FOTCM credit union

[ScioAgapeOmnis]

I think the climate is a bit different than when the thread began. Rainy day savings (these days in gold probably) is a good idea, but I'd imagine any more should be used as investment in survival and betterment of others instead of collecting dust. Money is energy, it needs a purpose! Correct me if I'm wrong, but I believe FOTCM already absorbed some functions of a credit union anyway. Members participate and help with projects and monetarily when possible, in turn the project benefit all, and in some cases members can even be helped monetarily.

I think over-reliance on existence of money is probably a mistake right now, and resources should be pooled (including money) towards tangible benefits for all involved. I do think it would be awesome to have a "bank" you can trust, I'm just not sure a bank is the right thing to even have at this time, but correct me if I'm wrong.

There is one "risk" with issuing loans - what if it's for something stupid and wasteful? Granted a loan issuer has no business telling anyone what they can use their money for, but what if it runs contrary to this group's aims, would it make sense for a FCM credit union to loan money for pointless things? As things stand right now, the group assesses each member's situation and gives money/help/resources, which are part of the collective effort of the group itself, when it makes sense to do so. This protects them from accidentally sponsoring bad things.

Again, my understanding is limited here, just some thoughts.

 

[WIN 52]

Bob Dylan said it best in the song "like a rollin stone":

look at all the pretty people thinkin that they...got it made

when you ain't got nothin, you got nothin to loose

It's a great song. The last time I sung it in a Karaoke night, the whole crowd cheered loudly. It was packed with so much meaning for me in light of the times, that I am sure they were cheering for the emotional level that was achieved with the delivery.

Now, today I purchased some lottery tickets. I didn't know why because this is sort of thing is out of character for me. Well once and a while, but have basically given up on the idea of striking it rich. I believe that having a large sum of cash could cost me, in some way. I am working with my son and for now, we have the bills paid and food on the table.

So, as the tickets were bought, I pledged all the proceeds to the FOTCM, should there be any.

 

[rrraven]

There is one "risk" with issuing loans - what if it's for something stupid and wasteful?

well ,even though I have been a long time member ,I have never been financial enough to make any donations to FOTCM as most of my income(social security payments) are allocated to pay off/whittle down my credit card debt with its crazy interest.
If there was a FOTCM credit union ,I could borrow the money to pay it off and the interest would go to FOTCM instead of the evil bank and I would be happy to pay the same rate(21.24%) as I pay now ,knowing it goes to a good cause
I currently owe ca. 8,800 australian dollars( down from 10 000) and if I pay 453 bucks per month it will take 2 years to pay off
per fortnight I get 464 on the dole and ca.200 in store credit for my volunteer work at our community shop(half of my shop credit goes for organic tobacco at 45 bucks per 35g pouch)

the risk I can see is that the wave may hit before the 2 years are up or the world economy collapses and money becomes useless but in that case all betts are off anyway

 

[hlat]

There is one "risk" with issuing loans - what if it's for something stupid and wasteful?

well ,even though I have been a long time member ,I have never been financial enough to make any donations to FOTCM as most of my income(social security payments) are allocated to pay off/whittle down my credit card debt with its crazy interest.
If there was a FOTCM credit union ,I could borrow the money to pay it off and the interest would go to FOTCM instead of the evil bank and I would be happy to pay the same rate(21.24%) as I pay now ,knowing it goes to a good cause
I currently owe ca. 8,800 australian dollars( down from 10 000) and if I pay 453 bucks per month it will take 2 years to pay off
per fortnight I get 464 on the dole and ca.200 in store credit for my volunteer work at our community shop(half of my shop credit goes for organic tobacco at 45 bucks per 35g pouch)

the risk I can see is that the wave may hit before the 2 years are up or the world economy collapses and money becomes useless but in that case all betts are off anyway

What are the bankruptcy laws like in Australia? In the US, you would be a prime candidate to bankrupt that credit card debt.

 

[Skyalmian]

This doesn't sound like a necessarily bad idea, but for one it would take almost too much work and would be another 'project' on top of all other projects that might end up going wayside along with all the rest of the US-based financial institutions when the dollar economies collapse. (Unless this was based in Russia or China using the upcoming BRICS-based financial systems, allowing "US citizen" membership with automatic conversion deductions in $ currency? (Is that even possible?)) But in the meantime getting a credit union account somewhere that has more involvement / commitment to its members than others, is by default more likely to not allow the government to stick its hands in so easily as would happen with any of these 2 3 institutions (which should be exited asap).

Credit unions can be lifetime membership regardless if one moves and/or all other original joining conditions no longer apply, the account then being maintained from afar by fax (which is required for some changes that require a signature) and phone.

 

[Skyalmian]

(Unless this was based in Russia or China using the upcoming BRICS-based financial systems, allowing "US citizen" membership with automatic conversion deductions in $ currency? (Is that even possible?))

FATCA would get in the way, though...

There is one "risk" with issuing loans - what if it's for something stupid and wasteful? Granted a loan issuer has no business telling anyone what they can use their money for

But the loan issuer can (and tons do) deny a loan ("and it happens to hundreds of people every day for a variety of reasons"), at their discretion. In this case, being FOTCM-only, it's not as likely it would be for "something stupid" but more along the lines of supporting the network in some fashion, locally or other.

 

[Aurgo]

There is one "risk" with issuing loans - what if it's for something stupid and wasteful?

well ,even though I have been a long time member ,I have never been financial enough to make any donations to FOTCM as most of my income(social security payments) are allocated to pay off/whittle down my credit card debt with its crazy interest.
If there was a FOTCM credit union ,I could borrow the money to pay it off and the interest would go to FOTCM instead of the evil bank and I would be happy to pay the same rate(21.24%) as I pay now ,knowing it goes to a good cause
I currently owe ca. 8,800 australian dollars( down from 10 000) and if I pay 453 bucks per month it will take 2 years to pay off
per fortnight I get 464 on the dole and ca.200 in store credit for my volunteer work at our community shop(half of my shop credit goes for organic tobacco at 45 bucks per 35g pouch)

the risk I can see is that the wave may hit before the 2 years are up or the world economy collapses and money becomes useless but in that case all betts are off anyway

Hi rrraven,
As suggested by others there are ways out of paying those criminal amounts of interest n debts!
You would have to look at your assets to debt.
I am no financial guru, so this is not professional advice.
Being on the dole is a trap I know,but there are options! I followed some advice from a co-worker and purchased a book on how to legally reduce your tax, what it went into was setting up a trust to separate yourself from the legal standpoint in losing your hard earned. Self managed super and the like!
Bankruptcy shouldn't be overlooked. Like you said who knows what the next few years may bring but that shouldn't stop you rather encourage you to look at all your options of either consolidating to a lesser interest rate (I know no one will look at you without a job) or wiping it to start over, with the government payments coming straight to you rather than the banks!?
If you own your home you could transfer it to a direct family member to remove yourself from losing it, a small transfer fee may have to be paid.
All I'm trying to convey is that you have options. For example, I went to a big accounting firm in Melb to consolidate, they spoke to the credit agency and told them I was going to declare bankruptcy if they didn't allow me to payout a reduced amount from 10k down to 6k, the accountants informed me that if I declared bankruptcy by law they would have to pay me back the last 6 months payments I paid to them. They agreed on the reduced amount.
I had a good paying job, so I could consolidate. Your circumstances are totally different I get that, but explore all your options as best you can.
My heart goes out!
Aurgo.