Financial Assessment

As I mentioned before I was meeting with a bankruptcy trustee. First off I want to say that I should not know more about the process and the law then the person doing the consultation. While researching options and what it would mean if I do file for bankruptcy I had discovered that the laws regarding student loans had changed. If you were out of school for 7+ years then your loan would be automatically* discharged (See note later on about this) and then if you had been out of school for 5-7 years then you could apply to have it discharged based on undue hardship but it was up to the court to decide if there really was hardship and if even after the bankruptcy you would not be able to repay it. But when I was doing the consultation she told me that my student loan would not be affected and I would need to contact them after the bankruptcy was discharged to apply for loan forgiveness. Now I thought maybe that part of it hadn't gone into effect yet so I let it go... But when I looked at the Bankruptcy and Insolvency Act later on it was listed there.

No real surprise they were recommending that I file for bankruptcy. After all I am now unemployed and even when I was working I was losing money every month. But it's not like you just file for bankruptcy and wipe the slate clean. I can't afford to pay my bills (and am now behind on a few credit cards and my student loan) but I can't afford consolidation or bankruptcy. Bankruptcy costs $1800 in total so $180 month. They said that they would work with me as far as payments go at the moment but I would still have to make up those payments for it to be discharged. More importantly then the cost is how long it stays with you. For 9 months my credit report would show an undischarged bankruptcy and then it would stay on my credit for 7-10 years. Now it's not as bad as it once was... You can get pre-paid credit cards if you do need a credit card for something... or a secured credit card. But it's still bad. This one comes into play more because I am job hunting at the moment.... It also impacts your ability to be bonded. Sure I would pass the criminal check and there is nothing in my background about fraud or anything but the bankruptcy could hurt me... Just think about all the jobs that involve handling money that I would have difficulty getting: Banks, Retail, Call Centres... most jobs that I can think of. So if I am going to do it then I want to make sure I either have a job or am going to be waiting and hoping that my most recent job does recall us. Obviously not an easy decision but I need to do something.

I am supposed to meet with the trustee in a week or so. I will definitely be finding out if they are aware of the recent changes in regards to student loans and if they are not fighting to have my student loans discharged then I will not be making use of their services. I am also going to touch base with them about the issue of bondability. Then I will actually make a decision.

*NOTE: While the Bankruptcy and Insolvency Act does say that the student loan would be automatically discharged after 7 years every creditor has the right to oppose the discharge and can claim that you did not make a reasonable effort to make a proposal. And from what I havve heard that is exactly what is happening. They challenge the discharge and will then prolong the length of time you are bankrupt for AND the student loan may not be discharged at all.

Highs and Lows

I currently feel like I am bipolar. I am not but emotions are running high so it seems to be going from one extreme to the other. At first the thought of losing my job was actually a good thing. There are still a lot of positive aspects to it but as reality set in it was accompanied by a depression. I applied for a couple of jobs and my mood improved. I had a glimmer of hope. Then there was a crashing low as I did not hear back within a few days and was also facing the fact I had no idea how I was going to pay rent in July. Back to the high as I sold off my TV shows and liquidated my CD collection and made enough to pay my rent. Another high when I got a call back from one of the jobs... although I was still reserved on that one as it was with my former company. Things were looking good until today when I got a call from them. Yesterday they said I needed to complete an online assessment and then my information would be forwarded to the local office to set up an interview. But today they said they had all the information they needed and if anything else was needed they would contact me. Sounds a little ominous and like they took a second look at the application and decided not to pursue it. Now I don't know that for sure... but the high from yesterday has been replaced with anxiety and another low. I really want this roller coaster to end and just to go back to work.

Lost Art of Customer Service

I am really beginning to wonder what has happened to good customer service. I went into the bank today to close the account. If I do end up filing for bankruptcy they recommend opening an account somewhere that you don't owe money so I was planning ahead. Plus it will cost me less and gave me free movie tickets. I am all about the free sh$t. And have heard good things about Scotia Bank. So off I go to the Royal Bank. Tell them I want to close the account.... which is followed by a long silence while she just stares at the screen. Then wanders to the back to get a printout and tells me that it will cost an additional $4.55 to close the account (guess they want almost all of the monthly fees even though it's only the 17th) which I don't have on me. Had to go to the Scotia Bank to get the money and come back. Get a different teller to complete the transaction. No one said, "I am sorry to see you go", or asked why I was leaving. Nothing to try and get me to stay. I will say that they were great at using my name throughout but not so good at empathy or making me feel valued. Having said that, had I gone to the other branch... the one I normally banked at (on those rare occassions when I needed to go into a bank) they at least made conversations with me and might have had a different reaction. But not from my home branch. They didn't seem to be concerned whatsoever to see me go. Between my experiences with Cogeco and now this it makes me wonder if customer service and giving a damn about the customers is a lost art.

