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I'm 68 and keep my digital dollars accounts low as needed coz any agency can suck those digits and you never know. There's something to having those dollars safe someplace other than on that account... crazy but true guys ...
And of course I have a safe with a little quick cash
Digital dollars are easy to steal from your account. I put my savings on reloadable debit cards.
actually, i called several attorneys recently due to debt issues as a senior, every one of them told me i was 'untouchable' and safe from prosecution. i was told to NOT pay the debt, and to NOT speak to any collectors, and to NOT respond to any mailed papers. i am still interested in filing bankruptcy, to clear my 'record' and give me some peace of mind.
This is why you should ALWAYS pay off your house! At least you won't have to sleep under a freeway overpass.
What about the IRS? If I can't pay income tax on my social security, will the IRS seize my social security?
I suspect that my mom's large privately owned apartment complex signed a contract to receive private equity guidance and funding. The complex fits the candidacy model for take-over which means her eviction as the rent will skyrocket. What are the signs and how do I find out if PE is involved? She's on SS and has been in the same rent-controlled apartment 14 years. No other options.
But if they repossess your car don’t they sell it at auction and then ( in theory at least) you still owe the difference between the loan amount and what they got for the car at auction? And they can sue you for that?
Aren’t the lawsuits where credit card companies sue someone generally done to a large group of people all at the same time? So, the lawyers are presenting a big group of lawsuits at the same time in court not only yours as an individual.
Bank closures everywhere these days , buy silver. States are turning to “ the Republic “, again. States Turning to gold and silver as currency, again. 🎉 look at your coins pre 1965 are 90% silver
What about student loans?
All good and dandy till they shut the bank down. Then there's no place to Deposit or cash a check
I have a friend who is totally blind and is on social security. For the last three years she has been receiving a disability check from MetLife for her blindness which was due to an incident which happened while she was employed and at work but it was not work related. In the beginning she was getting about $1400 a month from MetLife but when she sent them her last earning statements from social security they dropped her payment to $413 a month. Then recently (approximately 2-3 months ago) they said they had been overpaying her and were reducing her payments to pay themselves back, so her pay was then $200. Now, this last week, she got a letter from them saying that she has been overpaid a total of about $24,000.00 in that three year period and they are demanding that she pay back the money immediately. First, why has it taken them this long to realize that there was an error? My friend has never been disabled before she went blind so how was she supposed to know what she should be getting paid? This lady is now reduced to living on regular social security since she turned 65 last December and she only gets $1,017.00 a month. Thank God she lives in a government housing complex that the rent is adjusted according to her income. My question is, can MetLife force her to repay the money? This woman has nothing. No vehicle, no jewelry, no personal property, no pension, just nothing. Is she going to be forced to live out the rest of her life with this debt hanging over her head or is there something else that can be done to help her?
This was very in lighting. I'm 77 years of age. I purchased ADT security for my home. I chose to pay for this service with my Visa card. There were hidden fees and I have been charged for services that can not be explained. My bank advised that I pay the amount charged on my Visa to keep my credit. The bank told me there is nothing they can do because this was a service and not the purchase of a item. What can I do?
True they can't touch Soc Sec or other pension payments, but they can go after other funds in the bank account. I am on SS, and I sell online to supplement that check, which falls far short of even paying the rent. They can seize that income, and if it goes into the same account with the SS, the bank will freeze all of it claiming that they can't distinguish which is which. Be careful before just walking away.
Thank you
I am 73 on social security. I bought home for around $26,000. Can credit card creditors put a lien against my home? I don’t have a car; can’t afford one. I do own my home. I have no other assets.
Zwicker & Associates These people will be the end of me
We joined HELPS 3 months ago. We are so happy that we found Eric. Happen to find Eric while researching bankruptcy videos for seniors. Thank you HELPS 🙏
I have a friend who has to go to court in Louisiana because this attorney Bankston file a judgement debtor Rule for her to come to court. Before she retired from her job last year, he garnished her check for over two years and he has collected over $4,000 from garnishment, and now since she has retired from her job, he is using a Louisiana law that he can sell her assets. The only income that she is receiving now is her social security and her late husband's DIC. She has no other income. She will have to get in touch with you.
