Personal Finance

My Big Scary Goal

A few days ago, I was still trying to explore how to make a principle only payment on my loan. When I poking around, I received an alert that I was on PayPlan and that an automatic payment was already scheduled. Say what now?! Per the website, PayPlan is a service that allows you to make automatic payments from your checking account. I distinctly recall declining to be placed on any draft plan. After a quick phone call, the customer service rep informed me that I was indeed on a PayPlan and that my first payment would automatically draft on the 4th of December from my savings account. I had so many questions: 1) How am I on a plan I didn’t sign up for? 2) How did the bank get my savings account number and decide to use that account? 3) What would have happened if I didn’t stalk my bank and an automatic payment was drafted even though I already made a December payment? Their response, “So, you changed your mind and want to remove yourself from this plan?” No, I didn’t change my mind. This bank decided that it was going use my personal assets to guarantee they get a monthly payment. And I am sure they would have charged fees if the money wasn’t there! Evil bank strikes again!

So now, I am even more motivated to pay this thing off! In looking at my finances, I think I can my a $10K principle only payment on it by December 1st! I know, that sounds impossible, but here are the numbers:

$1,366.00 December Mortgage – Since I already made a December payment, this should go completely to principle
$5,595.00 My paychecks – I have 5 paychecks between now and 12/31.
$1,190.00 Funds back from closing – I have already received these funds
$32.00 credit card rewards – I should be awarded these by 11/4
$443.00 escrow refund from old loan – I am still waiting on this, but they said I should get it in about 20 days
$1,004.00 Savings from husband’s November paychecks – This is the challenge!! Not sure if I can pull this off.
$370.00 Savings from husband’s December paychecks – Also potentially difficult
$10,000.00 Total

Technically, all I have to do is save $1374.00 from my husband’s paychecks to make this work! Can I do it? I hope so.

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9 thoughts on “My Big Scary Goal

  1. It sounds like there may have been a data breach. Do you bank at Wells Fargo? That should be reported to an entity other than the local bank. In about a month (Nov. 25) there will be a Dewey Hop post about Identity Theft which may help. In the meantime though make sure you report this breach in writing to authorities other than the bank (police, banking watchdog agencies, etc). Make sure you change the passwords on all of your banking accounts. It may not hurt to run a credit check on yourself. If someone got hold of your bank information, there may be other accounts/information at risk.

    Liked by 1 person

    1. Perhaps it was a data breach. I’m not with Wells Fargo. My mortgage is with the same company as my savings and checking account. So obviously they have access to the account numbers but I would think they needed my permission to access it. 😦 it never hurts to run a credit check.

      Liked by 1 person

      1. Not a crazy goal! Really even if you save nothing from your husbands pay checks – you are still way ahead by Dec 31. Also, just curious, why not $672 from each Nov and Dec? Seems more attainable thank over $1000 in one month. Good luck!!

        Liked by 1 person

      2. Great question. I’ve convinced my husband to be super lean with spending for one month. December is his birthday month so I know he’ll want to spend unrestricted then. However if we fail in November, we can still try to make the goal in December.

        Liked by 1 person

  2. Glad to see that you were firm when speaking to the bank and made them correct the matter! Banks have way too much control to do as they please. Wells Fargo is proof of that. We had a similar experience with Bank of America years ago when they signed us up for a credit protection program against our wish and started charging us $39.95 a month. It’s maddening!

    On a positive note, sounds like you’ve made some terrific progress on paying down your mortgage note! 🙂

    Liked by 1 person

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