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 Additional Money Sent in Never Gets Posted to Lower my Principal Balance.
Posted Sun May 27, 2012 12:00 pm, by Sheli M. written to Santander Consumer
For the last 6 months I have written on my checks in the memo and call in every month to request my additional payment to be added to the principal balance and they refuse to do it. They take it off my interest but not lowering the principal balance. Every month it is an argument and I am angry and feel this is illegal. There MUST be some way they HAVE TO ACCEPT ADDITIONAL DOLLARS TO BE PUT TOWARDS THE PRINCIPAL BALANCE WHEN REQUESTED. MY PRINCIPAL BALANCE NEEDS TO BE LOWERED WHEN I SEND IN EXTRA MONEY!
requesting solution:
On the monthly statement add a slot that says
additional amount towards principal balance and read the memo on checks. Any amount that is over the min amount due goes immediately to principal balance.
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Forgot to mention: They're (Sartander) known to charge early repayment
fees. Might be a good idea to re-read the contract.
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It's Sartander! 0% chance it's by mistake. Best thing you can do is
send a second check mid-cycle and hope it limits their ability to play
stupid.
I experienced the exact, same issue with Sallie-Mae and had to call
monthly requesting an adjustment. I tried writing something like
"Apply excess to principle" in the memo line with no success. Next I
tried using pre-printed stickers with account number, loan name/group
number, and apply to principle with no success. It still took calling
once per month forcing them to do an adjustment. Sallie-Mae's system
kept paying me forward instead of applying to principle.
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by Afshin Posted Thu July 5, 2012 @ 4:02 PM
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The best way is to send a separate check for this purpose. On the
memo field Write "APPLY to PRINCIPAL loan ID xxxxxx". You can send
both checks together and it should applied to principal on the same
day.
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by PepperElf Posted Mon May 28, 2012 @ 11:51 AM
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"feel this is illegal"
the problem with that is... disliking a practice doesn't actually make
it illegal.
for example, I dislike it when parents bring their kids to the
bar-side of a restaurant but ... it's not illegal
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by tali Posted Mon May 28, 2012 @ 10:46 AM
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Perhaps two separate checks will do the trick. One for payment, the
other for principle. This also give proof of your request.
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by Jared C. Posted Tue May 29, 2012 @ 10:18 AM
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I know my mortgage company requires that extra principal payments be
submitted this way (with a second check in the mailing).
The letter writer has a good idea with the extra line for additional
principal on the invoice.
My invoices have this extra line...as did the invoices for my prior
mortgagor that I used prior to re-financing.
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by Sandy A. Posted Sat June 9, 2012 @ 12:22 AM
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Tali, it is great to see that unlike so many people posting useless,
negative comments on every letter of feedback, you have actually given
a positive, helpful reply. I agree with your advise!
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by andreasheldon Posted Thu June 21, 2012 @ 7:43 AM
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That will be the great idea of making separate payments by different
checks that probably solve the issue.
Equestrian Vacations
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