I am so mad !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
By arkaf61
@arkaf61 (10881)
Canada
January 29, 2008 3:45pm CST
I really love it when the government in its infinite wisdom and "always" with my best interests in mind decides to play daddy.
It's like this. A long, long time ago, maybe about 20 years ago my husband was laid off from his job. In this job he had a pension plan that he paid monthly. WHen he was laid off that money was released from the company to our bank, but locked - meaning that it will only be used when we are old and tired and maybe dead.
THis is apparently done in an effort from the government to avoid our spending that specific money immediatly and have a piggy bank to help us after retirement.
By that time the miser $16.000 will be enough for them to maybe allow us to withdraw some $50 a month which will be really good Yupee!!! I might be able to buy food for half a week yeay!!!!!!!!!!
Meanwhile we are in debt. Due to some problems our financial situation is really stressed. We have a few loans that have high interest rates because our credit is less than good. Our credit is getting worse and worse, of course. We struggle to make it each month and we end up not being able to pay all the bills - paying some one month and some the other.
WE can't save any money and the situation keeps getting worse and worse.
That locked money would be able to take care of the worst part of our debts and would allow us to be able to live without the stress we are living in, the bad credit, the bills unpaid.
SO I called the Financial Services Comission of Ontario. It made sense to me that there would be a way to unlock those funds, so that we could get out of a terrible financial situation.
Oh yes.. sure I can! we can unlock those funds in the clause of financial hardship.
We can unlock them if our joined income is lower than $30.000 a year. Well things are bad, but we are making $10.000 more dollars than that, so forget about that.
WE can unlock them if needed for medical bills not covered by OHIP.
We can unlock them for home renovations if needed for someone with disabilities or such.
AH.... and we can unlock them if our mortgage payments are not being paid and the bank is threatening to take away our house.
Nothing else.
I had to ask the lady: " So what you're telling me is that the best thing to do is to stop paying my mortgage so I can pay the bills and get off debt, and then when the bank threatens to take our house away you guys will unlock the money for me huh? "
SHe had the nerve to tell me " well I didn't say that, but it certainly is a way about it." !!!???!!!!!
I would do it to, except for the fact that the house is not only mine. We bought it with my parents in law, so can't really do that.
Meanwhile my life is hell, I don't even answer the phone anymore because I know that they will be asking me to pay something I can't pay but my money is sitting there for all the good it will do me when I retire, if I am alive by them.
I understand the concept and believe that people should think about their future and save what they can for their older years but there should be ways for people to be able to access that money for special reasons other than the ones stated. But no, because this suits them really well. That I am in debt and I'm paying high interest suits them perfectly since they're helping to make the financial institutions that I owe to really happy!
I am so mad!!!!!!!!!!!!
A
6 people like this
12 responses
@libertarianfreedom21 (3198)
• United States
30 Jan 08
yes in the US we have similar problems. it sucks and who do they think they are. Gods telling us how to control our money and stuff. its OUR money not theres. My dad doesnt even tell me what to do. they need to back off and be what there supposed to be someone that takes care of war matters and roads and stuff like that not MY MONEY. They are wasting there time trying to tell us what we need to do when there is bigger problems out there right now
3 people like this
@arkaf61 (10881)
• Canada
18 Feb 08
That's how I feel. Even my dad would allow me to make my own choices.
It is our money and as much as I understand how much the government wants me to have a nice sum when I retired, that money is not even enough to make a difference. But it could make a difference now.
@gabs8513 (48686)
• United Kingdom
30 Jan 08
My Sweet Twin I can understand you being mad and I have never heard of that before
I mean it is your Money your Husband paid into it so why can he not have it
You are in a terrible situation Sweetie and yes I know what it feels like I know what you are going through I really do
I am glad that your Hubby is backing you all the way as my Ex Husband never did all he wanted was his money for his social Life which is why we got into Debt
Ok here is now what I suggest before you get in a state that I got into
You phone all these People up and tell them your Situation, you need to work out what you can afford to pay each one every Month
Then you offer this to them and tell them that you would like to review it 6 months and if you are any better of you will up the Payment
Your Credit History like mine is already bad so it can not do you anymore Damage
Or the other solution you have is that you get financial advise from somewhere surely you must have somewhere where you can get that
Sweet I have been there and worse and I ended up nearly killing myself over it when I split up with the EX Husband and I was forced to take on all those Debts to keep the House and to refuse any of his Army Pension, which at the time yes was fine I was working, then I lost my Job because of my Illness and from there it went down I was not getting any money from anywhere I was fighting for my Disability
And lots more but never mind all that Twin, you have to get a hold of this before it is out of Hand please
Love and Big Hugs to you
@gabs8513 (48686)
• United Kingdom
18 Feb 08
Oh goodness Twin I see why you are so mad and down hearted
I have been through that and believe me for many Years
How comes you do not have a Bedroom Sweetie
It just is not fair at all and a Sofa Bed was needed there I have to admit so it is not even that you wasted Money it is something you needed
Big Hugs to you Sweetie
1 person likes this
@arkaf61 (10881)
• Canada
18 Feb 08
I've been trying to get hold of it for some time now twin, but with our luck I don't see us getting ahead any time soon. Every time that somehow we get some extra money suddenly we get a huge list of extra expenses that weren't expected but need to be taken care off. THe same thing when we finally buy something for us.. we end up having some extra expenses that end up being more than what we spent with us in the first place.
