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Wed Mar 18, 2020, 02:09 PM

Well crap: "Contract payments suspended"

My company has informed me that a contract I am currently working under has had payments suspended, because the customer has had to suspend operations.

My company will carry me on overhead for a while, but then...

I have some savings, but maybe not enough.

Oh boy.

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Arrow 8 replies Author Time Post
Reply Well crap: "Contract payments suspended" (Original post)
Happy Hoosier Mar 2020 OP
Walleye Mar 2020 #1
HotTeaBag Mar 2020 #2
KY_EnviroGuy Mar 2020 #3
Happy Hoosier Mar 2020 #4
MissB Mar 2020 #5
Happy Hoosier Mar 2020 #7
MissB Mar 2020 #8
MoonlitKnight Mar 2020 #6

Response to Happy Hoosier (Original post)

Wed Mar 18, 2020, 02:13 PM

1. That's so shitty. Hold on.

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Response to Happy Hoosier (Original post)

Wed Mar 18, 2020, 02:16 PM

2. Right there with you

 

though my company isn't gonna carry me - I'm probably going to become one of the 100,000 new Amazon workers for a while.

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Response to Happy Hoosier (Original post)

Wed Mar 18, 2020, 02:26 PM

3. Good luck, HH. The ripples are just beginning.

Our big auto plants are slowing down and others cutting production. I fear UPS's main hub may be the next big shitstorm.

Many people will be affected around the world.

Hope you find something to sustain you for the duration.......

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Response to Happy Hoosier (Original post)

Wed Mar 18, 2020, 02:37 PM

4. I'm trying to remain optimistic.

I'm an engineer, so I make a good salary and have some savings. But so far, I still need to mortgage payments.

I've heard that the "cash in pockets" proposals will be means tested (presumably based on last years income), so no help there.

Hop I don;t have to gut my significantly diminished 401K.

Not touching my daughters' college savings, even if I have to live in my car.

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Response to Happy Hoosier (Reply #4)

Wed Mar 18, 2020, 02:40 PM

5. Right there with you on all counts.

Except that if needed I would actually tap the college savings accounts. They’ve both nearly made it through without tapping those (full rides) so I view it as the ultimate worst case scenario item I could tap if we needed.

The 401k is totally off limits tho.

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Response to MissB (Reply #5)

Wed Mar 18, 2020, 02:46 PM

7. She starts in the fall...

Some scholarship money, but not all. I REALLY want to get her through Undergrad without debt if possible.

I'll tap the 401K is I absolutely need to, but it would be a disaster.

Good luck to you and your!

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Response to Happy Hoosier (Reply #7)

Wed Mar 18, 2020, 02:49 PM

8. It's the best gift!

Think of all those kids graduating from college this year with such crappy job prospects because of the crashing economy. Not having loans to pay back on top of that is a good thing.

Best to you too!

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Response to Happy Hoosier (Original post)

Wed Mar 18, 2020, 02:40 PM

6. Hitting IT hard

Lots of contract project work on hold.

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