Comments

  1. Anne Russell says:

    Missed payment…last time was about 4 years ago. It still stings (hurts my feelings really.) I had a $25/month commitment to Home Depot as part of their no interest for 1 year financing. I missed a month (still can’t tell you how or why, except that I forgot.) I got the call in the next couple of weeks and rectified it right away. However, one year later, when reviewing my credit report, there it was. It was the stupidest mistake, so small, yet there it was. A tiny blip.

    In addition, I found that receiving my bills through Canada Post was inefficient. My kids would get the mail every day and it rarely ended up in my hands. I found piles of it everywhere! Plus, given the piles, I found it easy to ignore things.

    Since then, I have one month of bill payments in the bank at the start of the month. I pretend it’s not there. As the reminders (on epost from Ontario Hydro, Bell through email, Koodo through email, and very occasionally regular mail notices, etc.) I pay them on the spot on my phone. I only automated my irregular payments such as insurance and municipal taxes as the dates are scattered.

    Speaking of automating payments, my parents automated their Rogers account and for months they were charged all over the map! Many phone calls, many wrong billings, and they switched back to mailed billings. No more wrong billings, coincidently.

    At this point in time, I actually overdo the reminders! Too much of a good thing, these reminders.

    Essentially, we are all very busy and have many competing priorities. It’s so easy to forget a small amount.

    I also changed my overdraft (eliminated the monthly fee) and left it as per use (at the suggestion of the bank teller). $5.00 per use when if I go into overdraft. Which hasn’t happened but doesn’t cost me anything. It’s kind of an insurance in case we crash. But it’s not part of my financial plan (in that I don’t use it.) In addition, cheques are very rarely used now.

    • Hi Anne,
      Our overdraft is the same as yours $5.00 if we use the service which is reasonable considering they are saving our butts if we need the money. I would NEVER automate Rogers but since we’ve been with them for so long we know that when we update our services the charges will fluctuate for about 2 months until it’s steady as they have partial charges. We get our bill through email but one of the reasons why we are hesitant to automate. It’s more of a hassle if something goes wrong. At least if we do it we know it’s paid right. Yes, one missed payment even as small as $25 can sit on a credit report. Good thing you looked. Thanks for sharing your experiences. 🙂

  2. Great to see you featured here, Chelsea! Love the MAD series, Mr. CBB. Thanks, again, for having me a few weeks back.

    • You’re welcome Cody~~ I have a blast meeting new bloggers and sharing them which is why I’ve been doing it for 4 years now. 🙂 I”m still looking to fill about 25 spots…send your mates over to introduce themselves. Have a great weekend.

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