For example, we don't have a bedroom. Our bedroom is our living room. OUr old sofa was not a sofa bed and we had our old mattress behind the sofa and would put it down on the floor each night and up back behind the sofa each morning.
I wished for at least the chance to get a sofa bed -minimum price here about 300 to 400 dollars. So I saved and was finally able to get the sofa bed. The day that they delivered it, the transmission on our car went, costing us 2000 dollars. No way not to do it or husband couldn't get to work. But wait, that was not all... next day someone backed up their car on our backyard fence that was left laying in the middle of the lane way. Even though at that time my parents paid half it still cost us 400 dollars for our part.Two more things happened right after that we had no choice but to spend money on - money we didn't have - and our little expense of 400 dollars for a sofa bed to sleep on, ended up going over 3000 dollars. What do you call that? I don't know what to call it but going by the fact that it keeps happening over and over again even more when we indulge in some little thing, I kind of call it bad luck LOL
1 person likes this
@keepermykitty (2573)
• Canada
29 Jan 08
Thats horrible , I really feel for you , leave it to the Government , have you tried to speak with your PM , maybe there is something he/she could do fot you ...
I am on ODSP and have been for years since I moved here in 1999 and I was told that cause I was on disability where I lived that I had to claim for disability here , so I did as they said and claimed as that was my only way to pay rent etc..
So I did and then I was told not to look for work if I did I would lose ODSP , and I wasn`t allowed to even go to school , now that was almost ten years ago ...
Since then they want everyone in school and working , but I now have MS and am not up to work or school anymore as I can barley get out of my house even on a good day ...
So then I decided I wanted to buy a house one day so I took out a loan to build my credit , but when my worker found out she was all over me saying that I am not allowed to have anything cause I live on the Tax payers money , I mean is that right or wrong ...
I mean I had put myselr through college and got a diploma in two fields and then I`m not allowed to even look for work if she even heard that I was lookiong I would lose ODSP and everything else ...
I don`t know , but now I can`t and am scared to do anyrtjong as the Gov knows everything you do , only cause your on disabi;ity thats not fair ..
They put me on it and now I am not allowed to have a life ...
Life isn`t fair there has got to be a way for you to get around this clause , maybe call a lawyer see what thet can offer maybe there is something they can tell you ...
I hope things ease up for you , I`ll search the net and see what I can find out , I wish you all the best and will try and see what I can find out ...
My prayers are with you ...
2 people like this
@arkaf61 (10881)
• Canada
29 Jan 08
I didn't try to talk to anyone yet other than the Financial Services Commission of Ontario. SInce we had been told it was locked I never really thought about it as money that I could use. But lately things have been a bit more complicated and that money kept coming to mind. It's ours and we should be able to use it to pay debt. I am not even talking about debt because I bought a new yacht or went to Paris to buy new clothes.
Your situation is complicated as well. SOmetimes I just have trouble understanding. They to trough all the trouble of making things more complicated for us and them.
THe thing is the ones who have plenty of money have so many loopholes to play with and the ones that don't have any have lots of help. THe people in the middle get .... nothing.
And in this case it's not even asking for them to give me anything of theirs. It's ours . Our money ! Go figure!
1 person likes this
@Lindalinda (4111)
• Canada
30 Jan 08
Well yes that is the situation. I guess the Government wants to protect itself also. If they release the money and then another disaster should befall you they would have to pay you income supplement in old age. Anyway, it seems there is no way you can get this money now so you have to find other ways. I know living in Toronto is tough and the costs are high but perhaps you can economize in some ways. Have you tried debt consolidation? Another poster suggested to contact your creditors and negotiate a settlement and smaller payments. I can see why you are mad, but please explore other avenues to get this terrible burden lightened so you can answer your phone again and live a very modest but happy life. Best of luck.
