Wedding Plans Update

I know some of you have been wondering, so here is the skinny on what's happening with the wedding planning. Currently we have about $500 in the wedding savings to cover these expenses.

Wedding Cake $72 - paid $25 deposit on May 12.

Wedding Ceremony Sound System - $100 - meeting with them on Sunday afternoon (May 16). A deposit will be made then.

Wedding Rings as reported previously have been bought (just under $500) and paid for.

Ceremony and reception facilities has been rented ($210).

Getting the wedding dress altered and dry cleaned will be about $200.

Still need to get my tux dry cleaned (cost=??) and purchase a red vest ($40) to go with the tux.

Best man/groomsman tuxes

Brides made and Maid of Honer dresses (1 of 3 bought - $135 and red sash $15). Fiance meeting with the maid of honer tonight.


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What Credit Laws Protect You?

Though, I prefer people to use cash, instead of credit, I think it is worthy to briefly, go over the Federal laws that protect you when you choose to use credit. If you have a problem, you should contact the creditor. If it cannot be resolved, contact the Federal Trade Commission.

Q How much interest will you pay on a loan?

A Truth in Lending Act requires all credit granters to provide you with the annual percentage rate (APR) of the loan prior you signing. This is the true cost of your credit.

Q What if you believe you did not get credit due to age, race, etc?

A Equal Credit Opportunity Act - Prohibits discrimination against you because of age, sex, marital status, race, color, religion, national origin or receipt of public assistance.

Q What if your credit card is stolen and charges were made?

A Fair Credit Billing Act - Allows for the prompt correction of errors on a credit account and prevents damage to your credit report while you are settling disputes.

Q What if you find an error in your credit report?

A Fair Credit Reporting Act - Protects consumers from incorrect creditor reporting to credit bureaus. Allows for privacy. Permits the consumer to put limited statements in their credit report. Provides for removal of outdated information after 7 years (bankruptcy after 10 years).

Q What if a collection agency is harassing you?

A Fair Debt Collection Practices Act - Prohibits debt collectors (agencies) from abusive collection practices. Allows consumers to dispute a debt and stop any unreasonable collection activities.

Calling before 8AM or after 9 PM
Harassment (vs. strong collection tactics)
False statements
Threatening action that isn't permissible
Unfair practices


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Wedding Rings Bought

Last Wednesday, Pat and I went went to the jewelery store and purchased the wedding rings. No! It wasn't Jarred's. Wherever that is. I keep hearing the commercials for the national chain, but they aren't in Topeka (Wonder why they even advertise in Topeka, when they aren't here).

Anyway, the rings, as you can see in the picture are simple rings, depicting the thriftiness of our lives and yet still symbolize our love for each other.








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Happy Mothers Day

Today is Mothers Day. By the time you all see this post, my fiance and I will be on our way to have a late lunch at a place called the Shack. Pat and I won a $25 gift certificate to this local bar/eatery while attending a professional ball game (1st one since 1961). The Kansas City team (T-bones) came to to Topeka for an exhibition game with the Grand Prairie, Texas (Air Hogs). Even though, they serve Pepsi, instead of my Coca-Cola, I will still go and enjoy myself one those hamburgers (that friends say are so go good).

Anyway, I digress. I want to wish all the mothers out there a very

Happy Mothers Day

.



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Four More Banks Fail

Yesterday, brought another round of banks shuttered. As has been the practice for awhile now, every Friday we see at least one bank shuttered. This week it was four (4), last week it was six (6). Making a total of 68, so far this year.

Those closed this week include:

1st Pacific Bank of California - San Diego, CA

All deposit accounts, excluding certain brokered deposits, have been transferred to City National Bank, Los Angeles, CA ("assuming institution") and will be available immediately. The former 1st Pacific Bank of California locations will reopen as branches of City National Bank during regular business hours.

Your transferred deposits will be separately insured from any accounts you may already have at City National Bank for six months after the failure of 1st Pacific Bank of California. Checks that were drawn on 1st Pacific Bank of California that did not clear before the institution closed will be honored as long as there are sufficient funds in the account. For more information on deposit insurance, you may speak to an FDIC representative by calling 1-866-674-8944 or visit EDIE, the FDIC's Electronic Deposit Insurance Estimator.

Towne Bank of Arizona - Mesa, AZ

All deposit accounts, excluding certain brokered deposits, have been transferred to Commerce Bank of Arizona, Tucson, AZ ("assuming institution") and will be available immediately. The former Towne Bank of Arizona locations will reopen as a branch of Commerce Bank of Arizona during regular business hours.

