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Discussion in 'Credit Talk' started by kenny, Feb 22, 2001.
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Look for a job tomorrow.
You need to call your creditors at once.
1. Call the company that holds your car loan and see if you have any options available to you.
2. Call your landlord and see if they can work out a pay plan with you.
3. Call your student loan lender and see if you can qualify for a hardship deferment.
4. Most credit card companies offer a hardship program that you may be qualified for.
You need to be honest and candid with them about your situation.
I hope this helps. Good luck and I hope you find a new and better job soon.
I agree - most creditors will work with you in a situation like this as long as you communicate with them. Many car finance companies will give you 1-3 month extensions. Ford Credit did that for me a few times. Luckily, your student loans can most likely be deferred. Call your loan servicer to get the paperwork.
Can you continue to make the minimum payments on your credit cards? You may not want to alert them to the situation just yet because they may suspend your ability to charge in order to prevent you from racking up large balances if they find out you have no job. Are you eligible for unemployment benefits? Good luck.
call your creditors like Kate said.
agreed. dont tell the credit card people. just start paying minimal payment only for a few months until you get back on your feet. YOu also may want to apply for a new credit card to cover some of your daily expenses if you are low on cash but have reasonable good credit for a while. BTW: That is what I would do, if I was low on available credit. I wouldnot put down being unemployed though.
You could work the street corner for $5 per lay that will help some.
RE: hmm no
1. invoke credit protection on the cards you have it on.
2. get SSN
3. hit monster.com
RE: hmm no
Thanks guys for the advice, oh and extra thanks to LKH. Hopefully something will come through quickly.
Kenny - it wasn't LKH that pos
It was Bobby/Eddie/John/sue etc. Good luck.
do anybody see crackers!!!1
step 1: Have your resume posted on each and every site you know of... monster.com, headhunter.net, dice.com, careerbuilder.com...there are lots of them out there...
step 2: pay only minimum on your cards, if you have balances. If you don't and you're pretty sure you can get a job fairly fast, you can use your cards for day to day expenses and hold on to the cash you have.
step 3: if the situation is critical, you should talk to your creditors... especially the car loan, student loan, landlord, etc...
What about severance pay?
Usually when you get layed off, don't you get a severance package? I know it varies from job to job but the standard seems to be 3 months pay? This is all assuming that you have a professional job.
The standard in dot coms is 2 weeks severance!!
You're lucky to get that these days!
3 months?? Most companies laying off don't have the cash to pay their current employees.
www.dotcomscoop.com <-- check that out.
Really? I know 3 people that have gotten layed off and they each received 3 months pay. One who was working at Intel got 5 months!
When my company was doing lay offs, you got a minimum of 3 months but the amount was based on how long you've been w/ the company. Dang, I guess some people are lucky. Oh......but my neighbor who was recently layed off got 3 weeks. So I see where you are coming from.
In order of importance
1. Student loan UE deferment. Call them NOW. No interest on subsidized loans (govt pays it) interest accrues on unsubsidized. No payments for 6 mos standard. YOu can reapply after 6 months if necessary.
THat's one payment off you.
2. Apply for Unemployement while you're looking. I'm sure you'll qualify and even if it is much less than what you make, it'll help w/rent and car etc
3. Make mins on all credit cards. Dont tell them a thing unless you get to where you can't make mins. Then and only then make arrangements.
4. I agree. Get another credit card if you can, quickly. It'll help w/emergencies
Protect what reports on your credit.
5. Talk w/your landlord if you need to and try to make alternate arrangements. Get a roommate if you can.
6. If you don't have much saved up, I would call the car loan and ask for them to add your next 1 or 2 payments onto the end of the loan (that way, your credit is protected, and you can keep your good credit w/them. Tell them about UE. They will want to work w/you. They don't want the car back).
7. YOu can delay your utilities a bit if you have to. They're more lenient on payment terms and they don't report until you're WAY behind. As long as you make some payment arrangements, they won't go on your credit.
RE: hmm no
Seems like you've gotten some pretty sound advice. I'm sure your student loan company will allow you to go into deferrment. Try to get it as far out as you can, so even if you begin working on Monday, you can get a breather while you get adjusted. Also, get an extension on your car loan, but I would be leary of telling the cc people that you're unemployed. I'm sure you'll find something soon. Probably making more money. Wouldn't that be great
RE: In order of importance
Thanks for the advice. I will go to unemployement monday. And pay the mins on my cards. I make my xcar payment monday so I should be good for atl least a month rent is ok for this month also. I just jope it doesn't take more than that. IF 2 months go by ok, if 3 go by then I will start to sweat. On top of that I just had a baby Jan 28th. But my family can help with that stuff I will keep everyone posted. Oh I figured LKH wouldn't say that I read his posted and he doesn't seem like that.
RE: In order of importance
Good luck. Protect your credit as much as you can. As you can tell from this board, it's kindof our own private litte Hell when you have to recover. Since you have a supportive family, I certainly would ask for help if 2/3 mos go by and you need it.
That's what family is for! And I'm sure you'd do the same for a family member if they needed help and you could offer it. Good luck.
By the way, what kind of work do you do/where are you? I'm a headhunter and I have lots of friends who are too!
RE: Anyone ever use unemployme
Just curious how much they pay you?? Say if you make $80K/year do they give you like $2000/month to live off?