Author Topic: Advice from Mint.com  (Read 10036 times)

kisserofsinners

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Advice from Mint.com
« on: March 14, 2013, 01:54:10 PM »
Saw this today while monitoring the 'stache via Mint:

"Meet your goal to get out of debt sooner with a personal loan."

Now that I'm thinking about it, does this mean the loan is no longer guaranteed and could be bankrupted?

arebelspy

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Re: Advice from Mint.com
« Reply #1 on: March 14, 2013, 02:16:51 PM »
Yes, a personal loan isn't tied to an asset the way a car loan or mortgage is.

Of course they can go after you and attach a judgement, so it can amount to the same thing, but yes, BK can do that.
We are two former teachers who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and are now settled with three kids.
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Erica/NWEdible

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Re: Advice from Mint.com
« Reply #2 on: March 14, 2013, 02:44:05 PM »
Is it just me or is Mint getting more aggressive about those messages lately?

I got this one yesterday:

"You spent $92 on Doctor this month. But your budget doesn't call for any spending until Feb 2014. You might want to update that budget -- and be careful! Get back on track by updating your budgets or creating new ones."

I thought it sounded quite cheeky.

kisserofsinners

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Re: Advice from Mint.com
« Reply #3 on: March 14, 2013, 03:21:49 PM »
LOL...totally mis-read it! I though they were offering to refi, student load debt. Is that possible? ad then my follow up questions makes sense. :)

strider3700

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Re: Advice from Mint.com
« Reply #4 on: March 14, 2013, 03:47:13 PM »
they like to point out that I spend a lot on groceries and that I should get a credit card that pays cash back even though they only know about me buying the groceries because they're purchased on a cash back credit card...

arebelspy

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Re: Advice from Mint.com
« Reply #5 on: March 14, 2013, 03:51:27 PM »
LOL...totally mis-read it! I though they were offering to refi, student load debt. Is that possible? ad then my follow up questions makes sense. :)

Sure, you could take out a personal loan, pay off a student loan, then declare BK.

If you're close to BK though, good luck getting a personal loan.  And if you do it right away, the lender might declare fraud and it might not get discharged.

That sort of behavior, besides being unethical, may be illegal.  It's fraught with risks regardless.  But it is possible.
We are two former teachers who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and are now settled with three kids.
If you want to know more about us, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (rarely) blog at AdventuringAlong.com. Check out our Now page to see what we're up to currently.

kisserofsinners

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Re: Advice from Mint.com
« Reply #6 on: March 14, 2013, 04:01:19 PM »
Thanks Rebel for the answer! I really have no debt and never got student debt. I am just ever curious and it seemed like an interesting question.

Erica/NWEdible

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Re: Advice from Mint.com
« Reply #7 on: March 14, 2013, 06:53:31 PM »
Is it just me or is Mint getting more aggressive about those messages lately?

I got this one yesterday:

"You spent $92 on Doctor this month. But your budget doesn't call for any spending until Feb 2014. You might want to update that budget -- and be careful! Get back on track by updating your budgets or creating new ones."

I thought it sounded quite cheeky.

Can you imagine if the system made a smarmy comment like, "you spent $92 on a Doctor - how about allocating some more to the gym so you don't need the Doctor?" LOL

Still wouldn't help. Dr visit was for one of my kids. And "how about you go back in time 10 years and invest more in condoms to avoid a $92 doctor change for your sick kids" would be beyond smarmy, I'd say. :)

Nords

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Re: Advice from Mint.com
« Reply #8 on: March 14, 2013, 09:23:44 PM »
Saw this today while monitoring the 'stache via Mint:
"Meet your goal to get out of debt sooner with a personal loan."
And I bet they just happen to know Quicken Loans someone who's ready to help...

kisserofsinners

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Re: Advice from Mint.com
« Reply #9 on: March 15, 2013, 01:06:08 PM »
they like to point out that I spend a lot on groceries and that I should get a credit card that pays cash back even though they only know about me buying the groceries because they're purchased on a cash back credit card...

At least this confirms that they aren't actually processing anything relevant. Just throwing numbers around.

mlipps

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Re: Advice from Mint.com
« Reply #10 on: March 15, 2013, 01:18:51 PM »
I get alternating messages that I drive a lot and should get the Chase Freedom (which I have) and that I don't drive much and should switch to Progressive.

