Some brokerages like Ameritrade and soon to be Scottrade will "sweep" any cash balance and deposit it into certain banks to gain FDIC insurance and to earn interest. They won't just let it sit and leave it alone. I had Ameritrade years ago and they did this and I found it to be very annoying and it was a nightmare. It caused delays in me withdrawing cash and making some trades. I just hated it. So I switched to Scottrade because at the time they didn't do stuff like this. They still paid interest on any cash balance but didn't do any of that "sweep" crap. They just left it alone so it was a cash balance in your brokerage account. Now Scottrade has informed me they are implementing a "sweep" program they call their "bank deposit program". UGGGGHHHH. I'm not doing that crap again, time to switch brokerages.
For anyone who has a Fidelity brokerage account, does Fidelity brokerage account do anything like this type of sweep program for idle cash balances? Hopefully not as they have cheap commissions at a flat $7.95 per trade.|||Yes Fidelity sweeps cash into their money market account
Scottrades, like most firms are doing away with "bank" sweeps since they generate very little interest compared to "in-house" sweeps and the firm does not have full control over money movements. Whenever banks are involved in any type of money movement it's usually screwed up.
Most in-house sweeps, since they are part of an account balance are covered by SIPC and most major firms have additional insurance, usually up to one million dollars.
I have accounts at both Fidelity %26amp; Scottrade, "in-house" sweeps are much better
Monday, December 12, 2011
Canadian Rental Agreement. Broken 'contract'?
Hi,
I am renting out my basement area, a man called from another province asking about my place as he was moving here to a new job. He was very interested and we spoke for over an hr, I was VERY clear I wanted a single, long term renter, several times he assured me that was his intention, at the absolute shortest he would rent was 3 months as that was his trial period at the new job and they could withdraw their intrest in him within 3 mnths, if that happened he would go back home. Otherwise he was looking to rent for at least a year. We really got along well on the phone and he was in complete agreement with all my terms, but wanted to bring his pets, I said no so he decided against it.
A few days later he called back telling me he wanted to rent it anyway, again we spoke for an hour going over our expectations and again he fully agreed to them all, again we covered the length of stay, again he assured me 3 mnths minimum. He asked if I would save it one month for him and I was very hesitant as I had other long term people looking at it, but he was so impressive I said I would with a deposit to hold it in case he never showed up. I took 1/2 a mnths rent and verified with his job he was expected.
He called several more times during the mnth, I did get his deposit, a week before he came he called again to ask if I minded his girlfriend who was driving 3 days here to move him, could stay 3 days to recoup before leaving again...I said yes. A mnth and 3 days later he got here, within 10 min he advised me he had decided his girlfriend was going to live with him and if i didnt like it he would find another place, considering I had missed a whole mnth rent holding it and then more time re renting it, I begrudgingly agreed.
Rent, utilities and terms were only written out for one persons rent, but instead of raising the rent as I could have, I asked for extra utility monies. When he paid his first mnths rent he shorted me money saying he was SURE his amount was what I asked for... so I lost rent too.
She never worked so all day she ran utilities, tons of laundry they had brought with them, tv and lights on all day..etc.. To end an even longer story, 3 weeks into renting he came and told me he was giving his notice to move and he would be gone at mnths end, i was livid! Not only did I miss the whole mnth holding it, all the extra utilities, and now not even the 3 mnths minimum rent we had agreed upon, and perhaps weeks before I can re rent it!
My question is, can I sue him for the months rent I held it, and the 2 months that would have made up the minimum of 3 he had assured me he would rent it for? Our agreement was verbal but I did get the deposit to hold it..also, I did make him sign a month to month agreement in case I ever had to evict him and to cover myself for the amount of rent he would owe.
Is his verbal assurance with me that he was renting for a minimum of 3 months enough to sue him for those 3 months and the one I held it for? He's really made me lose allot of money!
Thanks.|||Residential tenancy agreements state that a month to month is just that...a month to month. You have to give each other at least 30 days notice on a month to month about moving out. You can hold his deposit because he failed to give you 30 days notice (since you are saying he's moving out at the end of the month). Since it's not a 3 month or 1 year lease, you can't sue him or anything for 2 months that you made on a VERBAL contract. Anyone who sees a month to month lease will follow the terms of that month to month lease and not any type of verbal agreement - which is why it's extremely important to always write down any terms or conditions ON THE LEASE AGREEMENT that is signed by both parties. There's nothing you can do except keep the deposit for his failure to give 30 days notice before moving out.|||I don't think his verbal assurance is going to get you anywhere in court. Your best bet is probably to chalk this one up to experience and learn from it. Verbal assurance is worth diddly. It is easy to FAX contracts, do it if this happens again. Never accept 1/2 months rent for a deposit, it's first and last or you are on to the next tenant. There are a million sad tales out there, most of them people brought on themselves. When people start asking for concessions from the start be prepared for a long list of requests coming.
It isn't easy money being a landlord.