Your transferred deposits will be separately insured from any accounts you may already have at Commerce Bank of Arizona for six months after the failure of Towne Bank of Arizona. Checks that were drawn on Towne Bank of Arizona that did not clear before the institution closed will be honored as long as there are sufficient funds in the account. For more information on deposit insurance, you may speak to an FDIC representative by calling 1-886-782-1766 or visit EDIE, the FDIC's Electronic Deposit Insurance Estimator.

Access Bank - Champlin, MN

All deposit accounts have been transferred to PrinsBank, Prinsburg, MN ("assuming institution") and will be available immediately. The former Access Bank locations will reopen as branches of PrinsBank during regular business hours.

Your transferred deposits will be separately insured from any accounts you may already have at PrinsBank for six months after the failure of Access Bank. Checks that were drawn on Access Bank that did not clear before the institution closed will be honored as long as there are sufficient funds in the account. For more information on deposit insurance, you may speak to an FDIC representative by calling 1-866-954-9531 or visit EDIE, the FDIC's Electronic Deposit Insurance Estimator.

The Bank of Bonifay - Bonifay, FL

All deposit accounts have been transferred to First Federal Bank of Florida, Lake City, FL ("assuming institution") and will be available immediately. The former The Bank of Bonifay locations will reopen as branches of First Federal Bank of Florida during regular business hours.

Your transferred deposits will be separately insured from any accounts you may already have at First Federal Bank of Florida for six months after the failure of The Bank of Bonifay. Checks that were drawn on The Bank of Bonifay that did not clear before the institution closed will be honored as long as there are sufficient funds in the account. For more information on deposit insurance, you may speak to an FDIC representative by calling 1-800-517-8236 or visit EDIE, the FDIC's Electronic Deposit Insurance Estimator.

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IRS Debt Update

Yesterday, I received the letter from the IRS updating me on my remaining balance with the Federal Agency. After, this years refund of $1,367 was applied to the old debt balance of $2,787.81, my remaining debt owed them is $1,420.81.
The debt is from the sell of some stock a few years back, that was intended to help reduce my debts, created a new debt, when it came time to pay my 2002 taxes (in April 2003). Since then I have been trying to get this debt paid off. This refund, is the most significant reduction of this debt to date.



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Playing Around With Debt Elimination Software

Now that I finally learned how to do a screen shot, I thought I would open up John Cumutta's "DebtFree for Windows," software and show you the readers what this looks like. You have read my raves about his program, now you can get a glimpse of the software (at least).

Th above image is a screen-shot view of the program as it appeared on my desktop. As you see from that image, I have 3 debts entered into the program. Two (2) of which are mine and the third is the debt that belongs to Pat (as we head down the aisle in less then 16 weeks).

I made some assumptions, to my debt elimination progress, while punching in the my numbers to the software. As you see the final results are well after, my plans to be finished with these debts. However, there are some facts, not yet figured in. For example, the refund from the IRS that will be applied to that debt. Largely, because I haven't received my letter from them, telling me what my new balance is.

Chase $1,593
which I plan to pay a minimum of $300/month. Which obviously is not fast enough to have it paid off by August. However, there are additional payments planned, that are one time payments and such that are not figured in.

IRS $3460
as I stated above, the federal refund I have coming has not been figured into reducing this debt. As soon, as I get the new balance, this debt will be significantly lower, at which time, I hope to start sending them some monthly payments to eliminating this debt. Hopefully will before the December 2010, estimate that the software figured up.

State of Kansas (Pat's) $7,791
This is a debt that Pat has been paying on for a while, that stems from her previous marriage. It really should be him paying this off, but because of the situation, it has fallen to her. As such, it will be me that helps her clean this mess up. It would be nice to have this debt paid off this year as well (instead Sept. 2011).

The nice thing about this software, you can see how various methods would affect your debt. The above image shows the process according to the Transforming Debt Into Wealth Course. Other methods are:

Fully Optimized (still) Sept 2011

Highest Interest Rate First Sept. 2011

Smallest Balance First (same as Dave Ramsey teaches) Sept 2011

Smallest Payments first (Oct. 2011)

User Defined

Hyper Elimination FASTEST!! Sept. 2011

As you can see, all the methods, in my circumstances are the same, with the exception of smallest payments first. In a week or so, once the IRS updates me on my balance, I will be able to adjust the debt and see just how quickly, it will actually be paid off. For that debt I assumed 6% interest, although that rate fluctuates all the time.


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