Would like input from Monera DVC customers. Situation: It seems I can no longer post for "today" any extra towards principal with my Monera DVC loan

[Red Dog Run]

UPDATE: (Apparently a software change in December has caused some glitches. Calling the company and explaining the issue took less than 5 minutes, and my account was fixed.)

Any Monera people out there?

I know it's Sunday, so I can't call the company today for information. Situation: I am used to making extra mid-month $200 to $315 principal-only payments to reduce the interest accumulation on my loan. I took out this loan last year because I didn't want to deplete savings, and I knew I could cover it in 3 years. So, I've already successfully done this type of payment 6 times with no issue. Today, I attempted to put in an extra 250. I chose the only options available for adding principal only. I noticed it went through as pending asap, but the process date was for Feb 28 (the date due for regular payment.) Thinking I messed up, (but still not happy that for 8 days I'm not reducing my interest), I repeated the steps, but this time with only $5 to determine what error I must have made. This payment went immediately to the next March payment, and not as principle only for today's date.

Ok- this is not how I've been successfully processing extra principle to reduce my interest. I repeated every option I could on the site three more times, each with different payments to look at the processing. No matter what I choose, every payment reads today's date and processing on the March payment.

Does anyone have an account that they could possibly look and try maybe a 5 or so payment to see what happens?

 

[JackJack55]

This has nothing to do with DVC, but it is related to your question. For my home mortgage, my bank only allows extra principal payments on the scheduled monthly payment day. This is only a guess, but I would imagine it eliminates any confusion regarding the principal vs interest each month (ie you think you are making a principal only payment but the bank also takes interest from that amount). Maybe Monera moved to that model. Admittedly, I am no banking or financial expert so maybe someone else with more knowledge can answer.

 

[Red Dog Run]

That's a great suggestion. I'm going to look back at the dates of past principal-only payments to see the pattern.


Looks like I was very eager in August of last year to pay extra. This is directly from my account.

ID: xxx - 44410 ECheck	08/02/2021	$100.00	Principal Only
ID: xxx - 44416 ECheck	08/08/2021	$250.00	Principal Only
ID: xxx - 44414 ECheck	08/06/2021	$250.00	Principal Only
ID: xxx - 44399 ECheck	07/22/2021	$250.00	Principal Only
ID: xxx - 44446 ECheck	09/07/2021	$315	Principal Only

 

[Red Dog Run]

This has nothing to do with DVC, but it is related to your question. For my home mortgage, my bank only allows extra principal payments on the scheduled monthly payment day. This is only a guess, but I would imagine it eliminates any confusion regarding the principal vs interest each month (ie you think you are making a principal only payment but the bank also takes interest from that amount). Maybe Monera moved to that model. Admittedly, I am no banking or financial expert so maybe someone else with more knowledge can answer.

Thank you for this reply. I'm going to check.

 

[Amy Krieger]

Hey there,
I work for Monera and it sounds like this could have been a system error. I am not on the servicing side, but I would encourage you to call them during business hours this week so they can fix it for you. We have not moved to the model above and any extra payments you make should be going to your principal.

Thanks!

Amy

 

[swaysui]

Hey there,
I work for Monera and it sounds like this could have been a system error. I am not on the servicing side, but I would encourage you to call them during business hours this week so they can fix it for you. We have not moved to the model above and any extra payments you make should be going to your principal.

Thanks!

Amy

Love your takes on the YouTube channel. Keep up the good work.

 

[JackJack55]

Hey there,
I work for Monera and it sounds like this could have been a system error. I am not on the servicing side, but I would encourage you to call them during business hours this week so they can fix it for you. We have not moved to the model above and any extra payments you make should be going to your principal.

Thanks!

Amy

Oh how cool! Amy responded to a topic I contributed to (even though I was wrong)! Thank you Amy for all that you do online and on the podcasts!!

 

[Red Dog Run]

Hey there,
I work for Monera and it sounds like this could have been a system error. I am not on the servicing side, but I would encourage you to call them during business hours this week so they can fix it for you. We have not moved to the model above and any extra payments you make should be going to your principal.

Thanks!

Amy

Thank you so much for the information! I forgot the difference in time zones and called too late today. I'll make sure to do so tomorrow. I rechecked my account, and all principal payments are still posted in the future and removed from upcoming bills. I'm glad to know it might be a glitch. Priority 1 phone call on my to do list.

 

[Amy Krieger]

Love your takes on the YouTube channel. Keep up the good work.

Thank you for your kind words and thank you for watching.

 

[Amy Krieger]

Oh how cool! Amy responded to a topic I contributed to (even though I was wrong)! Thank you Amy for all that you do online and on the podcasts!!

Lol. You're funny. Thank you for your kind words and for watching the show.

 

[mlittig]

Red Dog Run, the last two times I have attempted to make a "principal only" extra payment on a Monera DVC loan, it has been applied as a regular payment instead. I had done this many times in the past without any problems. I contacted Monera and got a very prompt reply It seems since they updated their website, you can no longer apply any extra payments as principal only. BUT you can e-mail them or call and they will apply your payment as principal only They hope to be able to offer this function in the future. I have always found Monera to be very responsive, pleasant and extremely helpful

 

[Red Dog Run]

Thank you for your kind words and thank you for watching.

You were correct- the software change glitch allowed me to select principal only, but it automatically reverted to next bills. Fixed quickly.