I am renting out my basement area, a man called from another province asking about my place as he was moving here to a new job. He was very interested and we spoke for over an hr, I was VERY clear I wanted a single, long term renter, several times he assured me that was his intention, at the absolute shortest he would rent was 3 months as that was his trial period at the new job and they could withdraw their intrest in him within 3 mnths, if that happened he would go back home. Otherwise he was looking to rent for at least a year. We really got along well on the phone and he was in complete agreement with all my terms, but wanted to bring his pets, I said no so he decided against it.
A few days later he called back telling me he wanted to rent it anyway, again we spoke for an hour going over our expectations and again he fully agreed to them all, again we covered the length of stay, again he assured me 3 mnths minimum. He asked if I would save it one month for him and I was very hesitant as I had other long term people looking at it, but he was so impressive I said I would with a deposit to hold it in case he never showed up. I took 1/2 a mnths rent and verified with his job he was expected.
He called several more times during the mnth, I did get his deposit, a week before he came he called again to ask if I minded his girlfriend who was driving 3 days here to move him, could stay 3 days to recoup before leaving again...I said yes. A mnth and 3 days later he got here, within 10 min he advised me he had decided his girlfriend was going to live with him and if i didnt like it he would find another place, considering I had missed a whole mnth rent holding it and then more time re renting it, I begrudgingly agreed.
Rent, utilities and terms were only written out for one persons rent, but instead of raising the rent as I could have, I asked for extra utility monies. When he paid his first mnths rent he shorted me money saying he was SURE his amount was what I asked for... so I lost rent too.
She never worked so all day she ran utilities, tons of laundry they had brought with them, tv and lights on all day..etc.. To end an even longer story, 3 weeks into renting he came and told me he was giving his notice to move and he would be gone at mnths end, i was livid! Not only did I miss the whole mnth holding it, all the extra utilities, and now not even the 3 mnths minimum rent we had agreed upon, and perhaps weeks before I can re rent it!
My question is, can I sue him for the months rent I held it, and the 2 months that would have made up the minimum of 3 he had assured me he would rent it for? Our agreement was verbal but I did get the deposit to hold it..also, I did make him sign a month to month agreement in case I ever had to evict him and to cover myself for the amount of rent he would owe.
Is his verbal assurance with me that he was renting for a minimum of 3 months enough to sue him for those 3 months and the one I held it for? He's really made me lose allot of money!
Thanks.|||Residential tenancy agreements state that a month to month is just that...a month to month. You have to give each other at least 30 days notice on a month to month about moving out. You can hold his deposit because he failed to give you 30 days notice (since you are saying he's moving out at the end of the month). Since it's not a 3 month or 1 year lease, you can't sue him or anything for 2 months that you made on a VERBAL contract. Anyone who sees a month to month lease will follow the terms of that month to month lease and not any type of verbal agreement - which is why it's extremely important to always write down any terms or conditions ON THE LEASE AGREEMENT that is signed by both parties. There's nothing you can do except keep the deposit for his failure to give 30 days notice before moving out.|||I don't think his verbal assurance is going to get you anywhere in court. Your best bet is probably to chalk this one up to experience and learn from it. Verbal assurance is worth diddly. It is easy to FAX contracts, do it if this happens again. Never accept 1/2 months rent for a deposit, it's first and last or you are on to the next tenant. There are a million sad tales out there, most of them people brought on themselves. When people start asking for concessions from the start be prepared for a long list of requests coming.
It isn't easy money being a landlord.
Help please ? (differential equations)?
Suppose a rich uncle has left you “S(0) ” dollars, which you deposit in a bank that pays annual interest at the rate of “ r “ compounded continuously. Show that if you make withdrawals amounting to “ d ” dollars per year ( d %26gt; r S(0) ), then the time required to deplete the money in the bank is
t= 1/r ln[ d/d-rS(0) ] . What happens when the annual withdrawn d , is less or equal to S(0) ??|||There are two difficulties with the statement of this problem
1) It is not stated when during the year the withdrawals are made. If the withdrawals are made earlier, then less interest is earned. Is this a lump sum? It seems that this amount it to be withdrawn continuously, not a practical possibility.
2) The final question should be "d is less than or equal to r*S(0)"
The basic equation for interest compounded continuously is
dM/dt = r M
where M is the amount of money at time t. The solution is
M = S(0) e^(rt)
If we assume that the withdrawals are made continuously, then the equation becomes
dM/dt = rM - d
the general solution of which is
M = C e^(rt) + d/r
Applying the initial condition that M(0) = S(0),
M = (S(0)-d/r) e^(rt) + d/r
The money will be depleted when M = 0, or
0 = (S(0)-d/r) e^(rt) + d/r
e^(rt) = d/r / (d/r - S(0)) = d / (d-r*S(0))
or t = (1/r) ln [d / (d-r*S(0))]
If d %26lt; r*S(0), then the balance grows indefinitely. If d=r*S(0) then the balance stays constant. In either case, the balance is never depleted.
t= 1/r ln[ d/d-rS(0) ] . What happens when the annual withdrawn d , is less or equal to S(0) ??|||There are two difficulties with the statement of this problem
1) It is not stated when during the year the withdrawals are made. If the withdrawals are made earlier, then less interest is earned. Is this a lump sum? It seems that this amount it to be withdrawn continuously, not a practical possibility.