Are “Interest Loans” legal ? Can I call you to discuss?
All loans charge interest and are legal Eric HELPS
Sounds like old information.
Whats old info for some is brand new for others. :)
What about auto insurance? Don’t they base rates at least partly on credit worthiness? Poor credit could make auto insurance unaffordable and in a state like Texas, where public transit is pretty much nonexistent, that car is a lifeline.
I learned that the demoncratic party Hates Seniors. Illegal immigrants are their Number One Priority. To That I say FJB. Vote Trump 2024
Defaulting on a federal student loan will lead to social security benefits being garnished as well. I believe they can take up to 15%.
Set off of SS for student loans is stayed until October and may be extended. And for many lower-income seniors they can qualify for an income based repayment plan and pay zero per month for a past due student loan. Eric HELPS
Q 1. What about State and City govn Pension. Ex in FL its FL Retirement System (FRS). I am assuming it's protected too. Because it's a govn pension. Can I have Double thart in my Saving too? Q2. What happens if you sale or own a 2nd home? With small mortgage. 3. In FL we have Homestead Exemption if your a full time resident. Mostly concern about Q 1 and 2.
Many older adults don't want to make the hard choices to thrive financially in retirement. No pets. No car. No vacations. No large home. Live where public transportation is available. Find subsidized housing. Slow living. Enjoy the simple things of life. Eat well. Exercise.
Maybe you shouldn’t assume to know what older adults ‘want’ to do. For instance, where I live there is no public transportation to speak of, so a car is a practical necessity. And subsidized housing typically means being in a dangerous apartment complex. Everybody’s circumstances are unique. You might want to consider having a little empathy and not paint people with such a broad brush.
@@Oceanaqua1 Who are you directing your comments toward? You were not the original poster of the comment that I responded to, so I hope you aren’t targeting me. I stand by my comment, though. The original poster used language suggesting that people who cannot live the lifestyle they describe is strictly about choice, as if there are no constraints to decision-making. I was taking exception to that tone. Most people can’t simply “find subsidized housing”, pick up and move to an area with comprehensive public transportation, etc. Whether older adults ‘want’ to make those decisions or not, they are not practicable decisions for most seniors.
@@Oceanaqua1 I am 74. Was a single mother of 2. I became in danger of becoming homeless at the age of 61 after losing my job. I had to make hard choices to survive. What I am observing in many older adults is that they want their cake and eat it too. I have been BLESSED to have so many resources available to me. I deeply appreciate my blessings.
@@ithacacomments4811 I’m not so sure that it is fair to begrudge and criticize seniors who, after having worked their entire lives for something, want to enjoy the fruits of their lifelong labor in their golden years. Actually, I am sure…that’s it’s wrong to do that. I am happy that I found this channel because the host seems (at the moment) to genuinely want to help seniors facing challenging circumstances. That’s not all that common these days. So maybe for me, the best thing to do is stay away from the comments, where there are likely going to be people who are bitter about the cards they were dealt and feel the need to chastise others for not adopting the minimalist lifestyles that they themselves were forced to accept.
My experience was not good. Fall detection did not work. Billing issues for me.
Wells Fargo my bank let garnishment of my auto pensions deposit for A STUDENT LOANS by a debt collector. It was way under the twice monthly.
I am NOT an expert on this. But, I think he said, “The government can garnish up to 15% of your Social Security retirement or disability benefits (So this would apply if you default on federal student loans). However, I read they must leave you with at least $750 in monthly benefits.
I just realized that you said this is a pension, not social security. So it may be different rules.
Difficult to understand exactly what you are saying. Eric HELPS
Thank You! Great information every retired person needs to know!
Excellent video. I'm now subscribed, and notified!
My understanding iwas that senior accounts were protected only up to $2000 in their account and that was only if they had their check deposited automatically each month.
