The banking saga continues...
I'm at my main bank promptly at 8:30 AM today, all documentation in hand. My main bank tells me that the error was done on the part of the bank that holds my mortgage and I needed to go see them to get it resolved. They tell me it's an encoding error on that banks part. They can't really help me out. Just as I thought, but I checked with them first.
I drive 5 minutes down the road to my mortgage bank (and I also have my small Efund with debit card access with them). I talk to the customer service rep who tries to tell me, Oh, I'm sorry about that error, but you need to go back to your other bank. Ah no, I'm not. I politely tell her that I've just been to bank one and they assured me that the error was done on the part of the mortgage bank. I point out my receipt with the correct amount, I point out the legal line that clearly says FIVE HUNDRED etc, not eight hundred on the copy of my check I downloaded from the bank's web site. I also tell her that while I don't have a copy of my payment coupon, it too should only reflect a payment of five hundred not eight hundred. I tell the CSR that I one time forgot to write 10c on the legal line of my mortgage check and I was the recipeint of a phone call that said IF I did not come down to the bank by Noon, my mortgage payment would not be processed and I would be assessed a late charge of $35. All because I forgot to write in the 10c on the legal line. (I had dropped off my payment in the night deposit window as I was out and about before banking hours and yes, it was the last day of the grace period.). I did get a second phone call from the bank saying they "found" 10c and used that to round out my payment so I would not be assessed a late fee.
I will point out that the number five I had written out was a bit loopy and maybe at a quick glance it looked like an 8, but I do know that tellers are supposed to process the Legal Line and not the number line. I do also know from a former employee of that bank that the encoding is done by the teller and that someone should or would audit the tellers work. This was not a computer glitch, it was a teller mistake that should have been caught. The extra $300 was credited to my mortgage account, someone had to manually input that $300. I paid my mortgage five days early this month, lots of time to do an audit.
My mortgage bank offers me the option of keeping the over payment to credit my account. I tell the CSR that is not an option and I want my $300 back. I'm then told the bank will process a check for the difference and I should get it in 3-5 business days. I tell the CSR you take payment out the very next day and now I have to wait a week for my reimbursement? What about a EFT to my other bank? I may have to start looking for another bank to hold my mortgage. Her reply- "I hear there are great rates out there". Not let me see what I can do to speed up the process, Not I am sorry that our bank made an error, nothing. I did call back and ask for the branch manager, much to my surprise I find out the branch manager was the CSR that assisted me this morning. Honestly, I was not all that thrilled with her service or her handling of my account. I did speak to her again and tell her that I was not happy with the encoding error or the way the bank.
Hum, my mortgage bank used to be a nice local bank and it got gobbled up by a larger regional bank. I have a philosophy that I try not to bank at an insitution that has more than 9 branches. My mortgage bank has far more than 9 branches. I am less than impressed with this bank. I'll see if that check makes it to my mailbox this week or by Monday.
Showing posts with label money. Show all posts
Showing posts with label money. Show all posts
Tuesday, February 17, 2009
Tuesday, December 9, 2008
Ask and It Will Come
Yesterday I posted that I needed to spend about $10 on grocery items for my upcoming meal planning. $10 is not a lot of money, but still it's $10.
I opened the mail yesterday afternoon and I was the recipient of a $10 check! Seems my accounting office did not pay correctly for a travel expense and I got an unexpected check!
Sooo-that $10 is going towards the items I need to do my meal planning through next week!
Now, lets see if my other request to be fed a couple meals comes through as well!
I opened the mail yesterday afternoon and I was the recipient of a $10 check! Seems my accounting office did not pay correctly for a travel expense and I got an unexpected check!
Sooo-that $10 is going towards the items I need to do my meal planning through next week!
Now, lets see if my other request to be fed a couple meals comes through as well!
Tuesday, September 23, 2008
Neither a Borrower or A Lender Be....
or says Hamlet
From Shakespeare's Hamlet, 1603:
LORD POLONIUS: Neither a borrower nor a lender be; For loan oft loses both itself and friend, And borrowing dulls the edge of husbandry.
This past weekend, I was a lender. With an explanation. Here is the tale.
I had my friend Adam call up a couple weeks ago and ask if he could crash on my couch for a couple nights, he was working in the area on a project, needed to be local, could not get a hotel reservation, and this would give us a chance to catch up. I said yes, come on by, you are welcome to stay, I've got some stuff going on, but we can catch up over dinner. Friday afternoon I called and left a message on his cell phone stating I was going to leave the office shortly, run by the grocery store-did he need anything. I get a call back about an hour later.
Adam: Hi-finished early today, got here, got settled, got your message.
BB: Great! I've got a dinner reservation at The Bar for 6:15 PM, we can grab a quick bite to eat.