Should Have Done This Long Ago

As I mentioned previously I got rid of my cable TV. There are only a handful of shows that are not in repeat and I just download them after they air. Most shows I wasn't watching as they aired any ways because I wanted to be able to skip the commercials. But the big drawback was sporting events. No Nascar and no Jays.... Makes me sad. However, a friend of mine reminded me that there are various web sites that stream popular shows.... which prompted me to look for sporting events. And as I write this I am also watching (or more like listening to until I am done the post) today's NASCAR race. The quality isn't quite as good as if I was watching it on TV but it is free. Makes me think I should have gotten rid of the cable TV a long time ago and saved myself some money. Now back to my race.

Onward and Upward

I actually thought that I had posted about this already, when mentioning the layoff but I guess not. First of all I still want to say that I am still kind of shocked about how quickly it all happened. I looked back at my pay stubs and up until mid February I was working 55 hours a week (which will come in handy for the EI claim!!!). 3.5 months later look at where we are. So in February we went back to the normal 40 hour work week. Well most people were always on that... but the OT got taken away from those of us that wanted it. At least all my orders from Columbia House were paid for first. Then in May we saw our hours reduced to 30 and the layoffs started.. Fortunately I had vacation hours to use so I never saw my pay cheques reduced. Then a month later we are locked out and told there is no more work. That is a great deal of change in a short period of time. From all the hours you could possibly want to losing the contract in just 3.5 months....

With the reduced hours I was already starting to look to the future. In a couple of weeks I was going to run out of vacation hours to use to boost my pay cheques. So ultimately the layoff came at the best time. I will still be making less but at least all the OT will count towards my EI payments.... whereas if I ran out of vacation hours.... and the longer we had stayed employed... the lower my payments would be. With the reduced hours and the fact I really don't want to be evicted one of the things I was looking at is debt reduction. I was already in the process of setting the wheels in motion on this one when the layoff happened. I have a meeting with a bankruptcy trustee this week to review all my options and decide what is best based on the current situation as well as the future outlook. I was hoping to deal with this before a crisis occurred. I thought I had a couple more weeks. I was wrong. But any ways.... At least I am dealing with it and not pretending there isn't a problem.

More importantly I was looking at what I can do to get out of the call center industry once and for all. I had discovered Second Career. When I was first looking into it I was concerned that I wouldn't qualify since Minacs had officially put it through as a dismissal. Yes I fought them and won and got my termination pay but I still had my reservations that my application would be denied and I would have gotten my hopes up for nothing. But now I have been laid off again so this time I really should qualify. So I had been poring over the programs offered as part of Second Career at Fleming. One thing that I will say is that it is too bad they don't take into consideration previous education experience... For instance as part of this I could get a social work diploma. However, in the same amount of time I could get a BSW because of the schooling I already have. But it wouldn't be funded.

I must admit though that I am looking for a change of pace and am not going for anything in the social sciences.... So no social work... no drug and alcohol counselor. Now some of the courses that I thought were interesting (like the ecosystems management) are offered in Lindsay so they are automatically out. Not entirely a bad thing since it made my decision easier. Just before the layoff I was down to 2 choices: Biotechnology technologist and paralegal. I was also looking at the Health Information Management but it just wasn't something I could get excited about. It was all about the money. And as a result I just couldn't do it.

Today I was reading the book "Do What You Are" and based on my personality type neither of those career choices are listed. But then when I did look at the list most of the career choices involved dealing with people... something that right now I want to get away from. I don't want to be a coach... counselor... customer service rep... I am pretty burned out.... I actually want a job that I can leave at work and not bring home with me. Now since I didn't find the answer I was looking for there (since my heart sinks thinking about going back to school for another humaities course) I turned to the internet. There were a couple of schools that seemed to think that biology was a good career choice for an INFP. As for the paralegal I repeatedly found people saying that anything in the law field just wasn't for them. And the more I think about my personality type the more I think they are right. I would always be looking for more information to strengthen my case... never thinking I had enough. And it would require me to be quite extraverted... something I am not. So while paralegal might have been the easier choice I am going with the biotechnology.

Haven't even applied yet (although I have contacted the Second Career liason at Fleming, and the local assessment center) and I am already nervous about it. It is the same way I felt when I started at Trent. I felt like a fish out of water. Biology doesn't come easy to me. Or more like it had been a long time since I studied it in school. I think it will be a challenge but I do think that I can handle it. It's the chemistry I am most worried out. Well that and genetics since it was the one course I failed at Trent. Now in my defense I failed it because I had the flu, dropped to 70 pounds, and stopped attending classes or doing any work. Although if someone wants to buy me this book I will gladly accept it. They really should make more graphic novels to help you understand different things. That is a fantastic idea. Hmm... maybe it is too bad that I didn't finish my degree in biology. That might have been a good career option.

So getting laid off wasn't the worst thing that could have happened. I have applied for EI already and am just waiting for my ROE to arrive so I can take it in. I have contacted the powers that be about funding to return to school and am just waiting to hear back. Hopefully in September I will be enrolled at Fleming and without the loans that normally go with being a student. So things are looking up. Just have to deal with the financial side of things along the way.

According to Yahoo...

