Bounced my Trustee Payment...ugh

[TooMuchCredit]

So much for paying via my bank's BillPay. I've lost that option now. It was my fault as I didn't get funds transfered into the account in time. I was 1 day late due to a hold on a deposit on the other account.

The Trustee does not automatically redeposit the check like many other banks. I don't bounce many checks - one every couple of years, but I know how they system works :-)

So now I have to send cashier's check or money order. Fortunately, my bank offers that online for a $5 fee. Instead of sending 2 payments a month, I'll just lump it all into 1.

[forgotten]

That sucks... my trustee doesn't require money order/cashiers check until the second bounced check. Hopefully I never have to use the "freebie"!

[olivies]

Our trustee requires money orders or cashiers checks from the start. Which really stinks because our bank charges $8 each time.

[Bkman2]

I get mine from the post office for $1.25 each

[tigergem]

Oh that reminds me. I want to ask next week at my confirmation hearing if I am allowed to use my online bill pay to pay the trustee. That would be so much more convenient! It would also be nice if they would sign up for pay.gov.

[forgotten]

Oh that reminds me. I want to ask next week at my confirmation hearing if I am allowed to use my online bill pay to pay the trustee. That would be so much more convenient! It would also be nice if they would sign up for pay.gov.

Online bill pay is considered a personal check. So if they take personal checks you can do it, otherwise you are out of luck.

[flyinbroke]

Online bill pay is considered a personal check. So if they take personal checks you can do it, otherwise you are out of luck.

We have two trustees. One trustee does allow bill pay and debit card (as well as cashier's and MOs) but not personal checks. The other has a mandatory wage deduction. I refuse to do that. So here's hoping for the trustee that takes all other payments....

[becky20]

Money orders at Walmart are less than $1... I wish our trustee would accept personal checks, but I'm grateful that he didn't require a wage garnishment! Although a wage garnishment would have been easy, no worrying about getting it in the mail in time and I'm guessing that with a wage garnishment they would garnish per paycheck which would mean the payment would be split up through the month? That wouldn't be bad....

[forgotten]

I'm guessing that with a wage garnishment they would garnish per paycheck which would mean the payment would be split up through the month? That wouldn't be bad....

Yup. If you are paid bi-weekly it makes it seem cheaper too!
A $800/mo payment is only $369.23 per check. So... since you are paid twice a month that is $738.46/mo, a savings of $61.54 a month!

Yes... I realize that math is dumb and there really is no savings, but it really does make it look cheaper IMO. ha.

[BigJohn]

Our trustee requires money orders or cashiers checks from the start. Which really stinks because our bank charges $8 each time.

Get your money order at the post office and pay for it with your debit card - a lot cheaper.

[tigergem]

Wal Mart money orders are only 60 cents.

[flyinbroke]

Disadvantage is that I would only bring home around 300 or so a payday in plan #1 (have an appt with lawyer #2 Monday, with the new tax bracket figured in.)

[SMinGA]

My attorney said our trustee requires wage deduction - so we set it up thru Hubby's. I work for a small company, would rather keep our personal business personal. I did ask though, about what happens if jobs change. (I understand income changes can impact the plan - but I meant in terms of the wage deduction.)

Atty said we could then just send in payments.

[klandsb]

I have wage deductions and love it... At first I was so upset , but change is good sometimes ... They also demanded to pay all my secured so I dont even have to think about that every month either ... I was always juggling what to pay with this paycheck & what to pay w/that paycheck & keeping track of all the due dates.... Wa La, it has been an easy transition so far...

[SMinGA]

I originally thought the plan would just include the arrears on mortgage & vehicle & atty fee, with whatever was left after trustee % going to unsecured. But was told we have to pay off the full vehicle in the plan. Was annoyed - I see it as a way the trustee can make more money since he/she gets 5.5% of that.

Ultimately though it is for the best, as it kind of unofficially refi'd the vehicle payment. Had about 3 1/2 years left on it at 10.75%. Now its being paid @ 5.5%, and our plan payment is only about $150 over what the vehicle payment was. (Though for a longer time.)