Time To Order Debtors To Stop Collecting Debts
Looks like the Government can order you fired simply by mandating you stay home because THEY screwed up. So exactly what are they going to do about all of your bills??? You do have to pay them of course, or you wind up on the streets homeless. But what happens when you have no income, or a very much lower income than what you've built your life around? Who do you pay first? Who do you ignore? Doesn't matter What choice you make, it will be the wrong one. Your FICO score will tank if you miss 1 payment for ANY reason, so imagine if this shutdown Nation wide lasts for 2 months! The new standard for lending would be a 500+ credit score! So how do we address the situation?
The easiest way would be for the same Government that shut down our jobs to also shut down the jobs of those Debt Collectors as well. I'm not saying that they shouldn't get paid, I'm saying they should wait to get paid just like the rest of the Unemployed people are--when they go back to work! Non-essential items like car notes, credit card bills, car and health insurance payments, and house notes/rent should be put on hold until the crises is over for those who have been laid off due to Coronvirus. If it isn't a consumable item like food or fuel, that debt should be frozen until this is over. Once the crises is over and people go back to work, then we can unfreeze the debt so it isn't like we won't be paying what we owe; we just need a little time to recover first. Interest free...like the Big Banks got back in 2009.
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Dear Congressman,
There are more people in need of help than there are airlines...just sayin!
debt collectors? seriously? pffft, think a lot bigger and look farther down the road. if corporations need money, let them sell stock, in this market. better yet, let them trade their preferred stock at discounted rates to the Treasury for any bailout funds, right after all their 7 and 8 figure corporate executives and board members sign 5 year contracts to work for $1 per year total compensation. unless of course some people have gotten used to the idea of taxpayers lending corporate assholes billions at 0% interest so they can gouge those same taxpaying consumers, like the last time.
I'm positive mitch the bitch will put the interests of the working poor and middle class before corporate America with his bailout program, aren't you? /s
I can pay my bills for now. I plan to take some cash out just in case it all falls apart.
My States Utility Companies and Mortgage Lenders are doing a good thing for folks now.
Utilities
= Guarantee no shut downs.
Internet Providers
= No Shut downs for non-payment.
Mortgage Lenders
= Move unpaid months to the end of the loan.
WooHoo !
Now.….Renters still have an issue with their landlords. They're being a bit …. "Stingy" right now.
That's where landlords' mortgages need to be extended (with deferred interest), and their property taxes waived, or collection of those taxes delayed. Some landlords own their rental properties free and clear (but still have to pay property taxes), and some are collecting rent on mortgaged properties, and may be unable to afford to pay their mortgage if they're not collecting rent.
"some are collecting rent on mortgaged properties, and may be unable to afford to pay their mortgage if they're not collecting rent."
Thus "The Banks Already telling folks", their missed mortgage payments are going to be put to the end of their loans.
Right now, in our state that is, Some of these "Landlords" really don't care. They want what they want, even though they'll end up LOSING in the end !
I have a "Son" that's running into this right now.
I told all my kids, if worse case happens, my home is a "Safety Net". It could get "Tight" is they all end up here....but what the heck.
Mine is paid off, and with utility companies and counties telling everyone they will either Remove or differ certain payments to a later date, or forever rescinded, I'm "FREE and CLEAR" on ALL my Bills right now at MY House !
Here in Virginia, I haven't heard anything about mortgages being extended, unfortunately. Same in WV, where most of my family lives. I think that should be a nationwide thing, but it isn't. My sis owns a rental house, but she still owes money on it, so I don't know if she could extend free or deferred rent to her tenants without having the house foreclosed on. It likely depends on whether she keep working, but her job requires travel, so that's a bit up in the air.
Utility companies here won't shut off utilities for non-payment.
Apparently, our Governor "Pressured" the Lenders on this, or else "Most Everyone" would be screwed" for what "Government" is "Forcing" on us !
Hope you and your sisters State Governor does the right thing....for you-all's sake !
Thanks.
Right now, I'm paying more attention to the efforts to help small businesses. If those are adequate, I can make my mortgage payment. If they're not, Wells Fargo is just going to have to sit tight.
As far as my sis, her company is pretty good to work for. She's a travel physician assistant. If flights are cancelled or restricted, I'm hoping they'll be flexible about giving her time to get to her next assignment.
IMHO....even if they Help "Small Business's out....the 6 ft. rule and less than 10 folks or less together now, isn't going to help the "Employee's" that have been laid off already.