2) The final question should be "d is less than or equal to r*S(0)"
The basic equation for interest compounded continuously is
dM/dt = r M
where M is the amount of money at time t. The solution is
M = S(0) e^(rt)
If we assume that the withdrawals are made continuously, then the equation becomes
dM/dt = rM - d
the general solution of which is
M = C e^(rt) + d/r
Applying the initial condition that M(0) = S(0),
M = (S(0)-d/r) e^(rt) + d/r
The money will be depleted when M = 0, or
0 = (S(0)-d/r) e^(rt) + d/r
e^(rt) = d/r / (d/r - S(0)) = d / (d-r*S(0))
or t = (1/r) ln [d / (d-r*S(0))]
If d %26lt; r*S(0), then the balance grows indefinitely. If d=r*S(0) then the balance stays constant. In either case, the balance is never depleted.
Algebra Help?
This is the same exact question as I posted before, but I really need an answer, because I have to give like 120 questions of work by tomorrow (I didn't procrastinate, could tell you that much...)
5. Which of the following represents the statement: "Seven less than one-third of n is equal to seven more than 3 times m?"
(A) 1/3n + 7 = 3m - 7
(B) 3n + 7 = 1/3m - 7
(C) n = 9m + 28
(D) 3n - 7 = 1/3m + 7
(E) 1/3n = 3m - 14
17. What is the value of 2z^2 - 2/z^2 if 2z - 2/z = 4?
*I believe this should be an answer without a square root because SAT's don't make you do square roots are fill in answers.
14. Becky opened a savings account that earns a fraction x of its balance in interest every year. Three years ago Becky deposited $800 into the account, and has not deposited or withdrawn any money since. If she has earned 126.10 in interest, what is the value of x?
(A) 1/4
(B) 1/5
(C) 1/10
(D) 1/20
(E) 1/25
No typos.
URGENT!!!|||5) 1/3 * n - 7 = 3*m + 7 is the statement as given.
=%26gt; add 7 to both sides
1/3 * n = 3*m + 14
Choice (E) - if you made a typo on that one, as the other choices are definitely not correct. Or, you made a typo on another one. I am not sure.
17) 2z - 2/z = 4
=%26gt; divide by 2
z - 1/z = 2
=%26gt; square both sides
(z - 1/z)^2 = 4
=%26gt; FOIL
z^2 - 1/z^2 - 2 = 4
=%26gt;
z^2 - 1/z^2 = 6
=%26gt; multiply by 2 on both sides
2z^2 - 2/z^2 = 12.
18)
year 1: She earns 800x in interest, thus having 800 + 800x = 800(1+x) at the end of one year
year 2: She earns 800(1+x) * x in interest, thus having 800(1+x) + 800x(1+x) = 800(1+x)^2 at the end of the second year.
Following similar reasoning, she will have 800(1+x)^3 by the end of year 3.
Thus, 800(1+x)^3 = 800 + 126.10
=%26gt;
(1+x)^3 = 1.157625
=%26gt;
1 + x = 1.05
=%26gt;
x = 0.05 = 1/20.
Choice (D)|||5 is E|||5) n/3 - 7 = 3m + 7
n/3 = 3m + 14
17) 2z - 2/z = 4
place all on one side and equate to zero
2z - 2/z - 4 = 0
divide by 2 and multiply by z throughout
z^2 - 2z - 1= 0
factorise and then plug in the values into your formula|||5 is actually B...read through it and you'll understand that it corresponds to "seven less than 1/3 of n is equal to seven more than 3m"
and i believe 14 is B
you need to be more clear on #17
Don't just stay on this problem, move on and come back to it later...
If you need any more help Im me on aim at Dunit0001
5. Which of the following represents the statement: "Seven less than one-third of n is equal to seven more than 3 times m?"
(A) 1/3n + 7 = 3m - 7
(B) 3n + 7 = 1/3m - 7
(C) n = 9m + 28
(D) 3n - 7 = 1/3m + 7
(E) 1/3n = 3m - 14
17. What is the value of 2z^2 - 2/z^2 if 2z - 2/z = 4?
*I believe this should be an answer without a square root because SAT's don't make you do square roots are fill in answers.
14. Becky opened a savings account that earns a fraction x of its balance in interest every year. Three years ago Becky deposited $800 into the account, and has not deposited or withdrawn any money since. If she has earned 126.10 in interest, what is the value of x?
(A) 1/4
(B) 1/5
(C) 1/10
(D) 1/20
(E) 1/25
No typos.
