Interest Rate...

[FigmentLady]

I'm so confused.

We were approved for the 10.75% interest rate. We mailed in the check they use to make the automatic payments...

yet my account now reads Payment type "Cash" and the interest rate is 11.75 instead of 10.57 and my monthly payment went up about $5.00.

I have not made our first payment yet as it's not due until September...

Anyone have any idea what's going on before I call member services tomorrow and look like an idiot?

 

[Sandisw]

I am not completely positive, but most likely, it is set up that way until the direct debit clears and is set up. Once that happens, you should see things corrected.

But, call quality assurance in the morning to make sure things are set up as you want them to be set up.

Good luck!!

 

[arthur06]

I always thought the rate was 11.25 with a reduction to 10.75 for automatic withdrawl...

maybe there is some fine print that might clarify that

 

[hellerjw]

You get a 1% reduction in the interest rate for using automatic draft. The preferred rate is 10.75% with auto-draft, 11.75% otherwise.

 

[FigmentLady]

You get a 1% reduction in the interest rate for using automatic draft. The preferred rate is 10.75% with auto-draft, 11.75% otherwise.

Right, that's what I thought. I have automatic withdrawl set up, at least I should.

I'm calling them now. Thank you.

 

[FigmentLady]

Thanks for the replies.
I just got off the phone with MS and they said they never received the check and to just send it again.

 

[disneynutz]

Hope you sent a voided check. Mickey may be going on a shopping spree.

Bill

 

[FigmentLady]

Hope you sent a voided check. Mickey may be going on a shopping spree.

Bill

I was actually really worried about that for a minute when she said they never received it but it was voided and I called my bank to make sure it would all be okay.

Mickey gets enough of my money as it is!