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The Watercooler
I totally messed up my finances! Send good money juju please!
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<blockquote data-quote="InsaneCdn" data-source="post: 457715" data-attributes="member: 11791"><p>I've never trusted autopay for anything but the mortgage - and that one only because it was with the same bank.</p><p>Autopay on insurance is great - until you go to switch companies. Then, the old company will continue to bill you, even though you have cancelled your policy in writing... "as long as you pay, it is assumed you want the policy to continue". So if you are on autopay with insurance and change companies, make sure you get a stop-pay on the old company.</p><p>Another problem with autopay is that the company can make errors - double-bill, mis-calculations that result in 10x normal bill, a whole raft of errors. If that bill results in you not having money in the bank for your mortgage payment... you're just plain out of luck. If it results in other payments "bouncing" - again, you're out of luck. It can really hurt your credit rating FAST.</p><p>So... I don't touch autopay.</p></blockquote><p></p>
[QUOTE="InsaneCdn, post: 457715, member: 11791"] I've never trusted autopay for anything but the mortgage - and that one only because it was with the same bank. Autopay on insurance is great - until you go to switch companies. Then, the old company will continue to bill you, even though you have cancelled your policy in writing... "as long as you pay, it is assumed you want the policy to continue". So if you are on autopay with insurance and change companies, make sure you get a stop-pay on the old company. Another problem with autopay is that the company can make errors - double-bill, mis-calculations that result in 10x normal bill, a whole raft of errors. If that bill results in you not having money in the bank for your mortgage payment... you're just plain out of luck. If it results in other payments "bouncing" - again, you're out of luck. It can really hurt your credit rating FAST. So... I don't touch autopay. [/QUOTE]
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I totally messed up my finances! Send good money juju please!
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