URGENT!!!|||5) 1/3 * n - 7 = 3*m + 7 is the statement as given.
=%26gt; add 7 to both sides
1/3 * n = 3*m + 14
Choice (E) - if you made a typo on that one, as the other choices are definitely not correct. Or, you made a typo on another one. I am not sure.
17) 2z - 2/z = 4
=%26gt; divide by 2
z - 1/z = 2
=%26gt; square both sides
(z - 1/z)^2 = 4
=%26gt; FOIL
z^2 - 1/z^2 - 2 = 4
=%26gt;
z^2 - 1/z^2 = 6
=%26gt; multiply by 2 on both sides
2z^2 - 2/z^2 = 12.
18)
year 1: She earns 800x in interest, thus having 800 + 800x = 800(1+x) at the end of one year
year 2: She earns 800(1+x) * x in interest, thus having 800(1+x) + 800x(1+x) = 800(1+x)^2 at the end of the second year.
Following similar reasoning, she will have 800(1+x)^3 by the end of year 3.
Thus, 800(1+x)^3 = 800 + 126.10
=%26gt;
(1+x)^3 = 1.157625
=%26gt;
1 + x = 1.05
=%26gt;
x = 0.05 = 1/20.
Choice (D)|||5 is E|||5) n/3 - 7 = 3m + 7
n/3 = 3m + 14
17) 2z - 2/z = 4
place all on one side and equate to zero
2z - 2/z - 4 = 0
divide by 2 and multiply by z throughout
z^2 - 2z - 1= 0
factorise and then plug in the values into your formula|||5 is actually B...read through it and you'll understand that it corresponds to "seven less than 1/3 of n is equal to seven more than 3m"
and i believe 14 is B
you need to be more clear on #17
Don't just stay on this problem, move on and come back to it later...
If you need any more help Im me on aim at Dunit0001
Withrawing Offer on a Short Sale due to No Seller Response ?
I submitted a cash offer on a short sale Weds. My agent is also the listing agent, feels my offer is solid and claims he's been in touch with negotiators, making the case to take this deal. A previous bank-approved deal fell through due to buyer financing. My offer is about 9% less.
Being new to short sales (in this case there is already a foreclosure judgement on record) I assumed my offer would go directly to lender for approval and thus didn't put a timeframe for seller response in the offer. The realtor felt the offer was good and the bank would respond rather quickly. The next day he clarified it still goes to seller first, %26amp; he anticpated a seller response within 48 hrs. On friday afternoon I asked him to get it to us in that window, because we want to qualify for the fed tax credit and time is running short. He assured me only the seller-signed contract is required for the tax credit, not the bank-approval. It's now day 4 and I've heard nothing from the realtor. My intention is to follow up tomorrow (Monday) and stipulate that the seller must respond by 5pm or the offer will be withdrawn.
5 days is beyond reasonable for seller response, and there are other properties we could purchase if the seller isn't interested.
Q #1. Is there any reason I should not be able to withdraw the offer and collect my escrow deposit?
Q# 2. Is the agent correct in his assessment that a seller-signed contract is all that's needed to meet the April 30th tax credit deadline, or does a short sale / foreclosure require lender acceptance as well?
Please, only qualified responses. Thanks for your help!|||Q1: You can withdraw an offer anytime prior to the other party's acceptance.
Q2: The Internal Revenue Code does not define the term "binding contract." Whether your seller-signed short sale contract qualifies as a "binding contract" for purposes of the Code is a question for a tax professional, and even then is something that the IRS may argue about. It's probably more likely to qualify as a binding contact if the bank acceptance is stated as a contingency, rather than a necessary requirement for acceptance of the offer. Most of the boilerplate forms that real estate agents use for short-sale offers contain clauses that essentially state that there is no acceptance (and no binding contract) until both the home owner AND the lienholder accept the terms. This type of clause is really intended to protect the buyer; without such a term, a buyer could be stuck in a contract indefinitely while the lender is contemplating its options.
But, notwithstanding the above, your real worry should be the July 1, 2010 requirement for closing. Short sales take forever to close, and it's wishful thinking on your part if you seriously believe you can close a short-sale in 60 days.
And a second issue: What do you mean that there is a foreclosure judgment on record? If the mortgage has already been foreclosed, then that means the lender owns the home. You'll need to review the chain of title to double-check who owns the property. It's very conceivable that the home has already been foreclosed, and the occupant has simply not yet bothered to move out.|||It appears that your agent is inexperienced with short sales, because it probably took 48 hours just to get to the right department. Short sales responses typically take about two weeks for the bank to respond because they go through a department, rather than just one person making a decision on it.
If you are not in a hurry, I would send over an addendem giving them 5 more business days to respond. If they do not respond in 5 business days (and meanwhile, your agent needs to CALL them), then I would formally withdraw the offer.
Your agent is incorrect that all that is needed is a seller-signed contract to mee the April 30th tax credit deadline because it's a shortsale, you legally do not have a valid contract AT ALL without bank approval.
