Hi,

    I got fired last week. My weekly gross income was $1450. I am 27 years old, living with my parents. And I have zero savings (I used up all my savings to pay off my car 1 week before I got fired)

    My 401(k) shows a current balance of 28k and a vested balance of 16k. I got this from a mail

    My ESOP shares show a current balance of 6k and a vested balance of 3k. I got this from a mail

    I already filed for unemployment, applied for Medicaid (since I lost my medical/dental/vision insurance)

    I've been applying for jobs, but so far no one has reached back to me.

    My uncle asked me if I wanted to work for him for the time being. He offered to give me $ 1,000 per week in cash until I hear from employers.

    Questions:
    1. Should I email the previous HR and ask them how I can access my 401 (k) and ESOP shares? The mail can come from the financial institution that handles both 401 (k) and ESOP shares. When I was working for that company, I forgot to make an account

    1. Once I get access to my 401 (k) and ESOP shares. Should I take out some of it and pay my credit card debt? Or don't touch it.

    2. Should I use the COBRA continuation coverage for my insurance, or is it not worth it?

    I'm estimating $600 weekly from unemployment for 26 weeks and $1,000 from cash with a total of $1,600 per week / $6,400 per month

    These are my monthly expenses:
    1. Internet = $100
    2. Car insurance = $200
    3. Phone bill = $150
    4. Gym = $50
    5. Misc = $75

    I got fired from work and i have a $9000 credit card debt
    byu/odx123 inpersonalfinance



    Posted by odx123

    1 Comment

    1. MooncalfMagic on

      This is a terribly unpopular opinion, but it worked for me.

      Stop paying the credit cards. (It is several cards, right?) Don’t sacrifice savings for something you won’t be able to pay off, anyway.

      They may just write it off. Yeah, it’s a hit on your credit, but by the time you catch up, that credit damage can be repaired.

      If they don’t write it off, go to the court date, and either dispute the debt, or show them that medicaid card.

      They will also offer you a drastic (%30) settlement, which may be tempting. If you can’t afford it, continue to protest; and if you can, you might as well.

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