I always went to my bank and made the extra payment asking that it be applied to principal. The automated payment system does not know your intent and seems to just log it as a payment, pushing your next payment date forward each time.
As a previous poster mentioned, it does not seem your payment was applied to interest.
I would go to the branch in person and explain to them what I was trying to accomplish and ask them to make it right.
It may be that they can take all of those future payments and immediately apply them to principal. However, it may be a stretch for them to retroactively apply them to principal.
Did you not look at your loan following the extra payments to verify they were being applied correctly? Some of the blame falls on you for not performing due diligence.
As a previous poster mentioned, it does not seem your payment was applied to interest.
I would go to the branch in person and explain to them what I was trying to accomplish and ask them to make it right.
It may be that they can take all of those future payments and immediately apply them to principal. However, it may be a stretch for them to retroactively apply them to principal.
Did you not look at your loan following the extra payments to verify they were being applied correctly? Some of the blame falls on you for not performing due diligence.
Statistics: Posted by StevieG72 — Tue Sep 24, 2024 7:45 pm — Replies 16 — Views 550