I have a non-payroll deposit of $175.00 that is being deducted from my payment shock. The deposit has an LOE (its a split phone bill etc) but its being deducted from my savings pattern. I’m not exactly sure what is happening here. Both Checking and savings accounts are increasing every month. My payment shock is $1,050.00. Maybe I’m not understanding this correctly. Can someone help me understand this?
Payment shock needs to come from your actual income aka payroll. If it’s not directly from your employer then it is viewed as non guaranteed one time deposits.
If you have have an agreement with someone to reimburse you for the phone bill then write up a legally binding contract that both you and that other person sign and date. If it’s not on paper it doesn’t exist.
Otherwise your best advice is to remove yourself from anything that isn’t entirely yours and remove everyone else from everything that isn’t entirely theirs.
Your MC will be able to advise specifically what’s going on but that’s the deal.
That’s the thing my payment shock is coming from my actual income. What I’m not understanding is how someone sending me $175 for a split bill is deducted from that payment shock. Also I will look into having some sort of signed document. As always your knowledge is very much appreciated.
Yes every month I move my payment shock into my savings account. No money is ever withdrawn from there. So the 175 going into my checking causing my payment shock to come up short is what’s confusing me.
You are not going to be allowed to spend more than your budget allows from your income alone, which is why the $175 is deducted from your available balance. When you remove that $175 it sounds like your income is insufficient to support both phone bills. You should probably ask the other person to pay their portion separately so that it doesn’t appear as if you are overspending. Can you give them access to the account so they can pay directly or have them put the money on a prepaid card?