Mrs3F

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Re: Advice from Mint.com
« Reply #11 on: March 15, 2013, 02:15:22 PM »
LOL...totally mis-read it! I though they were offering to refi, student load debt. Is that possible? ad then my follow up questions makes sense. :)

Sure, you could take out a personal loan, pay off a student loan, then declare BK.

If you're close to BK though, good luck getting a personal loan.  And if you do it right away, the lender might declare fraud and it might not get discharged.

That sort of behavior, besides being unethical, may be illegal.  It's fraught with risks regardless.  But it is possible.

Not quite so simple.  If the lender of the personal loan can demonstrate to the bankruptcy court that the loan was used to repay a non-dischargeable debt, then the personal loan could be held non-dischargeable as well.  If you're really set on committing bankruptcy fraud, you would need to play a bit of balance transfer roulette, so that the ultimate creditor wouldn't know what you did.  But yes it's possible. 

Figuring out ways to theoretically discharge large student loan balances is a bit of a parlor game in my industry.  Usually meeting the other filing requirements would also involve theoretical divorces, mortgages, and hiding of assets.  Anyone smart, determined, and with good enough credit to pull it off would probably be wiser devoting all that devious energy into aggressive repayment.  ;-)

arebelspy

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Re: Advice from Mint.com
« Reply #12 on: March 15, 2013, 03:53:07 PM »
Sure, you could take out a personal loan, pay off a student loan, then declare BK.

If you're close to BK though, good luck getting a personal loan.  And if you do it right away, the lender might declare fraud and it might not get discharged.

That sort of behavior, besides being unethical, may be illegal.  It's fraught with risks regardless.  But it is possible.

Not quite so simple.  If the lender of the personal loan can demonstrate to the bankruptcy court that the loan was used to repay a non-dischargeable debt, then the personal loan could be held non-dischargeable as well. 

Yes, that's what I said. See part I bolded.  I think we're essentially saying the same thing.
We are two former teachers who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and are now settled with three kids.
If you want to know more about us, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (rarely) blog at AdventuringAlong.com. Check out our Now page to see what we're up to currently.

thedrone

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Re: Advice from Mint.com
« Reply #13 on: March 15, 2013, 04:49:17 PM »
Saw this today while monitoring the 'stache via Mint:
"Meet your goal to get out of debt sooner with a personal loan."
And I bet they just happen to know Quicken Loans someone who's ready to help...

I know it really seems silly, but this exact ad for Lending Club on mint catapulted me to where I am today.  Almost debt free and on an excellent path to FI.

Mrs3F

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Re: Advice from Mint.com
« Reply #14 on: March 15, 2013, 06:49:13 PM »
Sure, you could take out a personal loan, pay off a student loan, then declare BK.

If you're close to BK though, good luck getting a personal loan.  And if you do it right away, the lender might declare fraud and it might not get discharged.

That sort of behavior, besides being unethical, may be illegal.  It's fraught with risks regardless.  But it is possible.

Not quite so simple.  If the lender of the personal loan can demonstrate to the bankruptcy court that the loan was used to repay a non-dischargeable debt, then the personal loan could be held non-dischargeable as well. 

Yes, that's what I said. See part I bolded.  I think we're essentially saying the same thing.

Yes we are.  Apparently my reading comorehension sucks today. Carry on.

Self-employed-swami

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Re: Advice from Mint.com
« Reply #15 on: March 20, 2013, 09:06:21 AM »
LOL!

nushagak

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Re: Advice from Mint.com
« Reply #16 on: May 19, 2014, 08:38:55 AM »
Refreshing this old thread of laughable advice from Mint.com because of this new "suggested goal":



zhelud

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Re: Advice from Mint.com
« Reply #17 on: May 19, 2014, 08:40:28 AM »
Well, I just got a suggestion from Mint that I look into bike commuting!  (I already do, but it is great that Mint is suggesting this kind of thing)

HairyUpperLip

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Re: Advice from Mint.com
« Reply #18 on: May 19, 2014, 09:57:55 AM »
Mint wouldn't be free for us if they didn't sell some stuff....

MilwaukeeStubble

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Re: Advice from Mint.com
« Reply #19 on: May 19, 2014, 11:21:10 AM »
Well, I just got a suggestion from Mint that I look into bike commuting!  (I already do, but it is great that Mint is suggesting this kind of thing)

I got that today too.  It mentioned that bike commuting can be '30x cheaper than driving' which seems like a bit of a stretch to me but whatever.  It made me laugh though because I bought a (nice) bike Saturday so right below that you saw my $2000/mo budget busted by a $2200 bike :(
« Last Edit: May 20, 2014, 08:02:00 AM by MilwaukeeStubble »

homeymomma

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Re: Advice from Mint.com
« Reply #20 on: May 19, 2014, 01:08:10 PM »
Mint wouldn't be free for us if they didn't sell some stuff....

