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Happy Hoosier

(6,772 posts)
Wed Mar 18, 2020, 02:09 PM Mar 2020

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.

8 replies = new reply since forum marked as read
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Well crap: "Contract payments suspended" (Original Post) Happy Hoosier Mar 2020 OP
That's so shitty. Hold on. Walleye Mar 2020 #1
Right there with you HotTeaBag Mar 2020 #2
Good luck, HH. The ripples are just beginning. KY_EnviroGuy Mar 2020 #3
I'm trying to remain optimistic. Happy Hoosier Mar 2020 #4
Right there with you on all counts. MissB Mar 2020 #5
She starts in the fall... Happy Hoosier Mar 2020 #7
It's the best gift! MissB Mar 2020 #8
Hitting IT hard MoonlitKnight Mar 2020 #6
 

HotTeaBag

(1,206 posts)
2. Right there with you
Wed Mar 18, 2020, 02:16 PM
Mar 2020

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.

KY_EnviroGuy

(14,474 posts)
3. Good luck, HH. The ripples are just beginning.
Wed Mar 18, 2020, 02:26 PM
Mar 2020

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.......

Happy Hoosier

(6,772 posts)
4. I'm trying to remain optimistic.
Wed Mar 18, 2020, 02:37 PM
Mar 2020

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.

MissB

(15,797 posts)
5. Right there with you on all counts.
Wed Mar 18, 2020, 02:40 PM
Mar 2020

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.

Happy Hoosier

(6,772 posts)
7. She starts in the fall...
Wed Mar 18, 2020, 02:46 PM
Mar 2020

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!

MissB

(15,797 posts)
8. It's the best gift!
Wed Mar 18, 2020, 02:49 PM
Mar 2020

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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