Adam: The Bar sounds fine to me.
BB: Do you need anything from the grocery store?
Adam: Wellll, no, but ah, two of my clients have not paid me yet, can you lend me $200 until the trade show in 10 days?
BB: Four beats of silence-then "OK, but I'm not going by the bank until sometime on Saturday, it's not on my way home and I don't have that much cash in my wallet, can you wait?
Adam: Yes and thanks. Noticeable relief in his voice. Noticeable.
I lent Adam the money because a couple years ago when I switched jobs there was a delay with payroll processing and then another delay when my paycheck was mailed to me instead of being direct deposited. Our accounting office is not local to my current job. He kindly fronted me a bit more than $200 until all my checks came in and things got sorted. I paid him back once the dust settled. I know his business, I know his clients who are late payers, I know Adam will pay me back. (fingers crossed).
What disturbed me about lending the money was the following. Adam and I sat over dinner and talked about his business (he works as a "consultant" as well). He stated that due to the economy, his yearly income is down by at least 1/3rd if not almost 1/2 of what it was the year before. Plus he has several clients, habitual late payers, that are even paying later. He's had to be more creative with his travel, temporary employees, expenditures and finances. Adam told me he was paid and up to date on all his bills, nothing in arrears, but very little if anything left over for this month. (Hence the temporary loan from me). I have also done some freelance work for Adam, one time working on site at a clients office gathering information. The client was in an ultra chatty mood and told me that while he liked Adam as a person and his work was acceptable, he was having an issue with some of the incidental expenses that got tacked on to almost all of Adam's projects. I cheerfully replied, I'm just the gatherer of information, I don't handle the billing! I've heard this before. Adam does good work, but the incidental expenses at times seemed high.
Adam and I went to dinner and Adam decided to have three glasses of wine at $8.25 a pop, a fairly pricey meat dish, plus an appetizer and dessert. I had soup, a burger, and two beers. My meal cost was $22 including tax and tip-give or take a buck or two, Adam's was $60 excluding tax and tip. How do I know this? Adam grabbed the check and said "The meal is on me", but forgot to pick up the receipt. I picked it up and dropped it in my bag to bring it back to the house. The next night, a similar situation. I call some mutual friends and the four of us go out for Mexican food. I'm not feeling all that flush with cash (budget, just doing a temporary loan) or hungry, so I order an appetizer, eat more than my fair share of chips and salsa and am willing to pay my fair share of the margarita's. Adam has several Margarita's, an appetizer and a main course.
The conversation turns to our jobs and expenses. Adam again says he's having a cash flow problem with a couple clients. He again grabs the check, takes cash from the others in the party and puts the meal on his AmEx. Because he is on a business trip, we discussed business, this is a business expense and he will bill his clients.
IF Adam is having a such a cash flow problem, WILL he be able to pay his AmEx when the bill comes due? I have no idea. I did make Adam give me a check for the $200 that I will deposit to my account no later than the day before the trade show he will be attending. That was the stipulation for me forking over the cash. I made it very clear and asked that the check be dated accordingly. I'm not just going to fork over the cash without a little collateral.
At first I really thought Adam was joking about the temporary loan. After our dinner conversation on Friday, I realized he was not. I also saw all those warning signs-paying for things with his credit card, taking cash from others (sounds like he has no cash of his own). He told me he has had to pre-bill several clients for work not yet completed (even his good payers) on two current projects and the upcoming trade show expenses were almost 1/3rd more this year than last. As I listened to the conversation, I could also hear that while a lot of lip service was paid to "cutting expenses" due to "decreased income" that in all likely hood, I really wondered if that was the case. What I saw was a lack of good money management on Adams part and an unwillingness to really cut his expenses (how about a burger instead of a steak?)
Oh well. I made the loan as a payback for a kindness done for me. Let's just hope Adams check doesn't bounce between my bank and his. I'll let you know what happens with that in two weeks.
From Shakespeare's Hamlet, 1603:
LORD POLONIUS: Neither a borrower nor a lender be; For loan oft loses both itself and friend, And borrowing dulls the edge of husbandry.
This past weekend, I was a lender. With an explanation. Here is the tale.
I had my friend Adam call up a couple weeks ago and ask if he could crash on my couch for a couple nights, he was working in the area on a project, needed to be local, could not get a hotel reservation, and this would give us a chance to catch up. I said yes, come on by, you are welcome to stay, I've got some stuff going on, but we can catch up over dinner. Friday afternoon I called and left a message on his cell phone stating I was going to leave the office shortly, run by the grocery store-did he need anything. I get a call back about an hour later.
Adam: Hi-finished early today, got here, got settled, got your message.
