Frustrated...need to vent

[pixiedustaholic]

Frustrated with bank...(long)

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My DH is currently on furlough from his job. He is scheduled to go back to work on June 1st.
He called the bank that his truck is financed through to see if he could defer this month's payment to the end of the loan. This would help us out since he has yet to receive his 1st unemployment check. The rep on the phone looked at our account and verified that we have never been late, never deferred a payment and have been a customer for over two years. She said it shouldn't be a problem. That is, until she found out he is currently unemployed and then said she couldn't help him. He asked why and she said they don't provide unemployment insurance. They were willing to let him defer a payment if he still had a job and just wanted to skip but since he doesn't have a job and it would really help us out, the answer is NO.
This makes no sense to me. We are good customers and he was honest and they turned him down. If he had called them up and lied about being unemployed, it would have been fine.
Please, no flames b/c we CAN make the payment, it would just give us some breathing room if we could defer it since he has no check coming in this week and we don't want to dip into savings.
I'm just aggravated.

 

[*Flower*]

 

[lady9]

Since you can make the payment with savings, then I'd go ahead and pay it. The amount you will lose in savings interest is a lot less than the interest you will pay by deferring that payment assuming you don't have a 0% interest rate on the car loan.

That said, I think it stinks the bank wouldn't help you. In this economy it would seem to me to help people in this way rather than let them be late on a payment, have trouble making future payments and end up in reposession. It make no sense. I hope it works out for you.

 

[jax677]

Sometimes the rules don't make sense. To me it shouldn't matter if someone is working or not. Either way its just extending the loan. Grrrr

 

[Darsa]

I completely feel your pain; my husband is in the process of appealing his unemployment denial headache and we're hanging on by a thread (aka my paycheck); I'm dreading the thought that I may have to call our bank and ask for the same thing.

 

[Tnkrbelle565]

These rules make no sense at all My DH is being furloughed as well but his company is doing this weird thing so they won't be able to collect unemployment BUT, I'm just glad at this point that we both have jobs.

 

[pixiedustaholic]

Yes, I guess we will be making the payment. I am thankful that I still have a job and that his company is paying for all of our health insurance while he is on unemployment. I just hope and pray that he does indeed get to return to work on June 1st as they initially announced.

Still think this bank's rules stink!!! When the loan is paid off, no more business with them!

 

[RobinFabulous]

Did you explain that he was not laid off but would be going back? Did you tell them that you're still working and he will be collecting unemployment?

I think it has something to do with the risk status. A person with income can pay next month, but a person with no income is just putting off repossesion by a month.

((hugs)))

 

[Goofy22]

I hear you! I am being furloughed to but they reworded to a temp layoff and we have to take 14 2 this fiscal yr which ends july and 12 next year which is one per month from may thru December but only certain titles are having this done to them others are exempt! My theory if it's good for one it's good for all ! It's being done unfairly our unions are fighting it but it doesnt seem to be doing much! I wouldnt have a problem wiith it if it was across the board like we were originally told it would be now they are exempting so many titles they are not making even 1/4 of what that stated they would by doing soo!!!

 

[pixiedustaholic]

Yes, he explained that he would be on furlough for only 2 months...still nothing.

 

[a1tinkfans]

OP

and to DARSA too

Best of luck to you BOTH!!

 

[cheriemek]

 

[mombare]

My brother-in-law had a silly situation also. He got laid off for 3 months, and called his mortgage company to see if there were any options for refi or anything. They basically told him there was nothing they could do at that point, but if he didn't pay his mortgage for one month they would be able to help him. He just kept paying as such, but would have appreciated any extra breathing room. Seems silly - someone TRYING to avoid falling behind...and only help if you are irresponsible.

Good luck with everything, though. I am sure you will find some great tips on this board to help you through this difficult time.