Are you actually doing worse financially?

amother

Aqua

Mon, Apr 20 2020, 11:17 pm

So far DH and I are still getting paid. Our jobs changed in nature and hours but we're still employed B"H.

Food is costing us more with all the kids home. Entertainment for the kids is also costing us. I haven't bought so many toys and A&C stuff in a long time.

OTOH, less gas, no gym membership, no cleaning lady, no clothing/shoes, I didn't even buy summer-colored tights for my girls.

We got our stimulus money which we are putting aside in case ch"v any of us stops getting paid.

If everything remains as is, we come out ahead. But things change from day to day, so we keep praying

amother

Peach

Mon, Apr 20 2020, 11:18 pm

BH we are doing much better! We are saving money on the cleaning lady, gas, dry cleaning, diesel styling, hair cuts, nails, waxing, going out to eat, produce, insurance, gas, hosting, presents, chol homoed entertainment, air fare and Pesach travel. My unemployment with the $600 weekly bonus comes out comes out to about $10,000 for 4 months when I was only earning $3700 for the year. DH got a significant promotion at the end of the year, and BH we qualify for the stimulus checks. On the downside, we have increased giving.

amother

Violet

Mon, Apr 20 2020, 11:29 pm

amother [ Maroon ] wrote:

At this point, thank God we both are so employed. So financially we are probably about the same. I wanted to comment in regards to not paying your mortgage. I am in the mortgage business, and even though there is such a thing as forbearance, it is not for everyone. There are going to be ramifications And a lot of people will be in serious trouble at the end of it. If you can manage, please pay your mortgage. We are already seeing on credit reports, that it is being reported. The banks have no idea what they are going to do with all the loans that are in forbearance, and most probably most people will have a balloon payment at the end of this which they won't be able to pay and I will end up on their credit anyways. So it is a terrible idea not to pay the mortgage., (For example if the forbearance is for 3 months, then on month 4, the bank is probably going to tell you to pay 4 months at a time and if you cannot pay it then it's going to be on your credit anyways)

Please stop spreading lies. A law was passed that the bank cannot do anything if someone doesn’t pay their mortgage. The bank would be in serious trouble if they do try to report it on someone’s credit right now it’s illegal. Stop trying to scare people that can’t pay their bills now.

The only thing I’m thinking is that you are afraid if no one pays their mortgage you will be out of a job so you are trying to scare everyone.

amother

Red

Mon, Apr 20 2020, 11:58 pm

I am so grateful to still have a job BH and still getting paid. DH has a paycheck but that can end any day considering there isn’t much for him to do at the moment.
I have many friends and family members who are completely laid off right now and struggling.

amother

Blue

Mon, Apr 20 2020, 11:59 pm

amother [ Violet ] wrote:

This is not true. She's not spreading lies. People have the option of pushing off their mortgage payments but it will result in higher interest rate. You'll have to pay it up at some point. The payments aren't being canceled, just pushed off. And there are ramifications when pushing off the mortgage payments. It's not so simple.

groisamomma

Tue, Apr 21 2020, 12:06 am

I'm working from home but our financials are a mess because we're so clueless! Bh doing he stimulus checks covered this month's expenses!

Dh has one part time job that ended in March because the halls closed. He's self-employed for that job so no unemployment there. I have filed 2019 taxes with all his 1099s that show what he makes as hes self-employed but I only found out about the CARES act today. So that's one month of lost money.

Then he stopped working at his night job also because hes been sick for 4 weeks with Corona. This job will be waiting for him when he gets back so I didnt think he was considered unemployed. He was embarrassed to ask for his back pay but if we apply for unemployment and then his boss pays him for the month he was sick, then it's a mess.

Last edited by groisamomma on Tue, Apr 21 2020, 12:07 am; edited 1 time in total

amother

Peach

Tue, Apr 21 2020, 12:07 am

amother [ Blue ] wrote:

It doesn't result in higher interest rates. The effective rate actually changes, but most people won't realize it af it's technical. There will not be balloon payments of all your missed months stacked together.

It probably will effect your credit, but the effect won't be dire. But this is like having a medical bankruptcy. A covid blip in an otherwise good credit report won't be as damaging as otherwise.

forgetit

Tue, Apr 21 2020, 12:22 am

amother [ Tangerine ] wrote:

Worse. My husband is self employed and so doesn’t get any unemployment despite business being 50% down and we don’t qualify for stimulus.

He should be able to claim unemployment if he's a contractor. There are other threads here on it with links.
If he's in NY, this may help:
https://unemployment.labor.ny.gov/
Is he a small business owner?
This bill should pass sometime this week:
https://www.sba.gov/page/coron.....urces
Does he have employees?
Here's a grant:
https://savesmallbusiness.com/
He can also get payroll help, but I don't have the link now.
There's a lot more available. Please do some more research to get your dues.

forgetit

Tue, Apr 21 2020, 12:39 am

amother [ Amber ] wrote:

It’s income based.

My DH is self employed and is not eligible for assistance even though he is not working at all now , because he said he needs to have a minimum of 3 employees to qualify.

That is true for a specific grant/s. Please speak to an accountant to see what else is available, as there is a lot more.

amother

Maroon

Tue, Apr 21 2020, 12:53 am

amother [ Violet ] wrote:

You can believe whatever you want. I have seen the late payments with my own eyes on credit reports.

amother

Pearl

Tue, Apr 21 2020, 12:57 am

amother [ Peach ] wrote:

can you please explain to me how I can apply for unemployment? Does it only apply if I was laid off? How about if I chose to stop working?

groisamomma

Tue, Apr 21 2020, 12:59 am

amother [ Pearl ] wrote:

can you please explain to me how I can apply for unemployment? Does it only apply if I was laid off? How about if I chose to stop working?

If the circumstances under which you chose to stop working were related to COVID19 then you are eligible. I think you might have to provide documentation but I'm not 100% sure.

amother

Ginger

Tue, Apr 21 2020, 1:06 am

B"H we're managing. Some extra expenses have been offset by savings from being home.

Our biggest worry is that DH's boss was niftar. DH is still currently employed but that means he'll have to look for a new job soon. This is not a good time for job seekers.

amother

Olive

Tue, Apr 21 2020, 1:16 am

amother [ Blue ] wrote:

I live in Canada, and mortgage holders have the option of deferring their mortgages for 6 months. A deferral is technically an extension of your mortgage term. There are no repercussions. The program is managed by Ottawa in conjunction with the banks. This has been a huge help to us.
Both dh and I are independent contractors and our industries have taken a huge hit. We are still getting some work, but it's a fraction of what our normal workload is. We are b''h both eligible for the Canada Emergency Response Benefit. The mortgage deferral, emergency benefit, the Canada child benefit bonus and GST credit add-on have taken the stress of finances off our minds.

groisamomma

Tue, Apr 21 2020, 1:17 am

amother [ Ginger ] wrote:

Maybe his boss's family will appreciate his expertise and allow him to run the business for them. Can he ask?

amother

Violet

Tue, Apr 21 2020, 1:26 am

amother [ Blue ] wrote:

There is no ramification for pushing off your mortgage payments as long as you pay it when the time saids you should. If you don’t pay after four months then you can ruin your credit but yes people have a four month break to breathe and figure out their Finances and how to pay it.

amother

Violet

Tue, Apr 21 2020, 1:29 am

amother [ Maroon ] wrote:

You can believe whatever you want. I have seen the late payments with my own eyes on credit reports.

Corona just happened how did you see let payments it’s only five weeks. If you saw someone’s credit report it was before corona.