BB: Great! I've got a dinner reservation at The Bar for 6:15 PM, we can grab a quick bite to eat.
Adam: The Bar sounds fine to me.
BB: Do you need anything from the grocery store?
Adam: Wellll, no, but ah, two of my clients have not paid me yet, can you lend me $200 until the trade show in 10 days?
BB: Four beats of silence-then "OK, but I'm not going by the bank until sometime on Saturday, it's not on my way home and I don't have that much cash in my wallet, can you wait?
Adam: Yes and thanks. Noticeable relief in his voice. Noticeable.
I lent Adam the money because a couple years ago when I switched jobs there was a delay with payroll processing and then another delay when my paycheck was mailed to me instead of being direct deposited. Our accounting office is not local to my current job. He kindly fronted me a bit more than $200 until all my checks came in and things got sorted. I paid him back once the dust settled. I know his business, I know his clients who are late payers, I know Adam will pay me back. (fingers crossed).
What disturbed me about lending the money was the following. Adam and I sat over dinner and talked about his business (he works as a "consultant" as well). He stated that due to the economy, his yearly income is down by at least 1/3rd if not almost 1/2 of what it was the year before. Plus he has several clients, habitual late payers, that are even paying later. He's had to be more creative with his travel, temporary employees, expenditures and finances. Adam told me he was paid and up to date on all his bills, nothing in arrears, but very little if anything left over for this month. (Hence the temporary loan from me). I have also done some freelance work for Adam, one time working on site at a clients office gathering information. The client was in an ultra chatty mood and told me that while he liked Adam as a person and his work was acceptable, he was having an issue with some of the incidental expenses that got tacked on to almost all of Adam's projects. I cheerfully replied, I'm just the gatherer of information, I don't handle the billing! I've heard this before. Adam does good work, but the incidental expenses at times seemed high.
Adam and I went to dinner and Adam decided to have three glasses of wine at $8.25 a pop, a fairly pricey meat dish, plus an appetizer and dessert. I had soup, a burger, and two beers. My meal cost was $22 including tax and tip-give or take a buck or two, Adam's was $60 excluding tax and tip. How do I know this? Adam grabbed the check and said "The meal is on me", but forgot to pick up the receipt. I picked it up and dropped it in my bag to bring it back to the house. The next night, a similar situation. I call some mutual friends and the four of us go out for Mexican food. I'm not feeling all that flush with cash (budget, just doing a temporary loan) or hungry, so I order an appetizer, eat more than my fair share of chips and salsa and am willing to pay my fair share of the margarita's. Adam has several Margarita's, an appetizer and a main course.
The conversation turns to our jobs and expenses. Adam again says he's having a cash flow problem with a couple clients. He again grabs the check, takes cash from the others in the party and puts the meal on his AmEx. Because he is on a business trip, we discussed business, this is a business expense and he will bill his clients.
IF Adam is having a such a cash flow problem, WILL he be able to pay his AmEx when the bill comes due? I have no idea. I did make Adam give me a check for the $200 that I will deposit to my account no later than the day before the trade show he will be attending. That was the stipulation for me forking over the cash. I made it very clear and asked that the check be dated accordingly. I'm not just going to fork over the cash without a little collateral.
At first I really thought Adam was joking about the temporary loan. After our dinner conversation on Friday, I realized he was not. I also saw all those warning signs-paying for things with his credit card, taking cash from others (sounds like he has no cash of his own). He told me he has had to pre-bill several clients for work not yet completed (even his good payers) on two current projects and the upcoming trade show expenses were almost 1/3rd more this year than last. As I listened to the conversation, I could also hear that while a lot of lip service was paid to "cutting expenses" due to "decreased income" that in all likely hood, I really wondered if that was the case. What I saw was a lack of good money management on Adams part and an unwillingness to really cut his expenses (how about a burger instead of a steak?)
Oh well. I made the loan as a payback for a kindness done for me. Let's just hope Adams check doesn't bounce between my bank and his. I'll let you know what happens with that in two weeks.
Wednesday, August 27, 2008
A Couple Sidebar Changes and Some Money Updates
I did a little fiddling with my sidebar changes. I lumped together the ING, Credit Union and Emergency fund as one account. For all intents and purposes, it is one Emergency Fund, just broken down into separate accounts. Plus I needed the psychological lift of seeing me so close to my E-fund goal of $2,000. I have a $50 check from my elderly friend that she gave me for Poochies vet care (I will just roll Poochies upcoming visit into my dog care fund) and I have $50 coming into me for some photo shoots. That will put me over the goal of $2,000 in the E-fund (provided I don't keep my debit card in my wallet and er, have an "emergency").
