Wednesday, June 4, 2008

Debt payoff

I have changed my mind again in regards to how I am going to pay off this loan to my parents. What can I say, I'm a woman, it's my prerogative to change my mind! :) Since they still haven't done anything with the check I gave them almost 2 months ago, I can tell they aren't desperate for the money. So, I have decided that next April when the next payment is due, I will pay them $10,000, then the following April, I will pay them another $10,000 and be done with it. Along with the $2100 I have already paid them, I will have paid them back a total of $22,100 which is still higher than what I would owe them at 5% over 3 years on the original $20,000 ($21579). So, not only will I be glad to have it paid off, they will get a deal too. And I don't have to remember to write them a check every 3 months.

Now, if I could just get them to deposit the check I gave them already! Sheesh! Does anyone else get irritated when it takes people so long to go to the bank with checks you have written them???

9 comments:

Twiggers said...

Good for you!!! Making a plan and sticking to it. And yes, I despise checks just for that reason!!!! I actually call people after a week and ask them why they haven't cashed it....if they don't need the money, just let me know LOL

caribean star said...

i'm not sure if you and your parents bank w/ the same bank, if you do, you could just xfer the money to their acct yourself next time. I'll give you 2 examples
EX. 1) bank of america customers who bank online could xfer money to other BA customers free of charge, online. all you need is their acct number thats it, you would set up the xfer yourself.

EX 2) As long as you have your parents acct number you could actually go directly to their financial institution and deposit the money or check directly to their acct through the teller,

I agree w/ you, I hate when people take forever to cash a check, thats the reason I don't write checks to people anymore. I deposit myself, and oh yeah you get a receipt as well.

DIVA1984 said...

I absolutely hate that. It's not that you don't have the money...but when the check finally gets cashed there is a sense of completion!

SavingDiva said...

I have to call my parents to remind them to deposit the checks I send.

Oh good news, I'm going to be rich beyond your dreams, earning $19,422,983 in the next 10 years...

Thanks for the afternoon fun!

Kimberley said...

That is great plan, you go girl. I send a check through my online banking to my Dad (rent) and the amount is drafted from my account on the date I choose for payment not when its cashed. I will agree with you it is annoying when somebody waits to cash a check. I am still waiting for a $20 check to be cashed from my daughter's summer camp...ugghh.

Sense said...

YES. I absolutely get annoyed when people don't automatically, instantly, deposit my checks. It's usually my mom, too--for some reason she thinks she's helping me out by waiting to cash it. I DON'T live paycheck to paycheck--if i write a check, I have the money--so the only thing waiting does is mess up the bank account balance congruence in my head vs. the bank.

asgreen said...

It drives me crazy when people don't cash the checks I've written!

Fabulously Broke said...

Good for you :)

I hate it when my dad takes too long to cash my cheque. I always pester him until he does it.

Jerry said...

That's an awesome feeling to know you are going to be paid in full soon. It's also nice that your parents loaned you some money. There's never any insurance that someone will pay back their parent but you are doing just that. I hope this leads to complete debt payoff!

Jerry
www.leads4insurance.com