasn't killed him yet. He didn't blow through all of his savings, but put himself in a massive hole that he'll never crawl out of. I've seen the dude a few times, most recently just before baseball season began. My buddy and him have a tradition of going to the Rangers' opening day game every year. He looks like an old catcher's mitt. And he's still a total lush that jokes he "miscalculated."

that’s awesome.  

[futureman 22691]

son of a 

Edited April 10, 2019 by futureman
dp bullshit is terrible

[SimonBolivar 11062]

21 hours ago, ImissWallyPryor said:

Payday Lenders have more scruples than banks. Banks hold NSF checks as a “service” to their customers until they make their next deposit, only they charge a $35 fee per check. If some poor schmuck has 3 NSF checks totaling a few hundred bucks instead of getting a Payday Loan, they are paying more than 184.36% on that “loan” from their friendly banker. 

We charge $28 a pop for ODP (which sadly is low) and I have people that live in the red for 5 or 6 overdraft charges per month. I just looked up one of them off the top of my head and we charged her $1,008 in overdraft charges in 2018 with another $255.00 in interest on a $2,500 signature note and $735 in interest on a car note sitting around 12%. Single mom on a fixed income.

 

This retired couple had $1,232.00 in overdraft charges for him and $1,652 for her in 2018. They would've had some 18% loans too but I had to decline them due to bankruptcy issues in the past. 

 

These are normal broke ass Americans that still use "the system". I can't imagine what some people pay in fees to those payday advance places...well I take that back. They'll make 2 or 3 $100 payments then they'll come to me to place a $28 stop payment and let it go delinquent. 

[ImissWallyPryor 9046]

And I was executor for an estate of a family member who had over $30,000 in credit card debt and $35,000 sitting in a bank account. She had been paying $600 a month in interest alone on those high interest cards for YEARS while earning next-to-nothing on her bank balance. She was a professor (not of Finance lulz), so she wasn’t exactly stupid.

[Okie State 3889]

We charge $28 a pop for ODP (which sadly is low) and I have people that live in the red for 5 or 6 overdraft charges per month. I just looked up one of them off the top of my head and we charged her $1,008 in overdraft charges in 2018 with another $255.00 in interest on a $2,500 signature note and $735 in interest on a car note sitting around 12%. Single mom on a fixed income.
 
This retired couple had $1,232.00 in overdraft charges for him and $1,652 for her in 2018. They would've had some 18% loans too but I had to decline them due to bankruptcy issues in the past. 
 
These are normal broke ass Americans that still use "the system". I can't imagine what some people pay in fees to those payday advance places...well I take that back. They'll make 2 or 3 $100 payments then they'll come to me to place a $28 stop payment and let it go delinquent. 

Sounds like one of my family members. After they passed away, I saw how much they had been paying in interest and fees on things. Mind bottling.