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Personal Loan #2 – Poof Be Gone

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I’m sure you were all wondering with my last update about the emotional credit card payment, what happened to paying off the personal loans first?

I paid Personal Loan #1 off last month. And I planned to pay off the second Personal Loan this month…and I have, mostly.

So here’s what had happened? (Yes, that grammatical weirdness was intentional, don’t come for me.)

As soon as I got paid this month, I started making payments, transferring money where it was to go, etc. And suddenly, I hit my daily limit. Thanks, Zelle!

zelle logo

Ok, I’ll wait til tomorrow to continue.

And the next day I hit my weekly limit. Again, thanks Zelle.

So I’ve transferred all I can with Zelle (no fees for anyone) to where it needs to go…and now have to wait 7 days for my limit to be reset.

I texted my brother with a note on what was up. The balance remaining now is $250. Let him know that as soon as Zelle let’s me, I’ll send the rest of the money. He was fine with that.

And that is the long story about why it took an extra week to pay off my 2nd personal loan.

But now…no more personal loans. (Not counting my dad, but I know that is a personal loan too just never called it that.)

And now we are 100% focused on getting rid of ALL Credit Card debt! Let’s go!

 


6 Comments

  • Reply Cheryl |

    I’m sorry you should have paid your brother and father before those other bills. They have been more than generous helping you out, you must have known there was a limit on what you can pay at a time? I pay my bills with online banking through my bank, you can’t do that?

    • Reply Hope |

      My brother is being paid at the same time as those other bills. It was just a limit with the mechanism that delayed the receipt. I didn’t realize there was a 7 day limit.

      As for my dad, he is the one who encouraged me to pay my interest bearing debt first. Otherwise, his loan would have been next after my Personal Loan #2. He’s chosen to wait.

  • Reply jj |

    Canadians can use etransfers – we send the money via our bank accounts/emails/cell numbers and once my mom hit her limit! It is definitely annoying. I am glad you are paying everything down!

    • Reply Hope |

      It’s pretty common since the limit is $1,000 daily and maybe $2,000 over 7 days. I don’t typically use money transfers at this level so the weekly limit was a surprise to me.

  • Reply Den |

    Congrats on the win!

    Every time you pay off a debt, please post an update – it’s so encouraging and needs to be celebrated!!!

So, what do you think ?