Hot answers tagged

181

This is no friend. The clue is that your user name and password aren't required. I've made payments for my mother in law, and the card number, just the 16 digits on front, were enough to send a payment. No one writes their username and password on a check when they make a payment. Think about that.


120

Generally, there's no particular "win" to paying off the larger debt first, all things being equal. Pay largest interest rate first. (Now, some advisors say there's a certain logic to paying off the smallest debt first when you only have a trickle of money to do it, irrelevant here -- the concept is to create an "emotional feeling of success" as soon as ...


73

The Federal Reserve website notes that creditors must accept cash for debts on services already rendered, but that businesses may refuse cash for services not yet rendered unless prohibited by local law. The Treasury website includes examples of businesses limiting what cash they will accept: For example, a bus line may prohibit payment of fares in ...


70

If the seller only accepts a payment method that doesn't allow you to get your money back, then there is a reason for that. There is a much higher likelihood that something happens where you'd want a refund, and you won't get one. So I would stay well away from this.


63

Your friend has unwittingly got a virus/malware on his computer which has read his contacts list and sent some or all of his contacts (including you) a message, pretending to be from him, asking you for these details. Don't break off the friendship, because he didn't do this deliberately; but don't send the information, because it won't go to him, it will go ...


60

The Zelle FAQ article "I’m unsure about using Zelle® to pay someone I don’t know. What should I do?" can be sumarized in three words: "Use something else". Zelle is a great way to send money to friends, family or others you trust such as your personal trainer, babysitter, or a neighbor. If you don’t know the person, or aren’t sure you will get what you ...


55

I see three possible reasons: He doesn't have a secure way (or any way) to manually enter card details. Most payment terminals have a keypad and can support manual entry (or PINs), but everything else in the ecosystem has to as well. If he doesn't have a way (or doesn't know how) to get the terminal to prompt for manual entry, then that's not an option. ...


50

To put this into perspective, you are paying ~$1500 interest annually (gradually decreasing), or $132 monthly. All the while, you have money sitting in your bank account doing seemingly nothing. Looks to me you're off to a good start being debt-free at this point, while still keeping a healthy chunk of cash in your bank account.


46

Have you considered contacting the debtor directly and offering them a cash settlement? If they have any money set aside, they may be minded to accept a discount in return for giving you a lump sum. Instead of accepting pennies in the dollar from a "settlement services" company, you could end up gaining a much bigger chunk. Dear Debtor, As you have ...


44

Should I pay off my credit cards to avoid monthly payments even if it reduces half of my savings? Unless you can still live for quite a while with that half of your savings and no income, then no. Do not use the cards any more, make the minimum payments, live on a shoestring budget, and save cash like mad. Once you get back on your feet, use the cash you'...


39

That's what "friend" means. The very definition of a friend is someone who knows you well, you know well, can be presumed to help you move**, and would never rip you off. If you are not properly using the word "friend", stop! Language is the shared medium by which we communicate. It only works if we share meanings. If you say "friend", we have to take ...


28

Using the physical card or not are two different scenarios, namely "Card Present" and "Card Not Present" (also known as MOTO as in Mail Order / Telephone Order). They may involve different contracts, different rates, different risks, and different equipment. Some contracts will simply not allow Card Not Present transactions. You need to actually use the ...


27

The best approach by the numbers is to pay minimums on everything and put all extra towards the debt with the highest interest rate. So, that would be the unsubsidized loans in any order, then the auto loan, then the subdsidized from high interest rate to low. However, with student loans the interest is deductible. Since the top of your income will likely ...


25

Dave Ramsey, the famous personal-finance guru and radio personality, has a concept he developed after counseling thousands of families in crisis situations called the four-walls. The idea is to prioritize your money to take care of your immediate, physical needs. This would include your savings. First, you pay for food Next, you pay utilities Next, you ...


23

The statement suggests that you worked 114.13 hours this pay period, not the amount you suggest (68.23+37.9+8). So that could be the discrepancy in yours and your employer's calculation. It looks as if your overtime computation is slightly more than double time. That is pretty generous. Additionally there are other contributors that add to income as ...


