My Debt Train Might Be Temporarily Derailed

My Debt Train Might Be Temporarily Derailed

A couple of weeks ago I was really excited to announce that I was going to be able to pay off my personal loan by the end of June. I was able to engage in this strategy because I had paid ahead my mortgage by three months. Additionally, I did so so that I could get my mortgage balance down to a point where I could refinance with a specific home equity product. Because of those mortgage payments I would be able to make major down payments.

However, this morning I woke up to a potential derailment. When I checked our checking account this morning my bank had authorized another mortgage payment taken out. Not only did that overdraw my account for the first time in years. I think it has been over a decade since I had an overdrawn account, but because of that mortgage payment I need to put money back that I was going to use to pay down my personal loan. Therefore, I don’t have the money I thought I was going to have in order to accelerate this debt payment.

The thing I have to do is recalculate my debt payments. I have to go in and adjust my debt transfers because of this little surprise. And did I mention that we have a somewhat unexpected house expense. We have a tree problem.

Mrs. ROB is extremely allergic to cherry blossoms. We have a cherry blossom tree in our backyard. It is allergy season and Mrs. ROB is already struggling with crusty and watery eyes and a stuffed up nose. So we are having our tree taken out this Friday, along with cutting back some trees. This little expense will cost us $580. So combine the mortgage payment and this tree and I have suffered a $2200 setback.

The good thing is that I can cover this with a paycheck next week. That isn’t the big deal. The big deal is that I have to delay my debt payments. In fact, I might delay it by a couple of months. When these kinds of setbacks happen my immediate reaction is to hunker down, build up cash, and just make basic payments. And I might actually do that. Even if that were the case I have set my minimum payments to the point that this debt is paid off by the middle of October. I would like to have it done before that, but it is important that I make sure that surprise mortgage payments aren’t taken out in the near future.

Stay tuned. I hope to slay the debt monster soon. It just might not be 60 days from now, but it will happen. I am not giving that up.

5 thoughts on “My Debt Train Might Be Temporarily Derailed

    1. Thanks. When I checked my bank this morning they actually returned the mortgage payment. I have to call my mortgage company and get this straightened out.

  1. Sounds like a mess, as the mortgage companies are probably not used to people paying ahead like you did. I hope that they accepted the earlier payments as regular monthly payments (instead of just counting it toward your principal, as monthly payments would still be due–although if they returned the money, it must have counted as monthly payments).

    Good luck with getting everything straightened out. You might make your initial goal after all!

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