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9/22/2017 12:11:25 AM
Posted: 8/30/2005 11:28:20 AM EDT
Lots of folks got out of NO before it hit. Now they have no place to go back to, no jobs and no address, perhaps even no bank account if the servers holding their personal data are gone.
Most will live off credit cards but how will they get the bills or even pay them.
What about the bills in the mail that was lost?
Link Posted: 8/30/2005 11:29:57 AM EDT
I think thats the least of their worries.
Link Posted: 8/30/2005 11:32:36 AM EDT
Lenders often give debtors a month or three of forebearance on payments after a major disaster.

But read the fine print in your credit card holder's agreement - Non-receipt of a monthly statement does NOT relieve you of the responsibility of making at least the minimum payment every month.
Link Posted: 8/30/2005 11:32:39 AM EDT
So, you don't pay your utilities bill(s), how will they turn off your service?
Link Posted: 8/30/2005 11:33:30 AM EDT
You make a good point.

A big flood is a lot like a fire. There is nothing left. No personal effects, no personnal records, no money for a while.

It is a horrible event.

Link Posted: 8/30/2005 11:38:57 AM EDT
I'm not making light by any means. I heard GM has offered two month payment holidays with no penalty for those affected.
I just wonder what these people will have to deal with besides the obvious stuff.
Hurricane season is just now reaching its peak. It could be me in a week or two.
Link Posted: 8/30/2005 12:29:54 PM EDT
What's really scary is that there are going to be TONS of people who are out of work - 'cause work is just GONE.

Bye-bye retirement for those folks...
Link Posted: 8/30/2005 12:40:54 PM EDT
But remember, there will be plenty of work in the near future.
Link Posted: 8/30/2005 12:55:02 PM EDT
As far as being able to use credit cards... (and maybe I misread your post) most card issuers and merchant services are national, or multi-national. Very few people I bet use CC from local ONLY banks. So I don't think servers would be an issue. I'm sure there are redundant system for Bank of America, for example, all over the country.

- AG
Link Posted: 8/30/2005 1:15:36 PM EDT
In the same vein,

will a bank foreclose on a non-existant, destroyed house if you don't make mortgage payments?

Link Posted: 8/30/2005 1:19:22 PM EDT

Originally Posted By fish223:
In the same vein,

will a bank foreclose on a non-existant, destroyed house if you don't make mortgage payments?



Yes they will. It becomes REO (Real Estate, Owned) on their books. That's their least favorite kind of asset.
Link Posted: 8/30/2005 1:28:27 PM EDT

Originally Posted By captainpooby:
Lots of folks got out of NO before it hit. Now they have no place to go back to, no jobs and no address, perhaps even no bank account if the servers holding their personal data are gone.
Most will live off credit cards but how will they get the bills or even pay them.
What about the bills in the mail that was lost?




Bank data is stored in multiple off-site locations. Many banks store them in distant parts of the US.
Link Posted: 8/30/2005 1:37:21 PM EDT
I know that after Ivan, large business (corporate) paid their employees... Some made then go do volunteer work.
The small business and it's employees are what suffer.

As for the bills... Who knows, CC probably makes you pay and fine you. I know AllTel comp'd my $200 cell phone bill down to the usual monthly fee, which I thought was decent of them.
Link Posted: 8/30/2005 1:45:04 PM EDT

Originally Posted By Hydguy:
But remember, there will be plenty of work in the near future.



For those who are willing to work.
Link Posted: 8/30/2005 1:47:34 PM EDT

Originally Posted By Bama-Shooter:

Originally Posted By Hydguy:
But remember, there will be plenty of work in the near future.



For those who are willing to work.




Does breaking windows and carrying T.V.'s count as "work" ?

Link Posted: 8/30/2005 1:54:32 PM EDT
It's called homeowners insurance backed up with federal flood insurance.


Sheesh!
Link Posted: 8/30/2005 2:01:26 PM EDT

Originally Posted By California_Kid:

Originally Posted By fish223:
In the same vein,

will a bank foreclose on a non-existant, destroyed house if you don't make mortgage payments?



Yes they will. It becomes REO (Real Estate, Owned) on their books. That's their least favorite kind of asset.



They won't foreclose if you have any assets (other than IRA/401k). It is much more beneficial to them to drain your $2k savings account than owning a 1/4 acre HAZMAT site under water. Plus they can keep after you forever unless you go bankrupt.

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