We got this loan and maybe was late once . This month on our bill they doubled the interest rate, which has up the payment 200.00. I never heard of this happening before.
2006-09-29 04:17:39 · 8 answers · asked by Jean S 1 in Business & Finance ➔ Credit
Read the terms of your bank loan. I'm sure they wouldn't have done it without proper documentation if it's a legitimate business.
2006-09-29 04:19:35 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I even do not understand of any credit status certainly for dental paintings and that i keep in mind that certain loans have a best interest value. you'll favor to seem perfect right into a relief income plan. maximum coverage plans do no longer quilt elegance paintings in spite of the indisputable fact that relief plans will. You pay a low in accordance to month value, reward are on hand on the on the spot and also you'll be able to shop a lot of money. which will be one frame of mind to scale back on the volume that you'll have were given to pay the dentist and then possibly it would not be so complicated to position the soundness on your low interest monetary company playing cards. sturdy sturdy fortune!
2016-11-25 02:26:26 · answer #2 · answered by ? 3 · 0⤊ 0⤋
If you're late they can do whatever is in the loan agreement. It's common to jack up the rate just like on a credit card
2006-09-29 04:19:55 · answer #3 · answered by Scott L 5 · 0⤊ 0⤋
Call them-- they can probably tell you exactly where on your paperwork is says they could do this... usually with loans its less common than CC's, but still possible.
The good news is, usually there is a clause that if you pay on time every month for 6 months, it goes back to the normal rate.
2006-09-29 05:50:20 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If that is what the terms of the loan are then yes. But I would call them and see if you never pay late again if they could lower it back down
2006-09-29 04:22:23 · answer #5 · answered by GD-Fan 6 · 0⤊ 0⤋
you should read the papers you signed. are you sure they doubled the interest rate and not just charging you a penalty and late fee?
2006-09-29 04:23:59 · answer #6 · answered by ana g 4 · 0⤊ 0⤋
You will need to refer to your "terms and condition" on the original contract/promissory note.
2006-09-29 04:20:45 · answer #7 · answered by naughty_mattress_monkey 4 · 0⤊ 0⤋
You had better talk to your bank manager or rep.
2006-09-29 04:21:45 · answer #8 · answered by ElOsoBravo 6 · 0⤊ 0⤋