Question: If this property is in forclosure, then your agent has submitted the offer to the WRONG individual. The bank doesn't get the offer if it's in foreclosure, the trustee on record does...and that can explain why you haven't got a response yet.|||See IRS Form 5405. There are 2 deadlines that apply to qualify for the tax credit, you would need a valid contract by April 30 (including approval from any lenders, due to the foreclosure) AND you would have to close by the end of June (before July 1). You cannot "apply" for the tax credit until after you close.
The agent is just trying to string you along and not lose a sale. But try to prove any misunderstanding that is not in writing.
I don't see how a contract could be "binding" if it is from someone who is not authorized to fulfill that contract on their own.|||The odds of this happening in time for the tax credit are almost 0. Short sales take months. Not weeks or days. Your agent is completely wrong in stating that the seller's approval is the only one needed by 4/30 to qualify. If you love the house, fine, proceed. My personal opinion is that it is not wise to use the same agent as the seller in any case, especially one who does not seem to know enough about short sales, and do not count on getting the credit.
Being new to short sales (in this case there is already a foreclosure judgement on record) I assumed my offer would go directly to lender for approval and thus didn't put a timeframe for seller response in the offer. The realtor felt the offer was good and the bank would respond rather quickly. The next day he clarified it still goes to seller first, %26amp; he anticpated a seller response within 48 hrs. On friday afternoon I asked him to get it to us in that window, because we want to qualify for the fed tax credit and time is running short. He assured me only the seller-signed contract is required for the tax credit, not the bank-approval. It's now day 4 and I've heard nothing from the realtor. My intention is to follow up tomorrow (Monday) and stipulate that the seller must respond by 5pm or the offer will be withdrawn.
5 days is beyond reasonable for seller response, and there are other properties we could purchase if the seller isn't interested.
Q #1. Is there any reason I should not be able to withdraw the offer and collect my escrow deposit?
Q# 2. Is the agent correct in his assessment that a seller-signed contract is all that's needed to meet the April 30th tax credit deadline, or does a short sale / foreclosure require lender acceptance as well?
Please, only qualified responses. Thanks for your help!|||Q1: You can withdraw an offer anytime prior to the other party's acceptance.
Q2: The Internal Revenue Code does not define the term "binding contract." Whether your seller-signed short sale contract qualifies as a "binding contract" for purposes of the Code is a question for a tax professional, and even then is something that the IRS may argue about. It's probably more likely to qualify as a binding contact if the bank acceptance is stated as a contingency, rather than a necessary requirement for acceptance of the offer. Most of the boilerplate forms that real estate agents use for short-sale offers contain clauses that essentially state that there is no acceptance (and no binding contract) until both the home owner AND the lienholder accept the terms. This type of clause is really intended to protect the buyer; without such a term, a buyer could be stuck in a contract indefinitely while the lender is contemplating its options.
But, notwithstanding the above, your real worry should be the July 1, 2010 requirement for closing. Short sales take forever to close, and it's wishful thinking on your part if you seriously believe you can close a short-sale in 60 days.
And a second issue: What do you mean that there is a foreclosure judgment on record? If the mortgage has already been foreclosed, then that means the lender owns the home. You'll need to review the chain of title to double-check who owns the property. It's very conceivable that the home has already been foreclosed, and the occupant has simply not yet bothered to move out.|||It appears that your agent is inexperienced with short sales, because it probably took 48 hours just to get to the right department. Short sales responses typically take about two weeks for the bank to respond because they go through a department, rather than just one person making a decision on it.
If you are not in a hurry, I would send over an addendem giving them 5 more business days to respond. If they do not respond in 5 business days (and meanwhile, your agent needs to CALL them), then I would formally withdraw the offer.
Your agent is incorrect that all that is needed is a seller-signed contract to mee the April 30th tax credit deadline because it's a shortsale, you legally do not have a valid contract AT ALL without bank approval.
Question: If this property is in forclosure, then your agent has submitted the offer to the WRONG individual. The bank doesn't get the offer if it's in foreclosure, the trustee on record does...and that can explain why you haven't got a response yet.|||See IRS Form 5405. There are 2 deadlines that apply to qualify for the tax credit, you would need a valid contract by April 30 (including approval from any lenders, due to the foreclosure) AND you would have to close by the end of June (before July 1). You cannot "apply" for the tax credit until after you close.
The agent is just trying to string you along and not lose a sale. But try to prove any misunderstanding that is not in writing.
I don't see how a contract could be "binding" if it is from someone who is not authorized to fulfill that contract on their own.|||The odds of this happening in time for the tax credit are almost 0. Short sales take months. Not weeks or days. Your agent is completely wrong in stating that the seller's approval is the only one needed by 4/30 to qualify. If you love the house, fine, proceed. My personal opinion is that it is not wise to use the same agent as the seller in any case, especially one who does not seem to know enough about short sales, and do not count on getting the credit.