@arkaf61 (10881)
• Canada
18 Feb 08
Someone gave me a phone number for what I though debt consolidation and it ended up to be a mortgage broker that told us that of course we could get enough money to pay our debts. I knew we couldn't get a second mortgage- neither we wanted it - because the house is not only ours. I asked for something like a line of credit and the guy said yes, that's what it was. TUrns out that in the end it was a complete mortgage on the house that would give us money to pay the rest of the mortgage we owe - we only have 5 years to go - the money to pay for our debt and we would pay all that in 15 years. Sure the monthly payment sounded nice and would help us out but number one: He didn't hear the part where the house is not only ours and we would not do anything to it that had to involve my in laws. And number two: our mortgage will be paid in about 5 year - a bit less - so why would we want to go back to have a mortgage for 10 more years?
I don't know how to go about to negotiate a settlement and I need to figure out the debt consolidation thing. SO far what has been offered to us is not working. Because of our poor credit no matter what is offered to us is at a high interest and that won't help either if we are paying 2 times what we get to consolidate the debt.
@Fishmomma (11658)
• United States
29 Jan 08
Sorry to hear this news and completely understand that the system is terrible. Its so bad that people can't get money when they need it to live. Good luck and hope you find a solution.
2 people like this
@arkaf61 (10881)
• Canada
29 Jan 08
Thanks.
I know we will end up paying our debts ,but by the time we finally do, a big chunk of our lives is gone.
The system is so rigged it's a joke. THere are people collecting funds for the most ridiculous things while others can't even get their own money.
1 person likes this
@coffeebreak (17797)
• United States
30 Jan 08
Good grief! I would say "you're kidding?" but I know that you are not. That is so pathetic. Could an attorney help you? I was never fortunate to work for a company that had any retirement/401k so I am not up on any of that. But just tho know you can't touch your own money, for any reason, until the gov says you can...pathetic. Hey, maybe NAG that bank - see if the squreky wheel really does get the oil! I hope you can figure something out.
2 people like this
@arkaf61 (10881)
• Canada
18 Feb 08
I understand the idea of the government, but they are really going wrong about it. If my life is settled and I have no debts now, the least that they will have to spend with me in the future.
ON the other hand, if I keep in debt and it will only compound, the more help I will need from them in the future.
That's just that.
Main point: it is my money. MY dad passed away and I don't need the government to be my dad to tell me what I can or can't do like I don't know how to choose what to do in my life. Unfortunately that's what it feels like.
MOreover, the only ones winning in here are the banks that are charging me such high interest... which brings me back to me learning who the government wants to please. Not me for sure. but I'm sure the banks are laughing hard:)
@ssh123 (31071)
• India
30 Jan 08
Financial planning is very important everyone. But then for those majority of people all over the world, the problem is planning is like breathing underwater. Unless there is a forced saving there is no way out during the working years. The only mantra is SPEND LESS THAN WHAT ONE EARNS.
When I have gone through your statements, it looks governments are the same everywhere - making insensitive rules and regualtions to choke the lives of the people.!!
1 person likes this
@arkaf61 (10881)
• Canada
30 Jan 08
I agree with you that financial planning is extremely important. And I agree that people sometimes need a little nudge to plan.
I am not a person that spends irresponsibly, neither is my husband and we did have some saving to which we were adding to regularly.
Our problems were not planned and could have been solved from the beginning have we had access to that many. The way it is they're just compounding.
Anyone that thinks a bit about the subject knows that once one is paying high interest rates on a loan the idea is to put all possible into it so it can be paid off, but then life throws curves and things get worse instead of better.
Regardless. SOMe of the problems we had could happen to anyone and were not due to reckless spending or even spending more than what we earned. Once they started they seem to keep going on an on and without a doubt our money could help and allow us to get back on track. WHy would the government prefer to have us in debt now ? It will influence what our needs will be in the future so that money being locked there won't help anyone, us or them.
THanks for answering my friend. I always appreciate your comments.
1 person likes this
@pumpkinjam (8876)
• United Kingdom
3 Feb 08
That's disgusting that they should do that. It is your money after all. What right have they to tell you when you can have it and what you can do with it? The truth is, of course, that while it's in the bank, they are making more money from it. You shouldn't have to be struggling with debts when you have money in the bank.
I can understand that your government want you to have money for your retirement but it's not going to do you any good then if you die of stress before you get there or of starvation because you can't afford to buy food.
We are in a similar situation although not quite so bad. We are struggling to pay bills while we have money tied up from being in credit with other companies who don't want to give us the money back. I think it is very unfair that other people can take our money and tell us what to do with it. Unfortunately, there's not much we can do.
1 person likes this
@arkaf61 (10881)
• Canada
18 Feb 08
Yes, the main point is there isn't much that we can do.
We will be able to solve all this sometime - I hope :) - but meanwhile the stress it is creating for everyone in our family is something that shouldn't be happening when we can solve it with our own money - not even theirs.
