Some much needed advice on a reaffirmation please be honest
I have a question for anyone that can answer, so hear it is, but first please read about my situation.
As a school employee I am off for the summer with vacation pay, however when I got my stubs for the summer (I will get 4 direct deposits in July & Aug) there was a huge discrepany. I almost had a heartache when I looked at my pay. The payroll secretary couldn't explain or just didn't have time (last day of school is very busy) as to why my checks were "light" to the tune of -$270 after taxes. I called the office who handles my checks and they explained to me, needless to say that summer vacation checks are pro-rated based on how many months you worked during the school year. Now I had subbed at this school for 3 months (Sept-Nov '05). I finally got hired permanently in December 05. So for Dept of Ed, any sub work is not considered "real work" in terms of determining salary and evidently summer pay. So I was told that since I worked Dec-June (7 months) I am only entitled to 7/10 of my salary. If I was hired permanently sooner like back in Sept 05 then I would receive full vacation pay. Next summer in '07 if I am there Sept-June this won't be an issue. What angered me the most is that no one ever told me this when I was hired, I may have been able to put a few dollars a side (don't how), or did some P/T work to have for the summer. I kept praying for months that maybe my SO would start working. He might be starting a job paying well starting next month (hopefully he'll pass the 3 mo probation and get into the union with benefits). After 11 months w/o a job, I just want him to work. Even when he starts to bring in a salary, it probably won't be until late August, early Sept.
With even less money in the house to work with, I have had to truly decide what's the most important bills to pay and that's: rent, food and utilities until SO's income (we hope) starts to come in. I have paid my car up to June '06, but I will be unable to come up with the whole $330 a month for both July & August. I know that my regular salary will kick in on Sept 15. The bank knows that I am recovering through a BK, but now I am on the hook for the remaining $2000 I owe since that reaffirmation was approved by the judge last week. All this time, I have never missed a payment with the bank for this car and I have fought hard to keep it during hard times. I am wondering if the bank will work with me somehow if I write them explaining my situation - my intentions are to pay off this car, but can they work with me by tacking on the 2 months onto the end of my loan. I have heard that banks are willing to work with you to avert repos and foreclosures if you explain the situation. I also know that it would cost more in time and money to repossess something. I am wondering if my payment record along with the small balance owed may weigh in my favor.
So now that I explained my sad story, what do you think? How should I write my letter to the bank? I really don't want to deal with any payday loans. I have been down that route before and its very costly. My SO assures me that the bank will not repo a car with so little left to pay if I talk to the bank. I don't know considering I am trying to recover from BK- they might be spiteful to take back the car.
Someone suggested that I go ahead and rescind my reaffirm agreement. It was filed on 5/26 so my 60 days are up in terms of changing my mind unless its 60 days from the day the judge approved it which would be 7/17. It was suggested that I talk to the bank ASAP and if they refuse to work with me then I should rescind my reaffirment and park the car elsewhere (maybe another state or garage) until I catch up with the 2 missing payments. I can't predict what will happen in August but I know I won't be able to make my July payment. My friend says that the reaffirment agreement should be rescinded anyway because what will be the purpose if I can't make the payments on time like I originally agreed to. I would hate to have to hide my car-can't I get arrested or something?
Any suggestions would be appreciated greatly!
sbb
As a school employee I am off for the summer with vacation pay, however when I got my stubs for the summer (I will get 4 direct deposits in July & Aug) there was a huge discrepany. I almost had a heartache when I looked at my pay. The payroll secretary couldn't explain or just didn't have time (last day of school is very busy) as to why my checks were "light" to the tune of -$270 after taxes. I called the office who handles my checks and they explained to me, needless to say that summer vacation checks are pro-rated based on how many months you worked during the school year. Now I had subbed at this school for 3 months (Sept-Nov '05). I finally got hired permanently in December 05. So for Dept of Ed, any sub work is not considered "real work" in terms of determining salary and evidently summer pay. So I was told that since I worked Dec-June (7 months) I am only entitled to 7/10 of my salary. If I was hired permanently sooner like back in Sept 05 then I would receive full vacation pay. Next summer in '07 if I am there Sept-June this won't be an issue. What angered me the most is that no one ever told me this when I was hired, I may have been able to put a few dollars a side (don't how), or did some P/T work to have for the summer. I kept praying for months that maybe my SO would start working. He might be starting a job paying well starting next month (hopefully he'll pass the 3 mo probation and get into the union with benefits). After 11 months w/o a job, I just want him to work. Even when he starts to bring in a salary, it probably won't be until late August, early Sept.
With even less money in the house to work with, I have had to truly decide what's the most important bills to pay and that's: rent, food and utilities until SO's income (we hope) starts to come in. I have paid my car up to June '06, but I will be unable to come up with the whole $330 a month for both July & August. I know that my regular salary will kick in on Sept 15. The bank knows that I am recovering through a BK, but now I am on the hook for the remaining $2000 I owe since that reaffirmation was approved by the judge last week. All this time, I have never missed a payment with the bank for this car and I have fought hard to keep it during hard times. I am wondering if the bank will work with me somehow if I write them explaining my situation - my intentions are to pay off this car, but can they work with me by tacking on the 2 months onto the end of my loan. I have heard that banks are willing to work with you to avert repos and foreclosures if you explain the situation. I also know that it would cost more in time and money to repossess something. I am wondering if my payment record along with the small balance owed may weigh in my favor.
So now that I explained my sad story, what do you think? How should I write my letter to the bank? I really don't want to deal with any payday loans. I have been down that route before and its very costly. My SO assures me that the bank will not repo a car with so little left to pay if I talk to the bank. I don't know considering I am trying to recover from BK- they might be spiteful to take back the car.
Someone suggested that I go ahead and rescind my reaffirm agreement. It was filed on 5/26 so my 60 days are up in terms of changing my mind unless its 60 days from the day the judge approved it which would be 7/17. It was suggested that I talk to the bank ASAP and if they refuse to work with me then I should rescind my reaffirment and park the car elsewhere (maybe another state or garage) until I catch up with the 2 missing payments. I can't predict what will happen in August but I know I won't be able to make my July payment. My friend says that the reaffirment agreement should be rescinded anyway because what will be the purpose if I can't make the payments on time like I originally agreed to. I would hate to have to hide my car-can't I get arrested or something?
Any suggestions would be appreciated greatly!
sbb
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