+1

I don't mind the ads at all! I do mind the inability to customize more, but it's one size fits all so I'll make my peace with it. Just glad it's free!

ScienceSexSavings

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Re: Advice from Mint.com
« Reply #21 on: May 19, 2014, 02:11:47 PM »
Mint keeps pushing mortgage advice on me, and I don't even have a mortgage.

Daniel

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Re: Advice from Mint.com
« Reply #22 on: May 19, 2014, 02:54:13 PM »
Haha, sometimes I think I should get a mortgage, just so banks will stop inviting me to get a mortgage with them. It's an every week occurrence.

Dr.Vibrissae

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Re: Advice from Mint.com
« Reply #23 on: May 19, 2014, 05:34:34 PM »
Haha, sometimes I think I should get a mortgage, just so banks will stop inviting me to get a mortgage with them. It's an every week occurrence.
It doesn't stop with a mortgage, it just changes to pitches for you to refinance with XYZ. 

Mississippi Mudstache

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Re: Advice from Mint.com
« Reply #24 on: May 20, 2014, 08:26:27 AM »
Haha, sometimes I think I should get a mortgage, just so banks will stop inviting me to get a mortgage with them. It's an every week occurrence.
It doesn't stop with a mortgage, it just changes to pitches for you to refinance with XYZ. 

That's what I was about to say. You'll even get offers to re-finance from the bank that services your mortgage, because they want to collect additional closing fees.

HairyUpperLip

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Re: Advice from Mint.com
« Reply #25 on: May 20, 2014, 02:52:02 PM »
Facepunches for being complainy pants about a free service...
« Last Edit: May 20, 2014, 03:18:54 PM by HairyUpperLip »

soccerluvof4

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Re: Advice from Mint.com
« Reply #26 on: May 20, 2014, 03:03:01 PM »
Mint yells at me everyday about something! but she is free...  :-)  sometimes I just ignore her!

frugalecon

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Re: Advice from Mint.com
« Reply #27 on: May 20, 2014, 04:26:48 PM »
Haha, sometimes I think I should get a mortgage, just so banks will stop inviting me to get a mortgage with them. It's an every week occurrence.
It doesn't stop with a mortgage, it just changes to pitches for you to refinance with XYZ. 

That's what I was about to say. You'll even get offers to re-finance from the bank that services your mortgage, because they want to collect additional closing fees.

I received an offer to refi my 15-year mortgage into a new 15-year at a higher rate, and a 10-year at an even HIGHER rate!

Mississippi Mudstache

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Re: Advice from Mint.com
« Reply #28 on: May 22, 2014, 09:24:23 AM »
Haha, sometimes I think I should get a mortgage, just so banks will stop inviting me to get a mortgage with them. It's an every week occurrence.
It doesn't stop with a mortgage, it just changes to pitches for you to refinance with XYZ. 

That's what I was about to say. You'll even get offers to re-finance from the bank that services your mortgage, because they want to collect additional closing fees.

I received an offer to refi my 15-year mortgage into a new 15-year at a higher rate, and a 10-year at an even HIGHER rate!

What a deal! I hope you jumped all over it!

AH013

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Re: Advice from Mint.com
« Reply #29 on: May 22, 2014, 10:17:33 AM »
Haha, sometimes I think I should get a mortgage, just so banks will stop inviting me to get a mortgage with them. It's an every week occurrence.
It doesn't stop with a mortgage, it just changes to pitches for you to refinance with XYZ. 

That's what I was about to say. You'll even get offers to re-finance from the bank that services your mortgage, because they want to collect additional closing fees.

I received an offer to refi my 15-year mortgage into a new 15-year at a higher rate, and a 10-year at an even HIGHER rate!

What a deal! I hope you jumped all over it!

You guys laugh, but sadly people do this all the time.  Say the original 15 yr @ 4% meant a $1,200/month payment and that was 5 years ago.  A bank comes along and says, "but look, if you refinance now, you'll have the same 15 year mortgage with a $1,000/month payment (at 5% and extending your mortgage another 5 years) and you won't have to pay anything (out of pocket, because we'll roll those fees into your mortgage balance)" and people fall for it hook line and sinker.  "Gee, $200 less each month, that's an extra 2 restaurant dinners each month Virginia!"