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  1. #31
    KAY lambdalady2's Avatar
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    Default Re: Need some loan advice

    Skipping a payment does not automatically lowers your credit. Skipping VARIOUS payments will obviously create a delinquent account. If you tell a lender that there is a financial difficulty you can ask for a limited grace period but your interest rate could be a problem.and will usually rise. Again it all depends on what kind of loan one has.
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  2. #32
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    Default Re: Need some loan advice

    will they report that you skipped the payment? I've never heard of this kind of arrangement, but personally I've not had anything but car notes, a small amount of subsidized student loans, and a credit card. If they don't report you were 30 days late, it won't be an issue...

    Well, after you are out of school I'd look into the b-word especially if you don't own a home and don't plan to buy for ten years or so...that would give yourself time to build up and hopefully get on your feet...

  3. #33
    Moderator and Blogger boysRsmelly's Avatar
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    Default Re: Need some loan advice

    ^^^ It's not like a credit card. The lady at the bank said that skipping a payment was an option. You have to fill out an application for it and pay a $30 fee. They normally offer it around Christmas because people like to skip their payment so they'll have extra Christmas cash. She said I could do it now though if I wanted to, I think you're limited to just once per year though that you can do it.

  4. #34
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    Default Re: Need some loan advice

    ask yourself this: will the $30 fee be worth it? Also...when do you make the payment up?is the payoff moved back one month and will there be a lot of extra interest payments?

    Could you cut back other expenses or take on an extra shift at work?

  5. #35
    Moderator and Blogger boysRsmelly's Avatar
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    Default Re: Need some loan advice

    I've been trying to get more hours at work, but there just aren't any to be had. They are doing major cutbacks and everyone is fighting over hours. It doesn't really matter now though since school starts in like 3 weeks. I need to go over all the bills again, but I'm thinking something might have to be given up... like our cell phones. I really don't want to do that though because that's the only way I have to get a hold of the husband. Doing the skip payment thing might help me in the short run, but what I really wanted was to have a lower payment. But if it's not worth it, then it's just not worth it. ::sigh::

  6. #36
    ♥'s RM Jess's Avatar
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    Default Re: Need some loan advice

    but I'm thinking something might have to be given up... like our cell phones.
    You could just get pre-paid phones and use them for emergencies only? That way, you aren't cut off from the world if something were to happen!

  7. #37
    KAY lambdalady2's Avatar
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    Default Re: Need some loan advice

    Student loans are a whole different ball game. When I "skipped a payment" nothing occurred because my extra payments were applied towar my next due payment.

    Here is what happens:
    If you want to pay extra and have that money applied toward the principal only, you need to check the “Apply Extra Toward Principal” checkbox. If you do not select this checkbox, the extra amount will be applied toward your next payment due. For example, if your monthly minimum payment due in February is $50, and you submit an online payment for $150, we will credit your account for the February, March and April payments ($50 + $50 + $50 = $150). Your next payment due will be in May.


    Now if you feel like you are going to skip a payment becausee of what ever reason you have, you should let your lender know.

    At citibank, if you are unable to make a payment they ask that you call them:

    "What if I can't afford to pay my minimum monthly payment?
    Additional repayment options are available to make managing your monthly budget a little easier. If you feel you are having trouble repaying your loans, contact us immediately and we will help you evaluate your options. Don't delay!"



    if you delay in contacting them then of course you will end up in some problems.
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  8. #38
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    Default Re: Need some loan advice

    what about a work study program? You could tutor, work in an office, work in the food court, etc..

    You need to send your question and info to Carmen Wong Ulrich on CNBC or Suze, but I think it is a lot harder to get through to Suze.

    Could you look in to prepaid phones? Or skype at home plus only one phone?

    I hate this for you because you are trying to better yourself but having stress that shouldn't be there :-(

    A good book would be Suze Orman's Young and Fabulously Broke or Carmen Wong Ulriches Generation debt

    The more you learn from his and work to overcome it, the better your future will be. You are so young so hang in there

  9. #39
    KAY lambdalady2's Avatar
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    Default Re: Need some loan advice

    Quote Originally Posted by boysRsmelly View Post
    I've been trying to get more hours at work, but there just aren't any to be had. They are doing major cutbacks and everyone is fighting over hours. It doesn't really matter now though since school starts in like 3 weeks. I need to go over all the bills again, but I'm thinking something might have to be given up... like our cell phones. I really don't want to do that though because that's the only way I have to get a hold of the husband. Doing the skip payment thing might help me in the short run, but what I really wanted was to have a lower payment. But if it's not worth it, then it's just not worth it. ::sigh::
    Dont get discouraged! I mean its weird they should help you lower the payment. I mean if both you and your hubby are in school I would think they will help you.

    A lot of my friends are in the same situation, many of them took out an additional loan to help pay for their outstanding loan which could be a HORRIBLE thing if your not wise with your budget.
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  10. #40
    Moderator and Blogger boysRsmelly's Avatar
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    Default Re: Need some loan advice

    ^^^ They said they could lower the payment by $65, remember? I would just have to pay on it for an extra year. Credit unions are different from other banks. They loan out money on a 4 year payment plan. So say you borrow X amount. They give you an interest rate and then calculate what the total amount would be after 4 years. Then they divide it up into equal payments which you pay each month for the full 4 years. The payment amount includes the principle and the interest. Very different from student loans.

  11. #41
    Moderator and Blogger boysRsmelly's Avatar
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    Default Re: Need some loan advice

    My mother in law has one of those prepaid phones. It's not very reliable, actually. We've tried to call it before and the call wouldn't go through to her phone even though she had it on. The cell phones are more than just for emergencies... it's how we keep track of each other.

  12. #42
    Moderator and Blogger boysRsmelly's Avatar
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    Default Re: Need some loan advice

    Alright, I'm just going to go over all the bills again. Gosh, I feel so bad. I'm like the girl that's always on here complaining about money problems.

  13. #43
    ♥ Moderator ♥ Zombiegirl's Avatar
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    Default Re: Need some loan advice

    Quote Originally Posted by boysRsmelly View Post
    Alright, I'm just going to go over all the bills again. Gosh, I feel so bad. I'm like the girl that's always on here complaining about money problems.
    No you are not! That is what we are here for!!
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  14. #44
    Moderator and Blogger boysRsmelly's Avatar
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    Default Re: Need some loan advice

    You're so sweet Zombs! You know I love ya, right? Anyways, I guess I'm just too frustrated at the moment to think clearly. I fought so hard just to get aid for school (since I didn't qualify for private student loans). It took me years! And now that I'm finally able to go, it's like everything is working against me. I have to fight like mad every day just to make it through. It's just not fair.

  15. #45
    ♥'s RM Jess's Avatar
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    Default Re: Need some loan advice

    Quote Originally Posted by boysRsmelly View Post
    Alright, I'm just going to go over all the bills again. Gosh, I feel so bad. I'm like the girl that's always on here complaining about money problems.
    Don't feel bad! We're here for ya!



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