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Double Payment

January 23rd, 2007 at 02:29 pm

Whenever I get my small savings/slush account up to a few hundred dollars, I transfer $50 here and there to my home equity loan.

When I looked up my loan status the other day, it said that I didn't owe a payment until April.... GRRRRRR..... that means that I am prepaying the loan instead of applying the extra payments to the principle. I haven't been able to get to the bank to ask about it.

The normal payment date was approaching, so set up a transfer for regular payment amount from my checking account.

Guess what happened...the payment was automaticlly withdrawn from my checking account, so I ended up paying double. Since I have a budget worked out this month, I know how much I need to keep in my checking account at all times. Anything extra gets deposited in my ING account.

So I decreased the amount that I have scheduled to be paid on my 0% Discover card, and everything worked out fine. And my Home Equity Balance is that much lower too!

1 Responses to “Double Payment”

  1. nance Says:

    Try writing a check separate from the regular payment, and attach a note that it is extra to be applied to the principal only. It is to their benefit to apply any extra money to the regular payment so they can apply most of it to interest.

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