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Another quick update.......

March 2nd, 2009 at 12:09 am

So just a quick update on my license problem. At first I thought it would cost me about $1,200.00 to have it reinstated. Paying a fine of $500.00 to the Virginia DMV and making a downpayment of $500.00 on a judgement from Gieco.

Well it turns out after checking with DMV , that I don't have to pay the $500.00 fine but just a $86.00 re-instatement fee. So with that good news, I sent in the $500.00 to the collections lawyers office and then called to make payment arrangements. Then was told the $500.00 wasn't enough, but instead needed to pay the amount in arrears as well. Meaning I need to apply an addtional $1,600.00 as well before I can re-instate my license.

Suprisingly I'm not upset or angry, as the situation I'm in is due to my poor judgement and past mistakes.What I do feel good about is that , there is $500.00 less for them to charge me interest on. (The interest rate on this judgement is 9.0%) To make my point the judgement was entered on Jan 2001 for $3050.00 and I've incurred over $900.00 in late fees and interest! Talk about learning the hard way. I made the $500.00 payment on 02/24/09 and plan on making another payment on Friday for $400.00.I feel good paying off debt after years of ignoring it.

6 Responses to “Another quick update.......”

  1. fruitbowlk Says:

    I love the fact that you realize that it was your own fault and you are doing what you have to do to correct it. When this is all behind you can start saving for your ef. Good luck.

  2. oceansluver78 Says:

    Thanks! Only $1,600 to go before the arrangement starts kicking in!

  3. creditcardfree Says:

    Great job in accepting the personal responsibility. That will take you a long way.

  4. oceansluver78 Says:

    I feel it already has, I'm not stressing out over money since im saving now.

  5. Apprentice Fun-Frugalist Says:

    Way to go !!

    It won't be long till the whole license thing is a mere memory ! The lessons/habits you've learned from it will keep you in great financial shape for years to come :-)

    p.s. Welcome !!

  6. oceansluver78 Says:

    thanks apprentice! yep, my friend said it will soon be water under the bridge.

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