That's just so much unnecessary paper.
We have a fireproof safe that is small and doesn't fit a ton of stuff. I keep Social Security cards, birth certificates, marriage license, etc. in it - you know, the usual. I don't, however, have room for all of this junk inside. I could just throw it all in my filing cabinet. Any ideas for me?
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Don't you have to sign new promissory notes when you consolidate? I could have sworn that this was the case. . . I would put it in the filing cabinet, with the loan that it pertains to.
ReplyDeleteIRS statues of limitations is 7 years. That is usually my general rule of thumb. However I am sure your loans go out way beyond 7 years so you may want to hang on to them. But it doesn't mean you need to hang on to them in paper. If you have a scanned version in your computer that would be just as good as paper legally should you ever need them.
ReplyDeleteI keep all of my papers like that in an accordian folder, which when I first started it made things easy to keep track of, but since there is so MUCH of it, I am going to get a binder and tab dividers and organize it that way, then put it someplace safe, that way if there ever IS anything, such as a fire or something like that, I can just grab one thing that has those important papers in it and I don't have to worry about things getting destroyed!
ReplyDeleteI'd keep them with the current loan info. My husband had a situation where a debt collector came after him for one of the original loans after he had consolidated. Fortunately we had the papers to back it up.
ReplyDeleteTiffany, I probably kept all that stuff for far too long. Back then (way back when), I didn't have the option to scan, which is what I suggest for you. Just make sure that you have a good physical or virtual backup system for your hard drive.
ReplyDeleteTiffany, I would scan them and save them on your computer. Then Shred the originals.
ReplyDeleteI scan and keep everything on my computer, then create a back up CD and that is what I put in the fireproof safe.
ReplyDeleteI have a paper problem too with all that same kind of stuff. I have a simple file folder labeled "EXTRAS" The key is not to let it get too big!! :-)
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ReplyDeleteAwesome alternative to the dreaded file cabinet! I seen it used on Martha Stewart, looks easy and quick! I'm in the midst of looking to upgrade my laptop, but as soon as I do...it's mine!
I would scan them, save them to a flash drive and store the flash drive in your safe. They are nice and small so they won't take up a lot of space. That way you have it on your computer, your backup drive (if you do that - if you don't - YOU SHOULD!) and in a fireproof safe just in case. :)
ReplyDeleteI usually keep the most recent statements and the most current notes I have. Most of my paperwork for my loans is now online. So if I need to find something I go there. I figure as long as I have the most current record, they should also have a record so I haven't worried too much about it. I don't have my husband's set up online yet, but since he's back in school and loan stuff is coming in again, I'd rather wait until he's finished.
ReplyDeleteI have organized mostly medical stuff for me, my son and our pets. :-)
ReplyDeleteI agree with Melanie. A flash drive can hold thousands of photos, and thousands of documents. Might as well photograph every room, exterior of the house, vehicles and collections etc while you are at it. Scann all the docs and save on the flash drive. At the most, I woiuld type up an index of everything on the flash drive and place in the save. This is coming from a records keeper for the military! LOL!
ReplyDeleteJust an FYI on fire boxes from someone who had been thru a fire.. The boxes are heat proof, not water proof. When putting important documents in a fire box, you may want to consider keeping them in double ziploc bags.. Same holds true for things like flash drives.
ReplyDelete