in 2002 Igot a loan from the credit union for 6500.00 at 10% car loan later on the same day I got unsecured loan for 5800.00 at 14.50 interest . car loan was 210.00 monthly on un secured loan 165.09 per month.both loans were being paid on the same day so that I could'nt be behind other wise my car could be repossesed. in september this year the car was paid off.Then I wanted to buy a house I chequed my credit report and found out that my unsecured loan was closed and charged off in 2002 in December and my house loan was denied from the bank of America because of that closed and charged off account..I contacted the credit union and I was informed that it was amistake and they will contact the credit report and will take 90 days.to correct the error .The balance on this loan is 4865.00 what happened to all the money I have been paying since 2002. .Did they put all my payments on interest for 40 months is that regal.? The judge wants all the payments paid on that account
2006-11-21 09:51:42 · 4 answers · asked by PROJECT 2 1 in Business & Finance ➔ Credit
Is it a mistake that the account reports charged off??? Or is the balance a mistake?? 14.5 is a high rate. If you paid the minimum, most of it went towards interest. The bank can give you a statement showing how much of your payment went to principal and how much to interest. My car was 8K at 14%. My car note is $237 for the first year I paid just that. On my 1 year anniversary less than $400 had come off the principal. I now pay more. I paid it yesterday and of the $237, $92 went to interest. I paid $300 and requested the overage go to principal.
2006-11-21 17:39:27 · answer #1 · answered by NETTA M 3 · 1⤊ 0⤋
No matter what kind of loan you have, you pay more interest on the first half of the life of the loan. That's how the banks make their money. Also there is no grace period on the loan. If you wait 10 days past your due date, you pay additional interest. Is it called per diem.
2006-11-22 19:59:05 · answer #2 · answered by Anonymous · 1⤊ 0⤋
don't have to read all that to know you made the minimum payment
2006-11-21 09:54:17 · answer #3 · answered by Anonymous · 1⤊ 0⤋
What is your question? They said it was a mistake. What else is there?
2006-11-21 09:58:24 · answer #4 · answered by Phoenix, Wise Guru 7 · 0⤊ 0⤋