Mortgage approved then withdrawn at the very last minute for no apparant reason - Scotland!?
Hi, basically, I used to live in Manchester, and after i got married i moved to glasgow. I workf or a company in Manchester, have done so since before I graduated, I work from home/on the road, basically I travel around Scotland as I am based here basically finding new clients and so on. I spend around 3 weeks in Glasgow and 2 weeks in Manchester (every month to month and a half). When I'm in Manchester I stay with my mother who looks after my child and i spend most of my time in the office. Anyway I earn around 拢2100-拢2200 after tax a month. My husband is in the uk on a spouse visa, he works in a resteraunt based in a hotel, he's an assistant manager there and works 5pm - 12am 6 days a week, he earns around 拢1600 after tax a month, he looks after my son in the week days while I am working.
Anyway just giving you some background info, I have a very active and good credit history. I applied for in a mortgage in my name alone for a property in scotland,as my husband is not a british citizen we could not add him to the application although we did tell Abbey (who we applied for the mortgage from) about him and that I was married.
I am earning enough to cover the mortgage on my own so it was not really a problem not having his income on the application. We were putting down a deposit of 拢20700 (15%) . The property price was 拢138000 so basically we were getting a loan on 拢117300, I chose a fixed term of 36 months for which the payment was 拢742 which me and my husband can easily afford (we're currently paying 拢650 in rent).
Anyway the loan got approved, i got an offer, we got the entry date, which was supposed to be today. Abbey initially asked for 3 months payslips which I provided to my broker he then sent them to Abbey. They approved the loan. Last Monday they rang me saying that we need more info from you so we are withdrawing the offer until we recieve this info. I got 3 months payslips, 3 months wage slips and my p60 which is all they asked for and the reason why my husband wasn't on the application, anyway I got this to my broker for Tuesday and he then faxed them to them by Wednesday. On Wed we were told we would get a decision on Thurs, on Thurs we were told Fri, Fri we were told Mon, Mon we were told Tues, Tues we were told Wed, Wed we were told Thurs, which was yesterday the day I was supposed to transfer the deposit to my solicitor, it got to 1pm nobody knew anything, they told my solicitor they did not recieve the info, they told my broker they had to re-credit score my application as my husband is not British therefore he is my dependant, anyway at 5 pm they rang my broker and told him that my loan has been withdrawn because they cannot confirm the information that they have, and that's all that they can tell us. The truth is nobody knows what the hell is going on in that company.
So basically they messed us around now, I am getting charged interest by the sellers untill I can arrange another mortgage. They left us with no other choice, no time, they gave us their decision at the very last minute, after offering us the loan and then withdrawing it, none of my circumstances have changed, i still do not understand what the hell happened.
Sorry for the long winded post, I just wanted some advice, are Abbey allowed to get away with this type of behavior? Can I do something about the way they have messes me around? They have stressed me out so much, it's even worse because I am 3 months pregnant, I now feel like absolute crap, I just can't understand what happened and they won't tell us anything.
Thanks!|||Hey i know exactly where your coming from as Abbey did exactly the the same with me and my husband, after following all their advice and recommendations, being messed around for months on end then screwed us over. We even had 50% deposit, utterly ridiculous. In the end we had to go for a ''high risk'' mortgage as Abbey had left so many hard prints on our credit reports ( oh best check it as they will have done the same on yours) it affected our rating. Personally we're taking legal action to recoup the thousands they caused us to waste on fee's, you could do the same. The FSA are pretty good to talk to as well, most importantly your not the only one who's been messed around by Abbey, although i know it feels like it at the moment. Just reapply with a company that's no where near related to abbey/santander as you will end up going through the same stress again.
Good luck with the pregnancy
xx
Anyway just giving you some background info, I have a very active and good credit history. I applied for in a mortgage in my name alone for a property in scotland,as my husband is not a british citizen we could not add him to the application although we did tell Abbey (who we applied for the mortgage from) about him and that I was married.
I am earning enough to cover the mortgage on my own so it was not really a problem not having his income on the application. We were putting down a deposit of 拢20700 (15%) . The property price was 拢138000 so basically we were getting a loan on 拢117300, I chose a fixed term of 36 months for which the payment was 拢742 which me and my husband can easily afford (we're currently paying 拢650 in rent).
Anyway the loan got approved, i got an offer, we got the entry date, which was supposed to be today. Abbey initially asked for 3 months payslips which I provided to my broker he then sent them to Abbey. They approved the loan. Last Monday they rang me saying that we need more info from you so we are withdrawing the offer until we recieve this info. I got 3 months payslips, 3 months wage slips and my p60 which is all they asked for and the reason why my husband wasn't on the application, anyway I got this to my broker for Tuesday and he then faxed them to them by Wednesday. On Wed we were told we would get a decision on Thurs, on Thurs we were told Fri, Fri we were told Mon, Mon we were told Tues, Tues we were told Wed, Wed we were told Thurs, which was yesterday the day I was supposed to transfer the deposit to my solicitor, it got to 1pm nobody knew anything, they told my solicitor they did not recieve the info, they told my broker they had to re-credit score my application as my husband is not British therefore he is my dependant, anyway at 5 pm they rang my broker and told him that my loan has been withdrawn because they cannot confirm the information that they have, and that's all that they can tell us. The truth is nobody knows what the hell is going on in that company.