I also added in my horrendous car note and my mortgage. In a few months, I think I'll be able to go to my credit union to refinance the car (which gets paid early each month) and hopefully get a better rate. I got a letter from my bank with an escrow account update and it looks like for the rest of 2008 and until this time in 2009, my mortgage payment will be reduced by $10 a month. I've been paying an additional $2 (yup that's $2) to my mortgage each month, that $2 rounds me up to a nice number of $555 each month for my mortgage. I will continue to pay the $555 each month with the additional marked towards my principle.
If I add up the house, car and student loan, I have about $85,000 worth of total debt. I consider my student loan good debt, I would have never been able to afford my college education unless I had a loan. I've actually worked in the field I went to school for, unlike some of my friends. I'm not thrilled with the car loan debt, mainly due to the interest rate, but I knew going into the car loan process that my rate post BK was going to be high. I still consider myself lucky that I got a car loan period.
I will continue to fund my emergency account once past the $2,000 mark. I won't make it an official goal, but I'll work towards socking away three months of basic expenses, which would be about $4,500. I'd like to make a big dent in the Student Loan or ramp up the Emergency Fund, but I have some home DIY things I need to do and will be budgeting out some funds in the next couple months for that. The needs/must do list is starting to grow....
I also added in my horrendous car note and my mortgage. In a few months, I think I'll be able to go to my credit union to refinance the car (which gets paid early each month) and hopefully get a better rate. I got a letter from my bank with an escrow account update and it looks like for the rest of 2008 and until this time in 2009, my mortgage payment will be reduced by $10 a month. I've been paying an additional $2 (yup that's $2) to my mortgage each month, that $2 rounds me up to a nice number of $555 each month for my mortgage. I will continue to pay the $555 each month with the additional marked towards my principle.
If I add up the house, car and student loan, I have about $85,000 worth of total debt. I consider my student loan good debt, I would have never been able to afford my college education unless I had a loan. I've actually worked in the field I went to school for, unlike some of my friends. I'm not thrilled with the car loan debt, mainly due to the interest rate, but I knew going into the car loan process that my rate post BK was going to be high. I still consider myself lucky that I got a car loan period.
I will continue to fund my emergency account once past the $2,000 mark. I won't make it an official goal, but I'll work towards socking away three months of basic expenses, which would be about $4,500. I'd like to make a big dent in the Student Loan or ramp up the Emergency Fund, but I have some home DIY things I need to do and will be budgeting out some funds in the next couple months for that. The needs/must do list is starting to grow....
Wednesday, July 9, 2008
Spending Triggers
My economic stimulus check is here and spent. And that is NOT a good thing. My original plan was to put $300 in savings/EFund, use $150 for clothes and save $150 for a weekend trip at the end of the month. Instead, I've pretty much blown through the whole check.
What did I spend money on?
$180 on clothes.
$200 to repay back a friend who loaned me some money for my real estate fees.
$60 out of the ATM spent on crap.
$125 on hobby expenses.
That comes to $565 meaning I have $35 left to go into my E Fund. Pathetic, really pathetic. I had budgeted the clothes, so I'm not too torqued over that, I went a little over budget but got some much needed new clothes that will last a long time. I was not finding clothes at my local consignment and thrift shops and said to myself, just buy what you need. Sometimes you have to buy retail! The money spent on clothes was done guilt free.
I was loaned $600 by a friend to get my real estate fees covered way back in January. Since the market has been so slow and I have no upcoming sales (or any real estate related income). I wanted to start to repay the money. This money was a loan/gift, it came from an old friend who out of the blue gave me the money with no set repayment date until I sell my first house (and that is in writing from him to me). I wanted the "bill" gone, so I sent him a check, which, I might add, he cashed pretty quickly, like the day he got it.
I have no explanation as to why I felt the need to spend $185 on hobby expense and misc. I just went out and bought crap with money from this check instead of budgeting into my monthly expenses, which would have been the smart thing to do. I have some upcoming medical bills that need to be paid from my last round of doctor visits (things not covered by my insurance), I need to do an oil change in the Escape before I take off on a mini break the end of the month and I will need some additional cash for the trip as well.
Part of why this outflow of cash happened is because of the following reasons.
1) I got my economic stimulus check.
2) I covered my car payment with my extra work and did not have that payment hanging over my head.
3) I've picked up some mortgage photo work (like 6 properties in the past week alone, that's two tanks of gas).
4) I deposited the check to my E Fund checking account instead of my credit union because that bank was closer to me than the credit union.
I was feeling flush with cash and I spent it. What would have been the smarter thing was to stick it into my credit union savings account instead of my "so-easy-to-use-the-debit-card-emergency fund-checking account". I had that debit card in my wallet for some reason and I used it. I usually only carry it when I have to travel long distances and may need access to that account, that was not the case this weekend. I was fairly local. Had I put the check directly into my credit union account, I doubt I would have blown through $385. I would have split the deposit and still made the $200 payment back to my friend.
