Confessions of a Laid-off Lawyer

Just Your Average Joe Blogging Away His Debt—In One Year or Less

Head Meet Wall

with one comment

Total Black: $6.41
Total Red: $226,422.43

Well, it happened again.  Insufficient funds fees.  Three of them.  And once again it happened because the only student loan I have on automatic debit, the only bill I have left on automatic debit, slipped my mind.  Even I have to wonder how many times my head must meet that wall.

Total black is down because it includes three $35.00 insufficient funds fees assessed by Bank of America.  And, of course, because of the way Bank of America ranks pending transactions, the student loan payment posted first, as it was the highest, and cleared, of course, causing three debit card transactions for which I had previously received authorizations to pull me into the red.  Sadly, this is one practice the banks have not halted yet.

But, of course, it’s my own fault.  And over three months ago Anne left a comment chastising me for being “surprised” each month by this same automatic debit.  And it happened again.  I think I have a mental block; part of me doesn’t want to take this account off automatic repayment because that means it’s yet another bill to remember, and thus stress over.  But another part of me doesn’t want to let go of the last bill-pay vestige, if you will, of my six-figure days.  But turned off it must go.  Because the amount I lost this day—all $105.00—would have paid this student loan bill next month, with some left over for lunch or even dinner.

It’s funny how somethings seem so obvious, so clear—yet you just can’t take that step.  My federal student loan debt is another example.  I guess, like I commented in Fight, Flight, or Freeze, I just fled here.  Ignored it.  Forgot all about it.  Or not.

I just checked the website for this student loan.  Here are the steps I must take to cancel direct debiting: “You must provide us with signed, written notification in order to cancel or discontinue this service.  Please allow up to 10 business days for processing this request.  If your due date will fall in this processing window, you will need to contact us at least three business days before the transaction, as we may be able to temporarily suspend the service.”  Ten business days is two calendar weeks—if the first day is calculated starting on a Monday.  Now that I look at the requirements, I’m sure I’ve checked this before, saw that it requires me to create a form and mail it off, requiring time to head to the post office, and thought that I’d just let it go for one more month, assuring myself that I’d be better situated by next month.  Three months later and I’m back where I started in a sense.  This time I’ll be taking the time to send that form in.

Written by Laid-off Lawyer

March 1, 2010 at 23:57

One Response

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  1. Maybe you could set an updating schedule? Monday, Wednesday, Friday for example? Keeping a daily schedule sounds pretty difficult. And judging by your stats, you are gathering a decent fanbase here. A schedule might keep people interested and not wondering about content.

    Matt

    March 2, 2010 at 09:04


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