23

Reasons to not close your debt: You can make more than 6.8% return somewhere else You fear an unexpected expense in which you need temporary cash Reasons to close your debt: Even if you believe you can make more than 6.8%, nothing is guaranteed and you end up losing money on interest. Debt is leverage. That extra $20k is not yours. If you lose it, the ...


22

Couple of my friends went through a fraud agent who ran off with their money and the landlords were none the wiser. So it always pays to be a bit diligent. Are they a well known letting agents nationally ? Many agents do have different accounts to manage their properties. Yours seems a case as such probably i.e. they manage the property on behalf of the ...


22

The typical home mortgage is amortized to give you a consistent payment amount through the duration of the loan. What you'll see is that each month a greater portion of your payment goes to principal rather than interest. When looking at loan calculators look for ones that show the full amortization schedule to get a good picture of how the variables ...


20

With respect to the existing answers, I don't see why/how this is actually an issue. If you start with the premise that you use the card like a debit card, you are all set. Each week, you are paying whatever shows as a current balance, right? If a bill is cut on the last day of the month, and then due by the 21st, how could you not have paid the statement ...


19

Zelle/Venmo do not protect you in this situation, so you'd likely have to resort to the courts to compel re-payment from the seller. Small-claims court can be fairly reasonable, but is not always an option if the seller is in a different state. Costs can quickly add up to more than it's worth, though if successful you might also recoup legal costs from the ...


18

You have to take legal tender to settle a debt. If your business model doesn't involve the customer incurring a debt that is then settled, you don't have to take cash. For example, in a restaurant where you pay after eating, you can insist on paying cash, because you're settling a debt. But in McDonald's they can refuse your cash at the counter, because you'...


17

Can I pay $12,000 extra once a year or $1000 every month - which option is better? Depends when. If you mean 12K now vs 1K a month over the next 12 months, repeating this each year, now wins. If you mean saving 1K a month for 12 months then doing a lumpsum, the 1K a month wins. Basically, a sooner payment saves you more money than a later payment. The ...


17

We change it every so often to reduce fraud. This is idiocy. They receive regular payments. They are asking the people who pay them to regularly change where their money is being sent. This increases their exposure to fraud dramatically as each time the account is changed, there is a risk it will be changed to an account they do not control. This is a huge ...


17

No. By paying off your credit cards now, you'll be losing money you won't be recouping in the foreseeable future. I imagine the second part of your question is related to being able to use the unused credit to pay for living expenses. While it is unlikely they would reduce your credit limit after payment, that's the problem with being beholden to someone ...


16

Yes, you can pay $50-$60/week Sure, pay $20/day if you wish (but confirm that the terms of service permit such frequent payments) And then make sure you still pay the minimum when the bill comes in. Payments made before the bill is cut may not actually count as 'paying the minimum'. e.g. you pay an extra $25 on the 15th, but the bill is cut on the 16th. ...


16

I know for a fact that this is happening as I helped implement such a solution for a merchant that has multiple brands. For the one that I worked on actual credit card numbers were not used, but tokens that represent credit card numbers. Without getting into too much security stuff, it is was a one way thing. A customer's credit card number would always ...


16

It looks like there are errors, but I believe your total pay is accurate. The first error is that the app seems to double-count weekend hours. You worked 39.96 weekend hours, and they pay a little extra for weekend hours and record them on a separate line, they shouldn't be added to the total hours since they are already reflected in the other categories. ...


16

The optimal strategy of paying down the debt depends on the criteria of optimality. Oftentimes it is considered desirable to pay as little interest as possible, which coincides with paying down the most debt given the fixed cash inflow. For this set of criteria, the strategy is really straightforward: make minimum payments on all outstanding debts, and ...


16

I won't list a specific one here, but there are tons of structured settlement companies that will buy your settlement agreement at a discounted price. You have probably see tons of these ads on daytime tv. I have never needed this type of service, but I can quote the phone number from memory because of those dang catchy jingles. I suggest Googling "...


16

You asked, then which monthly debt payment should you calculate? I think the only legitimate answer to this question is, "it depends" (on the context). Why are you doing this calculation and what else is involved? Generally, in a financial sense, debt means money a borrower owes a lender - it's a deferred payment, usually including interest, for some ...


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