So basically they messed us around now, I am getting charged interest by the sellers untill I can arrange another mortgage. They left us with no other choice, no time, they gave us their decision at the very last minute, after offering us the loan and then withdrawing it, none of my circumstances have changed, i still do not understand what the hell happened.
Sorry for the long winded post, I just wanted some advice, are Abbey allowed to get away with this type of behavior? Can I do something about the way they have messes me around? They have stressed me out so much, it's even worse because I am 3 months pregnant, I now feel like absolute crap, I just can't understand what happened and they won't tell us anything.
Thanks!|||Hey i know exactly where your coming from as Abbey did exactly the the same with me and my husband, after following all their advice and recommendations, being messed around for months on end then screwed us over. We even had 50% deposit, utterly ridiculous. In the end we had to go for a ''high risk'' mortgage as Abbey had left so many hard prints on our credit reports ( oh best check it as they will have done the same on yours) it affected our rating. Personally we're taking legal action to recoup the thousands they caused us to waste on fee's, you could do the same. The FSA are pretty good to talk to as well, most importantly your not the only one who's been messed around by Abbey, although i know it feels like it at the moment. Just reapply with a company that's no where near related to abbey/santander as you will end up going through the same stress again.
Good luck with the pregnancy
xx
Where is the best place to keep my money?
I'm 15 and have a bit more than 400 dollars. I want to start saving it somewhere safe where it can also grow a tiny bit with interest.
There is a local credit union opening tomorrow, and I have the option with my amount of money to either wait until I have 500 dollars and get a certificate of deposit, or open a savings account. If I get a CD I don't want to keep it in there more than a year. They offer 6 month ones and 12 month ones (they have longer ones but I'm not interested in keeping the money there that long). The APY for the 6 month one is .75%, and the 12 month gets 1.15%. The 12 month one offers better APY but if I get the 6 month one I can wait until it's done and buy another 6 month one but add a couple hundred more dollars or so depending on what I have.
My other option is a savings account. The APY is .5% but I could continuously add money into it (I'm pretty sure that I can't do that with the CDs they offer), and withdraw money a limited amount of times if I had to.
I'm leaning towards the savings account because of the ability to add money to it continuously, and the money isn't completely tied down. I just wanted to get other peoples opinions.
Sorry about the large amount of writing.|||I have money from a maturing CD. I'm going to put it in a savings account because i feel the rates are too low for a cd,|||by an small safe and keep it in yor room hidden under your bed by like a pair of old jeans|||You're asking good, thoughtful questions. And choosing a credit union is a good move.
In general, CDs are good for people who are prepared to tie up their funds for the specified period of time. For general banking, where you will want to regularly add more or take money out, it's best to go with the savings account. By the way, at credit unions savings accounts are usually called "share accounts". Same thing--just another name.
Before you decide, however, speak to someone at the credit union. Some of them offer special accounts for folks under 18 years of age, with special benefits and rewards. Credit unions are big into financial education, and are extremely pleased to have teens set up accounts. One thing, though, is that you must have a parent or guardian with you when you set up your account. The same rule applies at banks. And, the parent or guardian must be with you when you withdraw money.|||Good job opening a bank account and choosing a credit union! I would start with a savings account. Find out the minimum balance required to avoid monthly fees - some banks charge a fee each month if the amount in the account is less than $___. These fees are more than the interest you earn, so it's not a good idea to have them. Also find out the maximum number of transactions allowed each month without a fee - some only allow 3, so you wouldn't want to make 4 deposits. If the minimum for the savings account is $100 and the minimum for the CD is $500, make it a goal to get $600 in the savings account before you transfer money to a CD. And then make sure you can go without that money for 6 months.|||Congratulations on making a wise decision to open a savings account. It is the first step in taking responsibility for your finances and accumulating wealth. You are very smart to do this at a young age because you'll be able to benefit from compounding interest over a longer period of time than most of your peers.
Regarding your questions about opening a CD, I encourage you to talk with someone at the credit union and find out how their CDs work. Some credit unions have CDs that let people add money to even though the original certificate has not matured, so you might be able to get a higher rate of return AND add to your deposit.
Also, since you are under age 18, you could qualify for a youth account. Some credit unions offer accounts for young people that have better interest rates and lower minimum deposits. Again, ask a member service representative at the credit union for details.
