You've Got Questions...I've Got Answers On: Bounced checks, Credit Score and the National Debt level

Q. A few years ago I got in trouble with cashing checks that I didn’t have the money to cover. It caught up with me and my account was closed. I've gotten my life together and have been searching for a bank, that I can get an account with that does not use chexsystem. Are there any banks in New York that don't use chexsystem that I can open an account with? –Anna, Brooklyn, NY

A. The chances of finding a bank in a metropolitan city or that is part of a larger network of banks (i.e. Bank of America, Chase, Wachovia) that doesn't use ChexSystems is very unlikely.

Each banking institution has specific rules and regulations as it pertains to bounced checks, however, they all plug into one system for their information about customers with a history of bad banking practices: ChexSystems. This agency is to the banking industry what credit-reporting agencies are to the credit card lenders...

Read the rest of this October 20, 2008 post and get answers you need to make smart money moves: Money Monday's

I really appreciate you taking the time to send me your money questions. I personally read each email so keep them coming!

Got a pressing money question? Ask it now Money Monday's

And be sure to check back each Monday for answers to your money questions.

You've Got Questions...I've Got Answers On: Payday loans, Negotiating with creditors, Using IRA to pay off debt

Q. I am 38 years old and currently out of work. I have worked out a deal with the card company to pay off the $18,000 that I owe. The agreement is to pay it off in full within 5 years with no interest. Being out of work, I’m afraid I won’t have the income to keep the agreement up past the next 3 months. I’m thinking about using my IRA to pay off my card. Is that a good idea? – Stella, Bristol, CT

A. I know from personal experience the feeling of wanting to get the "credit monkey" off your back and trying to figure out your financial future when you're in a fog. Both are extremely difficult to do so I'd suggest that you:

A) Consider just how much things can change in the next three months. That’s a lot of time so you do not have to make a decision right now. Continue to make your payments and see how things go with your job hunting search. ...


Read the rest of this October 13, 2008 post and get answers you need to make smart money moves: Money Monday's

I really appreciate you taking the time to send me your money questions. I personally read each email so keep them coming!

Got a pressing money question? Ask it now Money Monday's

And be sure to check back each Monday for answers to your money questions.

Applying common sense to economic uncertainty

No doubt you've been watching all of
the news stories of the bailout, golden
parachutes and the linking of the current
economic downturn to the great depression.

From the amount of questions I've
received at AskSanyika.com and MandJShow.com
I know that you have some questions and
concerns.

Yesterday morning I appeared on The Morning
Show with Mike & Juliet where I was joined
by Dave Ramsey and Rebecca Gomez to discuss
just what the changes in the stock market
mean to you.

If you didn't get to see it, watch it now at:


Evaluating the Economy

Also, here's a bit of common sense to apply
to the economic uncertainty you may be
experiencing:

1. Examine your expenses - now is the time to
tell your money where to go, rather than wondering
where it went.

Create a spending plan and stay focused on the
financial goals you've set for yourself. Cut out
things that you don't need, but keep a record of
your spending so you will avoid feeling overwhelmed
or out of control.


2. Spend sensibly

Don't cancel Christmas or tell family you won't be
traveling for Thanksgiving. You need to continue to
spend, however do it sensibly.

Instead of using your credit card to purchase holiday
gifts you can't afford, come up with a priority list
of gifts for each member of your family and stick to
your plan to only spend what you can afford.

Remember that your love is not communicated through
how much you spend, so find other ways to show the people
you care that they are important to you.


3. Continue to contribute

It might seem a little crazy to keep putting money
in a "bucket with a whole in it," but if you are in
your 20s, 30s, 40s and even 50s I'll tell you that
the stocks you've invested in are now at lower prices
which means you can purchase more of them, when you
do you'll see the size of your saving swell when the
value of these stocks go up. And they will most
certainly go back up.

You may have heard the saying, "It's impossible to
time the market," well it's true, most people get out
when they should stay in, others to get in when the
prices have already started to go up.

SO continue to contribute to your 401k, IRAs and other
retirement accounts and know that you are putting your
money in the market for the long term.


And finally, there is still time to take the
quick Holiday Spending 2008 survey, please do
it now at:

Holiday Spending 2008 Survey

To your continued succe$$!
Sanyika

You've Got Questions...I've Got Answers On: Landlords, Foreclosure Process, Chapter 7 bankruptcy

Q. I am so confused, I think I am in foreclosure with my mortgage since I’ve missed four payments due to my husband losing his job but I’m not sure. I can’t get a straight answer from the bank and I keep getting letters of non-payment. What does this mean? Am I going to lose my house? – Kim, Willobrook, IL


A. It seems like you're in a bit of a panic and that's understandable when you're dealing with the reality of foreclosure. Before I jump into the answer I want to suggest that you take a deep breath, clear your head because everything will be OK. You have options.

While laws vary from state to state, here's essentially how the foreclosure process works :

1. When you are served with foreclosure papers - and believe me you will KNOW when you receive a foreclosure letter - it will be via registered mail or delivered in person by someone who is hired to serve foreclosure notices and must be signed and dated by you for the court record.


Read the rest of this October 6, 2008 post and get answers you need to make smart money moves: Money Monday's

I really appreciate you taking the time to send me your money questions. I personally read each email so keep them coming!

Got a pressing money question? Ask it now Money Monday's

And be sure to check back each Monday for answers to your money questions.

Take an anonymous poll re: your holiday spending habits

I have been invited to be interviewed by Shon Gables, the host
of Black Enterprise Business Report (on Tuesday,October 7th)
for a series that will run in November addressing changes in everyday
Americans spending habits in light of the current economy, especially
as it relates to holiday gifts and charitable giving this holiday season.

I'd love to get your feedback, would you be willing to answer a
few questions? Your name or contact information will not be
required to take the poll and answers will be kept private.

To take the Holiday Spending 2008 poll, please click the link
below which will take you to an online survey. Answer the questions
and press the submit button when you're done - that's it!


Click Here to take Holiday Spending survey

Thank you for your prompt feedback. I will be sure to alert you
when the show airs.