Have you ever heard of a loan that you were penalized for making your payment early?
Our mortage was sold to Fairbanks several months ago. I made a payment on 8/5/02 and another on 8/30/02.
When I received my October statement, the amount of the princple payment for the August 30 payment was almost $100 less that the princple payment for the August 5 payment.
When I called and told them I believed they had made a mistake, I was told by someone named Tina that this was a daily simple interest loan and that if my payment was not made on the SAME day each month that the interest would be more if we paid early. She told me that "I didn't understand".
I am an accounting major and one thing I do understand, payment made on time or early do not accrue more interest.
I am in the process of securing another loan. God only knows how much money they have gotten illegally. Someone needs to put a stop to this.
Haven't they ever heard of Enron?
He
Richmond, Virginia
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