Hope this helps. Good luck.|||Honestly all banks are technically businesses and businesses have to make money to survive, Your Money! I know it seems unrealistic but the other person who answered this is correct. If you actually want to save money then save it in its physical form. My grandfather is 78 and his bank is a whole in the floor, They are full of fine print and slander. Every time you make a mistake or withdraw insufficient funds they lick their fingers, laugh and start counting. I personally use a local federal credit union which has the best percentage rates and they actually inform me when I make mistakes unlike say Bank of America or Regions. Large banks are practically mobs with support from the government.|||Hi Preston I was your age when I opened my first bank account with $500 (which was a savings account) I have also had a certificate of deposit for a 6 month term, which ended recently.
Personally I would go with the savings account just for my own peace of mind, incase I did need to withdraw money in case of an emergency. Thats not an option with the other.
Remember you can always get a certificate of deposit later on, by then you would have the 500 dollars
Also, like you said you still earn interest on the savings account (.5%) %26amp; you can continue to add money into the account, which will increase the amount of interest you recieve on your savings.
Its really nice to see someone your age interested in saving not spending, I wish you all the wealth in the world :)
There is a local credit union opening tomorrow, and I have the option with my amount of money to either wait until I have 500 dollars and get a certificate of deposit, or open a savings account. If I get a CD I don't want to keep it in there more than a year. They offer 6 month ones and 12 month ones (they have longer ones but I'm not interested in keeping the money there that long). The APY for the 6 month one is .75%, and the 12 month gets 1.15%. The 12 month one offers better APY but if I get the 6 month one I can wait until it's done and buy another 6 month one but add a couple hundred more dollars or so depending on what I have.
My other option is a savings account. The APY is .5% but I could continuously add money into it (I'm pretty sure that I can't do that with the CDs they offer), and withdraw money a limited amount of times if I had to.
I'm leaning towards the savings account because of the ability to add money to it continuously, and the money isn't completely tied down. I just wanted to get other peoples opinions.
Sorry about the large amount of writing.|||I have money from a maturing CD. I'm going to put it in a savings account because i feel the rates are too low for a cd,|||by an small safe and keep it in yor room hidden under your bed by like a pair of old jeans|||You're asking good, thoughtful questions. And choosing a credit union is a good move.
In general, CDs are good for people who are prepared to tie up their funds for the specified period of time. For general banking, where you will want to regularly add more or take money out, it's best to go with the savings account. By the way, at credit unions savings accounts are usually called "share accounts". Same thing--just another name.
Before you decide, however, speak to someone at the credit union. Some of them offer special accounts for folks under 18 years of age, with special benefits and rewards. Credit unions are big into financial education, and are extremely pleased to have teens set up accounts. One thing, though, is that you must have a parent or guardian with you when you set up your account. The same rule applies at banks. And, the parent or guardian must be with you when you withdraw money.|||Good job opening a bank account and choosing a credit union! I would start with a savings account. Find out the minimum balance required to avoid monthly fees - some banks charge a fee each month if the amount in the account is less than $___. These fees are more than the interest you earn, so it's not a good idea to have them. Also find out the maximum number of transactions allowed each month without a fee - some only allow 3, so you wouldn't want to make 4 deposits. If the minimum for the savings account is $100 and the minimum for the CD is $500, make it a goal to get $600 in the savings account before you transfer money to a CD. And then make sure you can go without that money for 6 months.|||Congratulations on making a wise decision to open a savings account. It is the first step in taking responsibility for your finances and accumulating wealth. You are very smart to do this at a young age because you'll be able to benefit from compounding interest over a longer period of time than most of your peers.
Regarding your questions about opening a CD, I encourage you to talk with someone at the credit union and find out how their CDs work. Some credit unions have CDs that let people add money to even though the original certificate has not matured, so you might be able to get a higher rate of return AND add to your deposit.
Also, since you are under age 18, you could qualify for a youth account. Some credit unions offer accounts for young people that have better interest rates and lower minimum deposits. Again, ask a member service representative at the credit union for details.
Hope this helps. Good luck.|||Honestly all banks are technically businesses and businesses have to make money to survive, Your Money! I know it seems unrealistic but the other person who answered this is correct. If you actually want to save money then save it in its physical form. My grandfather is 78 and his bank is a whole in the floor, They are full of fine print and slander. Every time you make a mistake or withdraw insufficient funds they lick their fingers, laugh and start counting. I personally use a local federal credit union which has the best percentage rates and they actually inform me when I make mistakes unlike say Bank of America or Regions. Large banks are practically mobs with support from the government.|||Hi Preston I was your age when I opened my first bank account with $500 (which was a savings account) I have also had a certificate of deposit for a 6 month term, which ended recently.
Personally I would go with the savings account just for my own peace of mind, incase I did need to withdraw money in case of an emergency. Thats not an option with the other.
Remember you can always get a certificate of deposit later on, by then you would have the 500 dollars
Also, like you said you still earn interest on the savings account (.5%) %26amp; you can continue to add money into the account, which will increase the amount of interest you recieve on your savings.
Its really nice to see someone your age interested in saving not spending, I wish you all the wealth in the world :)
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