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Child Support & Credit?
"Roger_N" wrote in message ... My bank judges your credit worthiness partly by your debt to income ratio. They want your ratio to be no greater than 36%. They are counting my child support payments in this calculation and coming up with me having too much debt. Since my CS is 32% of my income, it's hard not to have above 36% DTI ratio. However, if you subtract my child support from my income and don't count it as an expense, then my ratio is OK. Anyone here dealt with this and know if CS is supposed to be figured as income and debt in Debt to Income ratio calculations? This scenario happened to me too. CS, SS, and insurance costs initially took 37% of my gross income and taxes took another 38%. The result was over 75% of my gross income went toward court ordered expenses and taxes. That translated to over 55% of my net income going to monthly court ordered support expenses before the add-ons for insurance and healthcare. I was having trouble staying current with support and trying to live on the small amount I had left. So I applied for a line of credit. The bank declined my application because my "child support obligation was too high." I asked the bank manager to look at the application, but he couldn't get the loan department to budge. The Catch 22 was I needed the line of credit because my CS obligation was too high, but I couldn't get the line of credit because my CS obligation was too high. My solution was to slow pay the CS and SS so I forced wage withholding which at the time could only take 50% of my net. Although that created arrears, the withholding limitation reduced the monthly out-of-pocket payments. I also ignored the court order requiring life insurance and refused to pay my share of unreimbursed healthcare expenses without a lot documentation. The judge held me in contempt for not making up the difference between the 50% statutory withholding limit and what she had ordered me to pay, but there was nothing she could do to get more money out of me. The judge's solution was to lecture me on accepting my obligation to "support my former family." |
#2
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Child Support & Credit?
My bank judges your credit worthiness partly by your debt to income ratio.
They want your ratio to be no greater than 36%. They are counting my child support payments in this calculation and coming up with me having too much debt. Since my CS is 32% of my income, it's hard not to have above 36% DTI ratio. However, if you subtract my child support from my income and don't count it as an expense, then my ratio is OK. Anyone here dealt with this and know if CS is supposed to be figured as income and debt in Debt to Income ratio calculations? Thanks! RogerN |
#3
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Child Support & Credit?
I've done some calculations paying 32% of my income in Child Support leaves
me $110 per month for morgage or rent and all other debt. I can't even afford a good dog house! :-) |
#4
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Child Support & Credit?
"Roger_N" wrote in message
... I've done some calculations paying 32% of my income in Child Support leaves me $110 per month for morgage or rent and all other debt. I can't even afford a good dog house! :-) == When we built our house 10 years ago they never asked about child support-wasn't on the app. We were paying 600. a month to my husband's ex. When she found out we built a house, modest house that it is, she decided we must not be paying enough support and took us back to court. The court promptly doubled the support to 1200. a month. We nearly lost the house--were in pre-forclosure twice. Now, the steps are grown and we have been all paid up for several years and our credit is good again so we're refinancing. The application now requests all court ordered child support and alimony to be listed as debt. I guess the banks have found out how much NCPs are being gouged by those two things and figured they better cover themselves. |
#5
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Child Support & Credit?
That's crazy. I bothers me that we have things like this going on in the
U.S. and then want to condemn other countries for the way they treat their citizens. We don't need to leave this country to find atrocities. How about sending the military against our lawmakers and judges! RogerN "Bob Whiteside" wrote in message ... snip The judge held me in contempt for not making up the difference between the 50% statutory withholding limit and what she had ordered me to pay, but there was nothing she could do to get more money out of me. The judge's solution was to lecture me on accepting my obligation to "support my former family." |
#6
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Child Support & Credit?
