UnThreaded | Threaded | Whole Thread (10) | Ignore Thread Prev Thread | Next Thread
Author: 401kinvestor Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308367  
Subject: update to friend upside down in everything Date: 4/26/2013 11:58 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 1
A few years ago my friend at work was upside down on his car, trailer, and cc debt. He filed for bankruptcy protection and stuck it to Wells Fargo Bank. He moved in with his relatives in Phoenix and saved up $6K to buy a single wide trailer for $10,000. The lady selling it financed the loan at 0%! and payments of $200 a month. He is almost paid off.

2 months ago the car dealership was able to finance a brand spanking new car for $34,000 at a credit union that he didn't belong to. They gave him a rate of 6.5% for 7 years. They are debiting his checking account at his bank for the payment.


He still has 2 401k loans for $2500 which is the max he can borrow.

Beginning of the year he cancelled his phone and internet because he could afford it.

I sometime put a quarter on his desk when he isn't looking so he can but rammen noodles at the store.
Print the post Back To Top
Author: akm3 Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 306942 of 308367
Subject: Re: update to friend upside down in everything Date: 4/29/2013 3:06 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 5
Why why why would he buy a $34k car?!

Print the post Back To Top
Author: xtn Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 306943 of 308367
Subject: Re: update to friend upside down in everything Date: 4/29/2013 6:39 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 3
Why why why would he buy a $34k car?!

Because he's an idiot, financially speaking.

xtn

Print the post Back To Top
Author: alstroemeria Big gold star, 5000 posts Top Recommended Fools Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 306944 of 308367
Subject: Re: update to friend upside down in everything Date: 4/29/2013 7:33 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 4
Why why why would he buy a $34k car?!

He needs a comfy car--he may be living in it soon :-(

Print the post Back To Top
Author: Lea77 Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 306945 of 308367
Subject: Re: update to friend upside down in everything Date: 4/30/2013 9:16 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
<i.stuck it to Wells Fargo Bank

Um yay, I get to pay for his idiocy?

When people like this are willing to pay 34k for a car, it's no wonder they are so insanely expensive.

Print the post Back To Top
Author: 401kinvestor Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 306947 of 308367
Subject: Re: update to friend upside down in everything Date: 5/3/2013 6:06 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Because he's an idiot, financially speaking.

I also told him not to take out 401k loans he did not want to listen.

Print the post Back To Top
Author: 401kinvestor Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 306948 of 308367
Subject: Re: update to friend upside down in everything Date: 5/3/2013 6:12 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
A question he did ask me which I could not answer is can a creditor go after his HSA savings account he has $500 in it?

Print the post Back To Top
Author: vkg Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 306949 of 308367
Subject: Re: update to friend upside down in everything Date: 5/3/2013 6:36 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
A question he did ask me which I could not answer is can a creditor go after his HSA savings account he has $500 in it?

Maybe, it depends on the state.

Print the post Back To Top
Author: joelcorley Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 306950 of 308367
Subject: Re: update to friend upside down in everything Date: 5/3/2013 9:23 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 2
vkg,

401kinvestor wrote, A question he did ask me which I could not answer is can a creditor go after his HSA savings account he has $500 in it?

To which you replied, Maybe, it depends on the state.

Apparently it also depends on whether the plan is employee-sponsored. Employee sponsored welfare plans tend to be covered under ERISA, same as a 401(k). This includes employee-sponsored HSAs. So if the HSA is with your employer, you likely have the same federal protections as your 401(k). If you had to go find your own HSA, you're dependent on the state. (I've had both.) BTW even if your state protects IRA assets, there's a good chance they don't protect HSA assets.

- Joel

Print the post Back To Top
Author: joelcorley Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 306962 of 308367
Subject: Re: update to friend upside down in everything Date: 5/5/2013 6:04 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 1
OCD,

I wrote, employee-sponsored

That should have been employer-sponsored. Doh!

- Joel

Print the post Back To Top
UnThreaded | Threaded | Whole Thread (10) | Ignore Thread Prev Thread | Next Thread
Advertisement