@crazylady (470)
• United States
29 Jan 08
I am not in Canada, but I sure feel your pain. In the US we have similar programs where the governments hands are tied. I'd like to tie up THEIR money for a while...but I bet they get their paycheck punctually every week or every month anyway.
2 people like this
@arkaf61 (10881)
• Canada
29 Jan 08
We would hear they call blue murder if we tied up their money! LOL
Governments are the same everywhere and there is none, anywhere that has our best interests in mind, even when they pretend to do so.
Thanks for answering, I am slowly letting my anger dissolve because there's no way that I"m allowing them to make me feel even more stressed than what I am ! :)
1 person likes this
@drannhh (15219)
• United States
29 Jan 08
Can't you use the money that is locked in the bank as security to take out an equity loan on your home? I really wouldn't encourage an equity loan in most situations, but since in the US, which is different because here we can take money out of a self-retirement fund if we pay a penalty, there is a little known clause that we can place real estate in a self-directed retirement plan. I don't see the difference between holding real property instead of money in an IRA and using IRA money to pay down a mortgage. But then that might make too much sense. Don't get mad, get what you need! Then remember that the best revenge is living well. Good luck.
2 people like this
@arkaf61 (10881)
• Canada
29 Jan 08
Apparently not. And even if I could I couldn't because we bought the house with my in laws. It's half half. I couldn't take any equity loan on half a house and I would not involve them in any way in a financial decision that is mine/ our responsibility. They never helped us and in a way I prefer it like that.
From what I read on the government website we cannot take it for real estate unless our mortgage is so behind that they are threatening to repossess our house. ANy other options regarding real estate are not legal.
From what I see they prefer to see us in heavy debt or getting loans - since when getting a loan to pay our debts makes more sense than getting our own money to pay them?????
OF course as I stated above it makes the banks happy so I guess the government is happy.
I can't claim to live in poverty. But often I do lack even essentials. I know I will be able to get them once my paycheck arrives but when it comes to buy bus tickets for work or something the kids need for school it's really frustrating.
The last time I had a vacation was almost 20 years ago. I cut my own hair and my husband's. I haven't gone out to eat in about 2 years, even cheap take outs....
Yes I do have internet.. but I pay for it with the money I make online. I guess I could take it out, but it's not like I would be saving that money anyway.
We have no life and it's starting to really stress us all.
1 person likes this
@barehugs (8973)
• Canada
29 Jan 08
Get over It, and be thankful for what you have. There are Millions of people who don't have a $40,000 income and a house besides. I'd cry for you but haven't any tears1 If you were my kid I'd turn you over my knee. Yes I think your acting (and thinking) like a spoiled brat. Get ahold of your self and work out a budget, and stick with it. Look after the pennies and the dollars will look after themselves!
@gabs8513 (48686)
• United Kingdom
30 Jan 08
Well bar I guess you have never been in that Situation aren't you the lucky one to never be that desperate
I have to say I like your way but have you ever thought of expenses coming up that you did not expect? of Emergencies coming up?
And if you have read to the House is also the In Laws House so it is not just hers
I don't think there was any need for this comment
3 people like this
@pumpkinjam (8876)
• United Kingdom
3 Feb 08
When I first read the post, I did wonder how you could get into so much debt on $40,000 income but then I thought about it and as I read the discussion properly, I could see that your husband had been out of work and of course, I don't know how much of your income you pay out. There are people who cope with less than you but that's beside the point.
I don't think that barehugs response was very nice and there was no need to say things that way.
I'd be happy with a $40,000 income (I think it would be about £25,000) but that doesn't mean that everyone can manage on the same.
There is some government legislation here (UK) that is if you're in over £15,000 of debt and you or your partner works full time and earn above a certain amount then you can get debts written off. I don't know if there are similar things in other places.
I don't think it's a very fair thing to have because IMHO, if people work full time and earn a good wage then they shouldn't really have got into that much debt. Also, there are people who are struggling to pay less but can't get any help when it is not their fault that they are in debt. But that's just my opinion and, of course all sorts of people get into debt for all sorts of reasons.
Obviously your situation is different because you want to use your own money which you have but can not get to and I don't think barehugs understood that part.
2 people like this
@Aingealicia (1905)
• United States
30 Jan 08
Wow that is so messed up. I hope things will get better soon. They never make anything easy for the hard working people.
Aingealicia
1 person likes this
@Aingealicia (1905)
• United States
1 Feb 08
Watch see some of the things I write, maybe they can help you out. I am not sure how much but I hope something can. What ever I find I will let a lot of people know. What is working, what is not.
Aingealicia
1 person likes this