"Gini" wrote in message news:YITEj.9$7y3.3@trndny02... "Roger_N" wrote in message ... I've done some calculations paying 32% of my income in Child Support leaves me $110 per month for morgage or rent and all other debt. I can't even afford a good dog house! :-) == When we built our house 10 years ago they never asked about child support-wasn't on the app. We were paying 600. a month to my husband's ex. When she found out we built a house, modest house that it is, she decided we must not be paying enough support and took us back to court. The court promptly doubled the support to 1200. a month. We nearly lost the house--were in pre-forclosure twice. Now, the steps are grown and we have been all paid up for several years and our credit is good again so we're refinancing. The application now requests all court ordered child support and alimony to be listed as debt. I guess the banks have found out how much NCPs are being gouged by those two things and figured they better cover themselves. The important issue for NCP's is what is reported to consumer reporting agencies. Civil money judgments get listed on personal credit reports. In my state that is done through the judgment docketing process. CS awards are money judgments. Getting a Full Satisfaction of Judgment will in some cases remove prior money judgments from credit reports, and in other cases show the money judgment as being paid in full. Arrearages are reported by CS administration after notice to the NCP giving them opportunity to object. Currently my state allows only two reasons to challenge the reporting of arrearage CS, i.e. they are not the person who owes the CS, or the amount is incorrect. A revision to the objections rule is in the "comments" process to add a third challenge/objection based on the arrears were set for a past period of time or are the result of a modification increasing the amount due. |
#7
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Child Support & Credit?
"Roger_N" wrote in message ... I've done some calculations paying 32% of my income in Child Support leaves me $110 per month for morgage or rent and all other debt. I can't even afford a good dog house! :-) Precisely. Their goal is to make certain that you have NOTHING, and to get you incarcerated. |
#8
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Child Support & Credit?
"Gini" wrote in message news:YITEj.9$7y3.3@trndny02... "Roger_N" wrote in message ... I've done some calculations paying 32% of my income in Child Support leaves me $110 per month for morgage or rent and all other debt. I can't even afford a good dog house! :-) == When we built our house 10 years ago they never asked about child support-wasn't on the app. We were paying 600. a month to my husband's ex. When she found out we built a house, modest house that it is, she decided we must not be paying enough support and took us back to court. The court promptly doubled the support to 1200. a month. We nearly lost the house--were in pre-forclosure twice. Now, the steps are grown and we have been all paid up for several years and our credit is good again so we're refinancing. The application now requests all court ordered child support and alimony to be listed as debt. I guess the banks have found out how much NCPs are being gouged by those two things and figured they better cover themselves. All the damage these dirtbags cause by ripping off the NCP, and in the end STILL they wind up with nothing. As they say, easy come............ |
#9
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Child Support & Credit?
"Chris" wrote in message
... "Roger_N" wrote in message ... I've done some calculations paying 32% of my income in Child Support leaves me $110 per month for morgage or rent and all other debt. I can't even afford a good dog house! :-) Precisely. Their goal is to make certain that you have NOTHING, and to get you incarcerated. Which means that they get nothing too. Good plan.. |
#10
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Child Support & Credit?
On Mar 22, 2:53*pm, "Dusty" wrote:
"Chris" wrote in message ... "Roger_N" wrote in message ... I've done some calculations paying 32% of my income in Child Support leaves me $110 per month for morgage or rent and all other debt. *I can't even afford a good dog house! *:-) Precisely. Their goal is to make certain that you have NOTHING, and to get you incarcerated. Which means that they get nothing too. *Good plan.. Oh my...We just sold our house recently...we can no longer afford it due to the idiot ex-wife asking for more money, lying about my husband not paying, therefore, messed up credit, garnished wages, etc... Now my husband's credit was damaged enough by these idiots at the CSE office, but I thought that at least now we'll go to an apartment and attempt to start over...ONCE AGAIN...Now I'm terrified that if they look at this money as debt for my husband, we won't be able to afford anything!!! This is just outrageous! Yes, the B#$%#$^%#$CH ex-wife got the increase so SHE could buy another house... If we don't even get an apartment approved, I swear she'll be sorry she ever met me...This is just the last straw for me...I'm so sick of these garbage women... |
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