Posted on: 23rd Sep, 2008 10:27 am
Is it legal for a mortgage payment not to be credited when made? I make a payment every two weeks, and at times three payments are made and days pass before they are credited.
this seems to be a common problem. if you're paying online, you ought to be able to find the timing of their crediting payments to your account on that site.
if you mail payments, you really can't be sure when they are received.
have you been adversely affected by these late postings? by that, i mean, have your payments been classified as "late" on any occasion? if so, i would say you need to dig to the bottom of the situation; however, if not, you may very well just let it be yet continue to monitor the situation.
have you been able to speak with anyone in customer service? of course, i know this assumes you can get through to a real voice; but it might clarify things for you.
if you mail payments, you really can't be sure when they are received.
have you been adversely affected by these late postings? by that, i mean, have your payments been classified as "late" on any occasion? if so, i would say you need to dig to the bottom of the situation; however, if not, you may very well just let it be yet continue to monitor the situation.
have you been able to speak with anyone in customer service? of course, i know this assumes you can get through to a real voice; but it might clarify things for you.
Customer Service tells me they only credit the accounts once a month. I have not been adversely affected by this besides the fact that they hold onto my money and do not deduct it from my balance, and I am paying interest on money that I have transferred to them.
They acknowledge the receipt of them and then "suspend" the amount (s) until they deem it is time to credit.
I probably need to change lenders.
Thank You,
They acknowledge the receipt of them and then "suspend" the amount (s) until they deem it is time to credit.
I probably need to change lenders.
Thank You,
Hi Guest!
Yes it is generally the norm that they credit the accounts only once a month.
Feel free to ask if you have further queries.
Sussane
Yes it is generally the norm that they credit the accounts only once a month.
Feel free to ask if you have further queries.
Sussane