WCambridge
Junior Member
What is the name of your state? CA
I recently acquired a no collateral loan from a lender in amount to be paid back on equal scheduled payment of the same monthly amount of $356.00. I have already made 7 months payment on the account, however instead of the $356.00/mo as scheduled, I am actually paying $500.00.
But every month I get my statement, it shows the balance as if I am only making the scheduled payment amount. I have called 3x and asked about this, and they have generally told me the same thing; that the statement is correct. Basically, according to them it doesn't matter that I am acceleratedly paying off the loan because what happens is that they will payoff the scheduled interest based on the lenght of time it would have taken me to pay back the loan had I maintained paying it as scheduled. This will happen until the scheduled interest is paid for, which thereafter the rest gets applied to the principle.
In the end, all it means is that I may be paying off the loan by +/-3 months faster by paying the additional $144.00 every month.
Every month I receive my statement, I don't see the $500.00 being deducted as payment, but rather seeing the previous balance, then the new balance only (which only totals out to as if I was only paying the $356.00).
Am I getting duped?What is the name of your state?
I recently acquired a no collateral loan from a lender in amount to be paid back on equal scheduled payment of the same monthly amount of $356.00. I have already made 7 months payment on the account, however instead of the $356.00/mo as scheduled, I am actually paying $500.00.
But every month I get my statement, it shows the balance as if I am only making the scheduled payment amount. I have called 3x and asked about this, and they have generally told me the same thing; that the statement is correct. Basically, according to them it doesn't matter that I am acceleratedly paying off the loan because what happens is that they will payoff the scheduled interest based on the lenght of time it would have taken me to pay back the loan had I maintained paying it as scheduled. This will happen until the scheduled interest is paid for, which thereafter the rest gets applied to the principle.
In the end, all it means is that I may be paying off the loan by +/-3 months faster by paying the additional $144.00 every month.
Every month I receive my statement, I don't see the $500.00 being deducted as payment, but rather seeing the previous balance, then the new balance only (which only totals out to as if I was only paying the $356.00).
Am I getting duped?What is the name of your state?