No, twice the amount of federal benefits received each month. So $1500 per month $3000 is protected. etc. Eric HELPS
Thank you.
More help 😅
Talk about anything other than money… Sheesh!
He's not a romance scam counselor, If you're solvent, fine. Many of us have money problems now.
This article video can’t be true. I receive social security disability into my ‘direct deposit’ account. A debt collection agency garnished my account of over $1100 through a court order because I transferred my money out of my direct deposit checking account into my savings account. The collections agency argued that my social security was no longer protected by federal law when I transferred the money into my savings account. My ‘Key bank’ agreed and allowed the money to be taken by the collection agency by court order. This matter was in 2017. 🤷🏼
Listen again. The video clearly explained how SS is automatically protected IN THE ACCOUNT INTO WHICH IT IS DEPOSITED, up to twice the monthly sum, regardless of the source of sums actually in the account at the time of a garnishment. When you take money from that account and put it in another account it is at risk and could be garnished under various state laws. The bank doesn't make the decision. A challenge to garnishment can be filed with the court and a judge can order the money be returned. Do nothing and yes the bank will turn the money over to the judgment creditor. Eric HELPS
I thank God every day that except for my housing costs, I am virtually debt-free. If I don't have cash, I just don't buy it.
Thank you for sharing this important information and God bless you for being a senior advocate. ❤
Are there certain states that are not covered by these laws
The laws we discussed are federal laws applicable to all states. States often have laws that expand the protections given by federal law. Eric HELPS
Excellent
What states are covered in this
all 50 Eric HELPS
Wish I knew this when I had cancer surgery. The hospital told me they would work with me to pay what insurance didn't cover. I was sending money every month. I sold my frontroom furniture and other items to pay what I could. Because I couldn't send $100 every month they sent me to a collection agency. Now they only got $5 a month. It would have been paid off sooner if they accepted what I could pay. Thank you for this information. It will help if I get into another situation like that.
Omg I’m so glad I watched this !
What happens if seniors don't have any mortgage or other loan debt, but can no longer afford to pay property tax. Can the local tax authorities force you to sell your home to pay back tax or can they kick you out of your house?
Yes.
You can apply for tax deferred payments in some states.
Look into your County fundung. My County has a program under Community Development that helps pay property taxes on your main homesteaded property.
Very helpful. Thank you guys!
I cannot thank you enough for this. I have a debt collector coming after me and I called and the nicest woman spoke with me . I felt the tension leave. How can I get a copy of the federal and Texas laws?
Thanks for your videos and for the help that yall do 😊
Makes sense. I worked retail at a diamond store as an office manager for 23 years . But still my pay was at highest was $21 per hour plus any commission. Single age start 42 - age retired 65 . Had a 401k for 15 of those years . I ended with more than the median but half of the average. Its tough as a woman alone to save . We certainly did not get paid what a man would have. I am the average woman and how they enter retirement . SS was probably an average amount since I had worked so long .
6 month seriously world that never enough
I thought your SS was safe and debt collectors couldn't take it. But now you're saying if you have a garnishment filed against you, they can take anything over twice your monthly SS deposit. So, if you get $2k a month from SS, but you've been able to save $6500, for example, they can take anything over $4k from you, so they can take $2500 from you? So, I guess you shouldn't save money in your bank.
Maybe I wasn't clear. Twice the amount is protected by your bank automatically. Anything over that is still protected just not automatically. You would have to file a challenge to garnishment or claim of exemption papers, and the court would order the money released. You could prevent needing to do that by keeping the amount in your account less than twice the amount of SS. Eric HELPS
Consumer credit is not a federal program like medicaid or food stamps that if you are a dollar over you lose everything. . you can put money on a gift card or cashiers ck . There are ways around that., Highly unlikely they would take your money, call Eric from Helps
If the 6500 came from your SS check or pension they can't touch it. It's ONLY money you got from other sources, like maybe selling property or some such.
@@glasslinger Thank you. That's what I thought, but the video confused me. Thank you for clarifying.