I guess I did exactly what the government intended to do with the stimulus check, which was to spend it on consumer goods. My plan was to save it. I HAVE to get over that I've got cash flush feeling and remember I have upcoming bills to pay. Had I not gone crazy go nuts, I would have met my goal of $2000 for my Emergency Fund like today.
Yes I am kicking myself, I know better. I know that I have flush with cash feeling and I need to get better about recognizing it and I need to think three times before spending my moola. So close, yet so far, I feel like I sabotaged myself and undid a lot of fiscal re-training I've been working on.
What did I spend money on?
$180 on clothes.
$200 to repay back a friend who loaned me some money for my real estate fees.
$60 out of the ATM spent on crap.
$125 on hobby expenses.
That comes to $565 meaning I have $35 left to go into my E Fund. Pathetic, really pathetic. I had budgeted the clothes, so I'm not too torqued over that, I went a little over budget but got some much needed new clothes that will last a long time. I was not finding clothes at my local consignment and thrift shops and said to myself, just buy what you need. Sometimes you have to buy retail! The money spent on clothes was done guilt free.
I was loaned $600 by a friend to get my real estate fees covered way back in January. Since the market has been so slow and I have no upcoming sales (or any real estate related income). I wanted to start to repay the money. This money was a loan/gift, it came from an old friend who out of the blue gave me the money with no set repayment date until I sell my first house (and that is in writing from him to me). I wanted the "bill" gone, so I sent him a check, which, I might add, he cashed pretty quickly, like the day he got it.
I have no explanation as to why I felt the need to spend $185 on hobby expense and misc. I just went out and bought crap with money from this check instead of budgeting into my monthly expenses, which would have been the smart thing to do. I have some upcoming medical bills that need to be paid from my last round of doctor visits (things not covered by my insurance), I need to do an oil change in the Escape before I take off on a mini break the end of the month and I will need some additional cash for the trip as well.
Part of why this outflow of cash happened is because of the following reasons.
1) I got my economic stimulus check.
2) I covered my car payment with my extra work and did not have that payment hanging over my head.
3) I've picked up some mortgage photo work (like 6 properties in the past week alone, that's two tanks of gas).
4) I deposited the check to my E Fund checking account instead of my credit union because that bank was closer to me than the credit union.
I was feeling flush with cash and I spent it. What would have been the smarter thing was to stick it into my credit union savings account instead of my "so-easy-to-use-the-debit-card-emergency fund-checking account". I had that debit card in my wallet for some reason and I used it. I usually only carry it when I have to travel long distances and may need access to that account, that was not the case this weekend. I was fairly local. Had I put the check directly into my credit union account, I doubt I would have blown through $385. I would have split the deposit and still made the $200 payment back to my friend.
I guess I did exactly what the government intended to do with the stimulus check, which was to spend it on consumer goods. My plan was to save it. I HAVE to get over that I've got cash flush feeling and remember I have upcoming bills to pay. Had I not gone crazy go nuts, I would have met my goal of $2000 for my Emergency Fund like today.
Yes I am kicking myself, I know better. I know that I have flush with cash feeling and I need to get better about recognizing it and I need to think three times before spending my moola. So close, yet so far, I feel like I sabotaged myself and undid a lot of fiscal re-training I've been working on.
Friday, November 30, 2007
Tale of The Tape for November-
I ran my numbers last night and some things made me happy, some things did not.
Budget
Mortgage Budget and Actual $553
Car Insurance Budget and Actual $87
Student Loan: Budget and Actual $175
Emergency Fund: Budget and Actual $200
Heath Insurance: Budget and Actual $90
ING Savings: Budget and Actual: $25
Utilities: Budget $150 Actual $199.39
Gas: Budget: $100 Actual $92.89
Phones: Budget $65, Actual $65
Misc: Budget $100 Actual $343.32
Difference between Budget and Actual: $499.63
Not planned for and over budget expenses
$60 Laundry at Laundromat
$111. 26 Dog Emergency
$41.89-Items bought at Candle Party-will use as Holiday Presents
$42.00-Shop Vac to replace dead vacuum
$44.00 Carpets for house
$90 for Jewelery Appraisal
Total: $347.15
Un categorized $152.48. The non categorized can be attributed to Target and split between clothes (some socks and underwear), cleaning supplies (new mop, new bucket, Method Cleaners), some kitchen items (new rubbermaid containers) and the remainder is probably food. I could not find my Target receipts to categorize the items.
