Interest charged on installment mobile home loans needs to be paid exactly 30 days or you pay per day additional interest. Your never told about this when you take out the loan.
If you try to make your payment within the 30 days by sending your check out a few days early (month pay period) and youhave a check returned for NSF they tell you that they will resubmit it a second time but they don't. Nor do they contact you to let you know that they didn't submit the check a second time. When you call your bank and the bank tells you the check was only submited once, Conseco employ will not investigate further.
The only way I can think of is to have an additional payment seating in the bank and start sending in a payment every 25 days. That way they make less interest on each payment and you get more put towards the principal. It's a shame it took me 4 years to figure this out.in the 4 yrs. I've paid this loan about $16,000.00 has been paid to Conseco, only about $500.00 haas come off the prinicipal of the loan. And this is legal.
0 comments