I'm Lucky" in the sense that I'm self employed (work when I feel like it), and have Folks I do business with that look for work, even in a down turn. WORKS EVERY TIME for them …… and ME TOO!
People like my daughter-in-law and Daughter, don't have that kind of luxury. They rely on the "Person" that owns the small business (Restaurant). At least the ones they worked for gave them and extra 1500 bucks when they temporarily laid them off. If the company remains after this "Government run Issue" is over, they are guaranteed to be hired back (Yes, they are that good at their jobs).
Even my Son, who works for a "City", was temporarily laid off due to the mandate of not many folks together allowed , but he's lucked out, as they are going to still pay him as usual, but the "Emergency Phone" they gave him, could mean running out of the house at 3 in the morning. I told him it was worth it, as it was better than NOTHING !
Agreed that aid for small businesses won't help those laid off already.
I own a small business, and I'm trying not to lay anyone off, but that depends on my business not being shut down by mandate. If I am shut down, I won't be able to pay my employees nor myself for long. There is talk about tax credits to those who keep paying employees, but tax credits possibly months from now don't help much in the present. Easy-to-obtain, low-interest small business loans would help with cash flow, but the regs vary by state, I understand.
If these business closures are for a few weeks, I'm ok. A few months - not so much. Dentistry is a high-overhead business.
So I'm trying to keep up with how things play out at the federal and state level.
Good Luck !
There is a lot of "What Gov. will do for you", but like you said.... THEY ARE REALLY SLOW on their "Present give aways they promise to the Folks".
I read that one side (Guess Who
) didn't like the Payroll tax Holiday thingy for "Both Employers and Employees". Go Figure.
Now, I've also Read that the supposed 1 Grand a month to normal folks, isn't enough, according to certain politicians (Guess who again), so they ain't voting for it right now.
They should ALL get off their High Horses and just ………….. "Send any Fucking Money they can" !
These "Closures were their Fucking Idea" in the first place.
Honestly, the other dentists I've been in touch with didn't like the payroll tax credit, either, largely because it doesn't solve cash flow problems in the present. If small businesses are required to pay 3 months of family medical leave while simultaneously being closed, some will be bankrupted in short order. The tax credit would help some, but for some businesses, it's not nearly enough to keep them afloat, if they have mandated expenses during mandated closures.
The only thing that will keep ANYONE afloat, is to STOP Government Mandated Business CLOSURES !
Or, just for giggles, give every non-business owner (Employee) at least 3 grand a month until they "Allow" small business to reopen, STARTING MONDAY 03-23-2020. Give the "Small" Business Owners a Permanent Tax Reprieve until January 2021
Honestly, I think there are some cases in which closures are necessary. Or if not closure, then a change in business model, such as closing dining rooms and switching to takeout.
I think the idea of relief in the form of a government check could help in the short term, but I worry about the implications in the long term. Between that and extremely low interest rates, I can see inflation skyrocketing at some point.
There just aren't any easy answers.
Exactly !
Seriously, I wonder "What-would-have-been", if this "Virus" wasn't made such a "Biggy Deal" in the Media with a "Grand Name", and they had just called it a "New Type of Flu" !
Would it have gone like the Everyday "Flu"(Many Deaths per year, and no-one seems to blink an eye) does every year ?
By the way...… WE HAVE NOW BEEN …… SAVED !
Schumer, D-N.Y., Sens. Elizabeth Warren, D-Mass., and Ron Wyden, D-Ore., unveiled the plan Saturday, which would increase the monthly benefit for those receiving Social Security Veterans, and Supplemental Security Income by $200 through 2021.
If there was a "Stick Finger down throat and throwup" Emoji, I'd use it here !
There, we're going to have to disagree. The fatality rate for this virus so far has been much higher than for the seasonal flu, it's easier to catch, and we don't have a vaccine for it, nor an approved medication to treat it. I think alarm is justified.
And the name reflects what it is. It's not the flu.
Well of Course it looks bad right now.
It's all based on the amount of people they actually know that have it. As the count of who has it rises (testing getting more aggressive), the "Mortality Rate percentage" (Based on more Known Cases) is going to start going down.
I agree, this is all the governments fault. The Chinese government for not dealing with it honestly up front and letting it spread around the world
This one is killing me. Some of my colleagues have been told that they won't be receiving payments from dental insurance companies for treatment they've provided. I'm pretty damn sure those companies will still expect to receive premiums on time, though.