Just one day after my losing my job I was on Yahoo and one of the stories on the front page was indicating that the worst was behind us. I must say that is small comfort for the 450 people laid off between Peterborough and Belleville. What prompted this proclamation? There was a sharp slowdown in job losses in the US last month... it wasn't even in Canada. Meanwhile the unemployment rate as of May was at an 11 year high. If you ask me when even the call center industry is laying people off you know you are in trouble. The chief economist at the Bank of Montreal was quoted as saying, "Unemployment will remain high for some time, likely peaking in mid-2010 ... (but) it will feel much better." Maybe they can explain to me how it's going to feel better... Cuz I just don't see it. Sure losing your job isn't all bad. It can be a catylst for change and can lead to something better but it still doesn't feel good. Feels pretty gut wrenching actually. But hey supposedly the worst is behind us... so it can only get better.

Thanks Obama

I used to like Obama. I thought he was charismatic and would bring some much needed change to the US. Just look back at the recent presidents. Clinton will be remembered not for what he did in the oval office. Well okay maybe for what he did in the oval office... or more like who he did in the oval office. And then there was Bush Jrwho in many respects could likely be called the war crimes president. After all he started a war with a country that didn't even have weapons of mass destruction and had not attacked the US. Let's not forget Gitmo... condoning torture.... and the fact people now know what waterboarding is. So really it doesn't take much to be seen as a step up.

And this is where I stop liking Obama. I used to think that I had a recession proof job. I worked at a call centre after all where the turnover rate is so high it's hard to even staff the place. I thought I was safe. And then they cut our hours and there was talk that the client was trying to find a way to get out of the contract so that they could get some of the government's money being handed out for creating jobs in the US... instead of outsourcing them. When people think of outsourcing they think of countries like India and forget that Canada is also a pretty big outsourcer. So much for free trade... It's all part of his economic stimulus package. Remove tax cuts for companies that operate overseas (I guess Canada is now overseas as well... since it seems to be anyone that operates on foreign soil) and provide tax benefits for companies that keep jobs in the US.

Interesting how as soon as Obama had declared his tax reforms again at the beginning of May that suddenly our hours were cut and people were laid off. And then less then a month later the contract is gone and we are all without jobs. Their version of temporary is until either you find another job or they secure another client. So thanks Obama for taking away my $10.24/hour so that someone in the US can take that job and get paid about double what I was.

And Just in Case That Wasn't Enough...

I probably should have posted this before my last post but yesterday I woke up and went to check my bank balance. It was -$84. Now I knew what payments should be coming out of my account and even if they had all been withdrawn that still would have left me about $30 for groceries. So I check the account history and realize that my student loan payment has been withdrawn. Now I applied for interest relief in January so I was under the assumption that I still had another 2 months before it would end... and then thought that I could apply one last time. So then I was scrambling to find the paperwork and discovered that no it really did end at the end of April.

First I had to scramble to try and get that covered. I knew I had a payment that should be coming out of my account today and did not want to bounce that. Would have cost me $50 in NSF fees for a $23 payment. Called the bank to see if they could do anything since I knew with a little creative financing that I could cover it by tonight but no... if I didn't have the money in the account that day then it would not go through. Fortunately dad was able to help me out and get that covered (Thanks Dad!!!!) Of course as you know from my last post that sigh of relief was pretty short lived.

But there are some pretty important implications from this. First it means that I am now $400 behind in payments since I had already taken off the automatic payments from the National Student Loans Centre after they practically bankrupted me when I should've been on interest relief a few years ago. The second important implication is that it means that my interest relief period is now done... no more.... Not sure how they expect to get blood from a stone since I just got laid off and can't even afford my bills as it is. And lastly, since I am now behind on a payment I can't even apply for any assistance, such as debt reduction. So I am pretty much screwed. Maybe I should change my number before the creditors start calling.

Needless to say it's been a pretty bad week on the financial front. I was going to say maybe I will get lucky and win the lottery but first I would have to play. So I guess that's not happening. I must say that I hate this recession. :(

Tide Has Definitely Turned

Wasn't even 6 months ago when I was working all the OT I could possibly want and life was good. No real stress about how bills were going to be paid. Was even planning ahead to take a vacation or buy a big screen TV. Then the OT dried up because we were on a reduced queue. Skip ahead about 3 months and our hours were cut and permanent layoffs started. And then today the other shoe dropped. I didn't get advanced notice from my employer.... So first I got an email from a co-worker telling me that they had been laid off effective immediately. Then I get a call from someone asking what happened at work today. So I knew something was up. But then I hear from someone that doesn't even work there telling me it's on the news and that if you call there is a message saying that "due to a lack of work all employees are temporarily laid off." Good news is that being temporary means I still have my drug benefits. So I might want to get my prescriptions filled sooner rather then later. But the bad news is still that it means no income at the moment.... beyond my last pay cheque. Sure I qualify for EI but I wasn't making that much to begin with so it's still going to be dicey and it takes a while to even start getting that money. And I had used all my vacation hours to make up for the reduced hours. So that won't tide me over. Time to practice some deep breathing exercises and let the fact that I am once again unemployed sink in.