I had to replace my dead Hoover this month, the dogs had a Vet Emergency, I spent WAY you much money at the laundromat doing laundry (all the dog blankets and taking my blankets out of storage, I spent $21 one day doing about 9 loads of laundry.) and I let myself be suckered into a Candle Party where I overpaid for 4 candles that I could probably find for half the price If I put forth a little effort. I bought a carpet for my kitchen and a new bathmat. Bankrupt Betty's Kitchen floor is cold and the dogs tramp all over the floor, this will at least keep my feet warm and will be easier to vacuum the carpet and not have to mop the floor every night . I hate mopping, I like vacuming.
I'm not happy with going over budget at all. Plus any savings I had all went to pay for my transmission repair. But I am happy that I did not give into temptation and buy lunch after the first three days of the month, I am happy I stuck to my meal plan for almost the month, I've been preparing meals from items I have in my cupboards and the last of the leftovers are sitting in my lunch sack for my lunch today.
I feel like I am making progress, I have not lived by a strict budget in a very long time, I know I can improve. Sometime later today I'll post my December Budget.
Budget
Mortgage Budget and Actual $553
Car Insurance Budget and Actual $87
Student Loan: Budget and Actual $175
Emergency Fund: Budget and Actual $200
Heath Insurance: Budget and Actual $90
ING Savings: Budget and Actual: $25
Utilities: Budget $150 Actual $199.39
Gas: Budget: $100 Actual $92.89
Phones: Budget $65, Actual $65
Misc: Budget $100 Actual $343.32
Difference between Budget and Actual: $499.63
Not planned for and over budget expenses
$60 Laundry at Laundromat
$111. 26 Dog Emergency
$41.89-Items bought at Candle Party-will use as Holiday Presents
$42.00-Shop Vac to replace dead vacuum
$44.00 Carpets for house
$90 for Jewelery Appraisal
Total: $347.15
Un categorized $152.48. The non categorized can be attributed to Target and split between clothes (some socks and underwear), cleaning supplies (new mop, new bucket, Method Cleaners), some kitchen items (new rubbermaid containers) and the remainder is probably food. I could not find my Target receipts to categorize the items.
I had to replace my dead Hoover this month, the dogs had a Vet Emergency, I spent WAY you much money at the laundromat doing laundry (all the dog blankets and taking my blankets out of storage, I spent $21 one day doing about 9 loads of laundry.) and I let myself be suckered into a Candle Party where I overpaid for 4 candles that I could probably find for half the price If I put forth a little effort. I bought a carpet for my kitchen and a new bathmat. Bankrupt Betty's Kitchen floor is cold and the dogs tramp all over the floor, this will at least keep my feet warm and will be easier to vacuum the carpet and not have to mop the floor every night . I hate mopping, I like vacuming.
I'm not happy with going over budget at all. Plus any savings I had all went to pay for my transmission repair. But I am happy that I did not give into temptation and buy lunch after the first three days of the month, I am happy I stuck to my meal plan for almost the month, I've been preparing meals from items I have in my cupboards and the last of the leftovers are sitting in my lunch sack for my lunch today.
I feel like I am making progress, I have not lived by a strict budget in a very long time, I know I can improve. Sometime later today I'll post my December Budget.
Wednesday, October 17, 2007
The Trustees Meeting
It was a very interesting experience. I arrived to the big bad city where my Trustee hearing was to be held about an hour early. Remember, I have turned into a country bumpkin, cities are not places I go to on a regular basis anymore, concerns about traffic, finding parking, etc made me leave home really early. I live in a town with just as many cows as people. I used to actually live in this city (about 19 years ago for about 13 months) so I was sort of familiar with it. I was nervous; I did not want to be late.
I got a cup of overpriced coffee (the local Dunkin Donuts was nasty looking) from a little coffee shop around the corner from the building I was to have my hearing in. I walked around, sat for a bit on a window ledge in the sun and tried not to imagine the worst. I tried not to break down and cry. I really felt alone.
My mind was racing, what questions would the Trustee ask? Would any of my creditors show up and dispute my petition? Would I lose my house and my retirement account? I had no idea and listening to the cases before mine, I was a bit panicked.
When you file for Bankruptcy, you are called a Petitioner. Several of the Petitioners had creditors show up looking for money, answers, anything. One couple were declaring bankruptcy because their business went under, yet the Trustee had a bunch of questions, what happened to funds when you refinanced your house, why do you have another business that has some income and expenses, why did your brother buy you out, who owns the new company,what exactly did the bank take, what do you really owe? Three creditors (including the bank in question) were there to find out where the money was. The bank attorney was annoyed; he even wanted the old phone system from the now defunct company. He was out for anything he could get. The Trustee had lots of questions, to me it looked like these people were trying to hide assets and I think the Trustee had the same doubts as well. That is a big No No in the Bankruptcy world.
