Can the Interest Rate Rise Randomly? 3 Payments in 3 Weeks?
Date: Wed, 01/28/2009 - 07:59
Can the Interest Rate Rise Randomly? 3 Payments in 3 Weeks?
1) I noticed that on the NDLS database, my interest rate is one amount while on the copy of the Prom Note I received, it's 2% lower. Does DOE up the interest rate when the loan goes into default? Did I miss some small print that had me agreeing to random increases in interest rates for XY or Z?
2) I signed the rehab agreement thing and the first payment came out as scheduled. I just received another rehab agreement thing with an authorization form to debit my card for the payment. Trouble it, the authorization states "first payment to be on 05 Feb. with payments coming out the 25th of each month thereafter".
They have already taken payment (on 27 Jan) and I cannot afford for them to take 2 more payments within a 3 week period. What should I do about this? Why would they send this again when I already signed and they already debited?
Thanks much!
You more than likely have a variable rate loan. Interest rates
You more than likely have a variable rate loan. Interest rates are reset every July 1.
Call and tell them they have it wrong on the payments.Only they can help you.
Sorry! Forgot to say that I have a fixed rate. If I had a vari
Sorry! Forgot to say that I have a fixed rate. If I had a variable rate, it would be a lot lower than it is now!!
Who do I call about the rate? Would that be the DOE?
"Call and tell them they have it wrong on the payments.Only they can help you."
Is it normal for them to send different agreements with different payment arrangements? It seems a bit odd when they already have the signed forms. The new ones came a week after the signed forms were already sent in and accepted.
Thanks again
Rates.....call your guarantor. If the DOE is not the guarantor,
Rates.....call your guarantor. If the DOE is not the guarantor, no sense calling them.
No it is not normal....human error maybe?? Call them and let them explain.
Thanks again ever so much! I didn't think it was normal but wan
Thanks again ever so much! I didn't think it was normal but wanted to be sure before I called.
I'll give both places a call and get this sorted out. How cool it would be for them to realize that I have a few years worth of interest miscalculated :-) I know, not holding my breath :-)