Quote:
Originally Posted by Christien
If your contract stipulates monthly interest payments and you pay that, anything above and beyond that goes to principal. How can a bank take an extra payment and apply it to interest? How would that not be illegal?
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I have had that happen twice, so far. Each time I caught it when I looked at the following month's statement. A phone call/email cleared up the problem, but had I not called I am fairly sure the lending company would not have corrected their "error."