One Petitioner had filed Bankruptcy 10 years ago and was filing again. The Trustee had a lot of questions for this Petitioner about retirement accounts, property owned, businesses and pretty much said to that person, see me in a month with these questions answered. Another Petitioner had her meeting in less than 2 minutes, literally, less than 2 minutes. The Trustee ran down his list of questions and she was out the door.
These meetings are held in a large room at a conference table. Pretty much whatever you say and discuss is open for anyone to hear and people are in and out of the hearing room during each session. It's really public, but then again, Bankruptcy becomes public knowledge and is part of the public record.
I was nervous about what was going to happen and it did not make me feel any better that when the Trustee took a break, he had a file of Petitions on his desk. Some very tall attorney looking person took a stroll up to the table while the Trustee while was out of the room, and took a look at the list read the list and nodded. Was this a creditor of mine, was this someone to contest my case? Actually no, it was none of the above, but my mind and my heart were racing at this point.
My attorney showed up at 10:15 for my 10:30 hearing. We talked briefly, my attorneys only comment was about my jewelry (no one mentioned it to me earlier) and my HSA. He said the Trustee might ask about them (which he did).
As I discussed in my previous post, the Trustee only had three real questions for me about my so called "Assets" . His only other question was about why I was filing for bankruptcy. I honestly told him being underemployed and unemployed for several years all added up. He also asked if I wanted to/intend to keep my house and I told him I really wanted to keep my house. More than anything, I wanted to keep my house. I kinda wonder if he was actually listening to me (despite the fact that the entire session was being tape recorded.)
Once I answered the questions, we were done. I spoke to my attorney after the hearing and said, What's Next? He said, take your on line course, get your jewelry appraisal and that's all she wrote. He was more concerned that he might have a parking ticket as he parked at an hour only parking meter (I splurged on the parking garage, cost me $8 total).
What happens now? I take my jewelry to be appraised this weekend, I take my on line course this weekend and I send documentation of both to my attorney and the court and I wait another 60 days.
I am officially declared Bankrupt until it is discharged and that projected date is December 16, 2007. I can't apply for any credit until my Bankruptcy is discharged, that's ok by me, all I want to do for the next few months is to put my life in financial order, get an emergency fund up and running, work on paying down my student loan, work on saving for a new car. If for any reason I win the lottery or get an inheritance or some other huge lump sum of cash within the 6 months from the date of my filing I am to immediately contact my attorney and the Trustees office. Since I don't have any relatives who are planning on leaving me oodles of money in their wills and the most I've ever won in the lottery was $75 on Powerball, I'm not worried. If I won the big jackpot, I'd be very happy to pay back all my creditors, very happy to pay them. I can them move on with my life with a clearer mind.
I get to keep my house as long as I pay my mortgage on time every month and keep insurance currant on it. I get to keep my house (and for the record, I paid my October mortgage on October 2nd).
For all intents and purposes, the only debts I currently have now are my mortgage ,my student load and my current bills. I don’t have a car note, I don't have credit cards, I made an effort prior to my filing to pay off as many other debts as possible (medical, loans, etc). I will need to find a way to get a new car next year, my current vehicle has 224,000 miles on it and is starting to show it's age. Despite being paid off, it will need to be replaced.
My plans are to open an ING account and use that as my car fund account. I just took on a contract position taking photos of properties for a mortgage company and it looks like I will be photographing two to five properties per week, it's not much, but its anywhere from $45 to $75 a week that I can earmark for my car fund. $180 to $300 per month all for taking photos of houses. I
I don't make that much money and the money I do make will have to be carefully earmarked. I am working on my new household budget. I am working on my list of needs and wants. I am going to take a small break and figure out how to find a second job that will actually pay me something, be close to home and let me take care of my animals.
The only unplanned for post filing splurge is I've booked myself in for a haircut and color in my favorite salon. It may be my last session there, and the streaks of grey have gotten on my nerves. At least I can start my new life with my old hair color back.
I got a cup of overpriced coffee (the local Dunkin Donuts was nasty looking) from a little coffee shop around the corner from the building I was to have my hearing in. I walked around, sat for a bit on a window ledge in the sun and tried not to imagine the worst. I tried not to break down and cry. I really felt alone.
My mind was racing, what questions would the Trustee ask? Would any of my creditors show up and dispute my petition? Would I lose my house and my retirement account? I had no idea and listening to the cases before mine, I was a bit panicked.
