OMFRICKINGG

[dfr1973]

no that can't be legal. it just can't, can it?

Unless y'all are active duty military, it is indeed legal. A couple years ago CONgress capped interest for active duty at 35%, due to problems with payday loans/tax return advance/title loans. Before that cap went into effect, I had heard of some local places charging 600-800% interest.

you best find a way out of that loan ASAP --that is insanity.

Unfortunately, paying it off is the only way out.

I have a serious ax to grind with this business model: they are PREDATORY by nature, with their preferred prey being young military, poor/low-income folks living paycheck-to-paycheck, and of course those who find themselves in an emergency/desperate situation. Once upon a time, they WERE illegal ... but along with high-interest credit cards and "subprime" lending, they lobbied to repeal usury laws so they could take advantage of people.

 

[elijahboy]

the problem is.............I HAD THAT 10X OVER IN MY BANK ACCOUNT.

HE DIDNT ASK..........SO HE DONT NEED TO ASK NOW.......PAY IT OFF YOURSELF

 

[pinkfox]

as long as your names not on it then yeah his supid idea his stupid mistake so his repsonibsility...but if you ever need/want a joint loan...remember his credit score effects you...
and that extra money (assuming you practice an all share program in your home (yours is his his is yours) is money that oculd be spent on better things.

least the insurance payment fomr his fender bender should cover the cost and get it paid off...
but id be making a serious rule of no finanicla desisions can be made unless ALL parties are involved...hes obviously not aware enough right now to read the fine print or comprehend it so untill he learns how...hes not allowed unless he consults you first. (personally belive this should be the case on all big financial desiciouns when in a relationship anyway so...

 

[dfr1973]

the problem is.............I HAD THAT 10X OVER IN MY BANK ACCOUNT.

First: Take a deep breath, count slowly to ten however many times you need to, then sit down and open up a dialogue. Hopefully by now, he feels like seven kinds of a fool for getting into this.

Money issues is the single worst thing to poison a relationship ... speaking as one who is twice-divorced. My exes certainly had other issues each, but there were definitely some very LOUD money fights in each failed marriage. I've been married to my current hubby since spring '06, and while we had our stresses in the first couple years about upkeep being higher than income, we have overcome them and have always - from day one - discussed money openly. We also each have our own accounts, with one local joint account (neither of us wanted to part from our original credit unions in Indiana and Florida). Every month, we inform the other of the running totals, from each of the three states. It sounds strange when I type it out, but it works for us.

The key here is being open and honest with each other, and discussing ANY transaction over $200 before doing it (unless it's a literal emergency). I did not know this "rule" in my previous marriages, but I sure wish I did. It took me two expensive divorces (in more than just monetary terms) to learn this, but I am happy to pass it along for free. Sit down with him and work out a hard-and fast agreement you can both agree to, then even pinky-swear on, then let this incident go and chalk it up to tuition at the "school of hard knocks". Or, you can just call it "stupid tax", but he does need to promise not to do something like this again without first talking it over.

 

[elijahboy]

i dont care that he did it but i do care that he didnt read the paperwork or get into any details

our money is kept seperately

what mine is mine what is his is his


i pay the mortgage which is only 450

he pays light water and sewer which is usually a total of about 300

and thats all the household bills

i buy the food and he buys everything else paper products soap shampoo and so forth

its just the fact that he didnt read the paperwork.

he pays all the marshalls bills.............which i love...cause i love to buy new clothes

 

[~gd]

Since someone mentioned the military, they used to tell us just how to hold assets to prevent problems like this. there are two problems. The non-military home body doing something stupid like this. Or the very real need of the home body [I am not using spouse because of shacking up being so common in the lower ranks] need for emergency funds while solders are out of touch overseas. A major item like a car or a mortgage should be in both names. With two names on the truck title, both parties would have to sign for the loan or sale. In a real emergency the RED CROSS has a system of wired power of attorney that can sign off for the soldier the same day he/she can be reached. [includes POWs] Many units also have 'slush funds" set up for the unit often called Health & Welfare funds for short term cash.

 

[elijahboy]

ok but WE are not in the military

and my house was purchased 12 years ago......before him

and we were dating when i paid for my truck in full.

 

[FarmerChick]

money part aside, E, I hear ya loud and clear.

you 'now don't trust him' with money matters. If he signs, doesn't read or inquire the interest rate, etc etc.....you wonder what in the world will 'he do next' that could sink him.

my hubby is not as bad, but in that same league. He wants, he buys, and 'barely' checks things out being buying. drives me nuts. In fact we were just at the store and I am couponing at Kmart and he just picks up whatever. I mean can't ya see I am couponing here...if you think that full price item is going into the cart you are nuts...haha

it is scary that someone would buy and sign and not read. that really isn't cool. especially for people like 'us' who save money...never overspend.

 

[elijahboy]

yeah what is it about men.

this mug (thats what i call him) paid 150 for a USED car radio because that same radio retail was like 1200

but guess what he didnt do...............HE DIDNT CHECK TO SEE IF THE FRICKING RADIO WORKED

so he gets home all excited about a 1200 radio he got for 150 that didnt work

and youknow what he never ever ever ever told me if the dude gave him his money back...........cause he probably didnt.

i wont lie i wanted that radio in my truck so bad......until i found out it didnt work..it had a button you pushed to activate a pop up tv....

money part aside, E, I hear ya loud and clear.

you 'now don't trust him' with money matters. If he signs, doesn't read or inquire the interest rate, etc etc.....you wonder what in the world will 'he do next' that could sink him.

my hubby is not as bad, but in that same league. He wants, he buys, and 'barely' checks things out being buying. drives me nuts. In fact we were just at the store and I am couponing at Kmart and he just picks up whatever. I mean can't ya see I am couponing here...if you think that full price item is going into the cart you are nuts...haha

it is scary that someone would buy and sign and not read. that really isn't cool. especially for people like 'us' who save money...never overspend.