I get paid once a month since my husband died in 2006. I am currently living on social security (widows death benefits) and recieve two checks. One for me and the other for my son. At the age of 16 my check stops. My problem is after I pay all my regular bills and things I just barely make it to the next payday. Recently I ran into a situation where I made a mistake in my finances and didn’t notice it till a few days later and I ended up having more money deducted from my checking account than what was supoosed to.
I had a bill I set up with automatic withdrawals on the account from online and I accidently added a zero to the amount to be taken out and instead of $100.00 dollars it was $1000.00 dollars. When I called the company to have them give me back the $900.00 I over sent them I found out that they were no longer handling that account and it was sold off to another credit collection company. I called the original company which the bill generates from and they told me there was nothing they could do for me. I had other bills scheduled to be with drawn from my checking account and had no other place or person to get money from to cover the money taken from my account. I contacted the bank to alert them of what took place and they said there was not much they could do to help me.
I was told every now and then it happens and they were sorry. I was concerned for the bounced checks. They said they cover you up to $500.00 dollars before they return them but still charge you a $15.00 NSF fee. I was frantic and called my attorney and she said since it was my error it looks like I made the larger payment and there was not much I could do about it.
I was able to go to a check cashing store for a loan to cover some of the problems but I was still charged those bounce fees and put myself behind the 8 ball and now I find myself having to use the check cashing store regularily and I don’t like it. I went through my budget and tightened it up any place I could to free up more money to help stop the check cashing store loans to tie me over till next payday but it still didn’t help.
My bank or any other bank won’t give me a debt consolidation loan due to my credit caused by my deceased husbands debts he left me with that I had no idea he was racking up. I don’t have any friends or family who are able to help me as they are living on a tight budget as well.
I am not able to find a job part time since there isn’t much available here in my small town due to the economy. I can’t work more than a certain amount of hours due to receiving social security. And I make more than I would working a regular paying job right now so quiting social security to work full time is not an option for me. Plus I need some one to watch my son when he s out of school or there is no school due to school closings etc. He has ADHD and needs supervision. Finding a place or someone to watch him has been difficult. He can’t be left alone.
My friend told me she was in a similar situation some time back and she skipped paying a bill or two to eleviate the strain on her bank account and free up some cash. I said that is not a way to handle financial stress as it only puts you further in debt and then you have to come up with more money to pay the past due bills you owe. And if you don’t you end up with shut off utilities, etc.
My problem is how do I get out from my issue and not have to use the check cashing store month to month and avoid the fees they charge and be able to live on my income being paid only once a month. I don’t have credit cards to use because my late husband racked up several of them that I was forced to pay thru the courts because he applied for them online and added me as the joint owner but never told me he had them. So I am unable to have cards of my own and technically I don’t want any cause they only cause further financial stress.
I run out of cash before payday and this is difficult to deal with. Any advise would be greatly appreciated.
I can’t go to a cheaper home cause this was given to me from my father before he died. I don’t have a mortgage. I have tightened up my budget every where. And my attorney doesn’t recommend filing bankruptcy.
I haven’t nixed anything. I definetly would do any of the things suggested if I could. I can’t get a loan cause the bank turned me down. I have poor credit which I am trying to turn into good credit. I can’t find a part time job cause I have no sitter for my son. I can’t find one. I have looked for one for 2 years and no one is available. My family and friends won’t loan me any money. They say they make it a rule to never let any one borrow money from them and besides they don’t have any extra to loan. My attorney said she didn’t recommend filing bankruptcy since it would only further damage my credit. I just ewish banks would loan you money and directly pay the people I owed and take payment out of my account monthly but they said my credit wasn’t good enough for a debt consolidation loan. So I thought someone out there would have had other suggestions.
have your lawyer file bankruptcy for you.
ok thats way too much to read. first thing dont make mistakes!!! they suck stop making them.triple check everything you have time you are obviously not working. if you are allowed to work and get the checks do that it will help. save you sons money for him All of it. decrease you expences. if you have an expencive car get a cheap one if you can stand a cheaper home move to it. the money wont stretch on its own you gotta do the leg work and make it last.
I am sorry that your late husband made such a mess of your finances and left it to you to clean up after him.
You will have to cut back until your expenses match the money coming in. Or preferably a little lower. Even if you can save as little as $10 a month, it will do wonders for how you feel about money.
In my leaner times, I have lived on spaghetti with instant, meat-less sauce because that was the cheapest meal I could find. There are no tricks. Money IN should be higher than Money OUT.
Keep track of your expenses so there are no surprises that cause more bank fees.
You sit down at the end of each month and WRITE a budget for the next month. List your income for the month at the top of the page. Then list what you will do with EVERY PENNY down the page. Note: saving is an item on the list. You deal with car repairs, etc by setting aside money BEFORE you need it. This is why EVERY financial expert recommends having 3 to 6 months (or more) worth of expenses in an ‘emergency fund’. Then when the INEVITABLE emergency happens, you have the money to make it go away.
Note: I only read about 2 words of your question details. Nothing in them changes the answer.
The problem here, is that ANYthing someone will offer to you as advice you have an excuse NOT to do it.
The basic deal here is: You need to INCREASE your income.
That means finding a job that you use to solely pay off the payday loan or tide you over.
If you say NO to everything that logically would work, what else is there? Let’s see: you said no to:
Getting a p/t job
Filing bankruptcy
Asking friends/family for a short term loan
Borrowing from a bank ( I know, you cannot do this anyways)
Skipping a bill to just free up some cash
Exactly what is it you expected us to come up with that hasn’t been nixed by you?
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Thanks.
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check the below link. it may help you.
http://interestingarticles4all.blogspot.com/2010/01/small-business-debt-consolidation.html