When you file for Bankruptcy, you are called a Petitioner. Several of the Petitioners had creditors show up looking for money, answers, anything. One couple were declaring bankruptcy because their business went under, yet the Trustee had a bunch of questions, what happened to funds when you refinanced your house, why do you have another business that has some income and expenses, why did your brother buy you out, who owns the new company,what exactly did the bank take, what do you really owe? Three creditors (including the bank in question) were there to find out where the money was. The bank attorney was annoyed; he even wanted the old phone system from the now defunct company. He was out for anything he could get. The Trustee had lots of questions, to me it looked like these people were trying to hide assets and I think the Trustee had the same doubts as well. That is a big No No in the Bankruptcy world.
One Petitioner had filed Bankruptcy 10 years ago and was filing again. The Trustee had a lot of questions for this Petitioner about retirement accounts, property owned, businesses and pretty much said to that person, see me in a month with these questions answered. Another Petitioner had her meeting in less than 2 minutes, literally, less than 2 minutes. The Trustee ran down his list of questions and she was out the door.
These meetings are held in a large room at a conference table. Pretty much whatever you say and discuss is open for anyone to hear and people are in and out of the hearing room during each session. It's really public, but then again, Bankruptcy becomes public knowledge and is part of the public record.
I was nervous about what was going to happen and it did not make me feel any better that when the Trustee took a break, he had a file of Petitions on his desk. Some very tall attorney looking person took a stroll up to the table while the Trustee while was out of the room, and took a look at the list read the list and nodded. Was this a creditor of mine, was this someone to contest my case? Actually no, it was none of the above, but my mind and my heart were racing at this point.
My attorney showed up at 10:15 for my 10:30 hearing. We talked briefly, my attorneys only comment was about my jewelry (no one mentioned it to me earlier) and my HSA. He said the Trustee might ask about them (which he did).
As I discussed in my previous post, the Trustee only had three real questions for me about my so called "Assets" . His only other question was about why I was filing for bankruptcy. I honestly told him being underemployed and unemployed for several years all added up. He also asked if I wanted to/intend to keep my house and I told him I really wanted to keep my house. More than anything, I wanted to keep my house. I kinda wonder if he was actually listening to me (despite the fact that the entire session was being tape recorded.)
Once I answered the questions, we were done. I spoke to my attorney after the hearing and said, What's Next? He said, take your on line course, get your jewelry appraisal and that's all she wrote. He was more concerned that he might have a parking ticket as he parked at an hour only parking meter (I splurged on the parking garage, cost me $8 total).
What happens now? I take my jewelry to be appraised this weekend, I take my on line course this weekend and I send documentation of both to my attorney and the court and I wait another 60 days.
I am officially declared Bankrupt until it is discharged and that projected date is December 16, 2007. I can't apply for any credit until my Bankruptcy is discharged, that's ok by me, all I want to do for the next few months is to put my life in financial order, get an emergency fund up and running, work on paying down my student loan, work on saving for a new car. If for any reason I win the lottery or get an inheritance or some other huge lump sum of cash within the 6 months from the date of my filing I am to immediately contact my attorney and the Trustees office. Since I don't have any relatives who are planning on leaving me oodles of money in their wills and the most I've ever won in the lottery was $75 on Powerball, I'm not worried. If I won the big jackpot, I'd be very happy to pay back all my creditors, very happy to pay them. I can them move on with my life with a clearer mind.
I get to keep my house as long as I pay my mortgage on time every month and keep insurance currant on it. I get to keep my house (and for the record, I paid my October mortgage on October 2nd).
For all intents and purposes, the only debts I currently have now are my mortgage ,my student load and my current bills. I don’t have a car note, I don't have credit cards, I made an effort prior to my filing to pay off as many other debts as possible (medical, loans, etc). I will need to find a way to get a new car next year, my current vehicle has 224,000 miles on it and is starting to show it's age. Despite being paid off, it will need to be replaced.
My plans are to open an ING account and use that as my car fund account. I just took on a contract position taking photos of properties for a mortgage company and it looks like I will be photographing two to five properties per week, it's not much, but its anywhere from $45 to $75 a week that I can earmark for my car fund. $180 to $300 per month all for taking photos of houses. I
I don't make that much money and the money I do make will have to be carefully earmarked. I am working on my new household budget. I am working on my list of needs and wants. I am going to take a small break and figure out how to find a second job that will actually pay me something, be close to home and let me take care of my animals.
The only unplanned for post filing splurge is I've booked myself in for a haircut and color in my favorite salon. It may be my last session there, and the streaks of grey have gotten on my nerves. At least I can start my new life with my old hair color back.
Monday, September 3, 2007
Where Does $100 Go?
$9.85-drug store
$10.30-take out food (ate left overs for Saturday lunch)
$6.30-alcohol
$2.00-lotto (hope springs eternal!)
$13.50-plant
$3.00-fresh corn
$5.50-laundry
$17.50-odd lots store
$5.30-DIY store odds and ends
$6.50-grocery store
$5.00 Braclet
Total: 84.75
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