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|
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.