Issues with HD Financing.
#31
Got a couple of coworkers that are hellbent on not lining someone else's pockets and take it to the extreme. One is super frugal and completely against paying "convenience fees" like service charges or interest, seeing it as giving someone your money for free. If he needed to take out money from an ATM, he'd rather spend 3x the money in gas driving to the bank than paying the $1.50 fee to withdraw it there.
#32
That's the part I didn't like either. When I have a loan that say $400 is due on the 4th of the month, and I pay twice that amount, I want them to apply the excess to the principle, instead they say I am paid ahead. The next statement says I owe zero, and yet the interest is still kicking in each day. Maybe it all works out in the end, but on my other loans the principle drops and then the next month, I still owe the same payment but the 3% of my balance is now a smaller amount to the bank, and a larger amount to the principle.
It should state such in the loan paperwork, truth in lending disclosures, and all the paper you signed and possibly didn't read has these details. I'd be very suprised if HD financial is making loans that were not simple interest.
Each and every day interest on the unpaid balance is calculated and added to your account balance. When a payment is applied, the payment is subtracted from the current balance- which includes the unpaid principal, and any accrued interest since the last payment. ALL PAYMENTS ARE APPLIED TO THE UNPAID LOAN BALANCE. There is no Principal vs Interest balance, just one balance that goes up every day by that day's interest charge (and any late fees, etc._
and goes down by the amount of any payments applied. The loan is structured such that making the required payment on or about the due date will retire the loan on or about the loan term date. Most loans accrue interest daily.
There is no allocation of part of the payment to the principal, part to the interest, etc..... It is all one bucket.
Why this is such a difficult concept for some to grasp is beyond me.............
Last edited by Brewmany; 03-14-2018 at 09:50 AM.
#33
Got a couple of coworkers that are hellbent on not lining someone else's pockets and take it to the extreme. One is super frugal and completely against paying "convenience fees" like service charges or interest, seeing it as giving someone your money for free. If he needed to take out money from an ATM, he'd rather spend 3x the money in gas driving to the bank than paying the $1.50 fee to withdraw it there.
#35
well, sorry it didn't work out for you. i had my loan set up on autopay. it always showed as paid on the day that i selected, even though the money wasn't actually taken out of my checking account for 2 or 3 days later...
eagle mark is not some 'fly by night' operation. they are a federal bank, and have to follow the same rules and regulations that everyone else does. if you feel that you are being taken advantage of, get your ducks in a row and report them. if they were doing what you say to everyone, they'd be out of business in a heartbeat.
eagle mark is not some 'fly by night' operation. they are a federal bank, and have to follow the same rules and regulations that everyone else does. if you feel that you are being taken advantage of, get your ducks in a row and report them. if they were doing what you say to everyone, they'd be out of business in a heartbeat.
I setup my March 10th payment via my banks online checking payment processing on February 25th which cleared 2/28/2018. My March 10 billing invoice was received by me on March 6, 2018 just 4 days before the payment is due and is consistent each month. This is why I pay using my online banking to setup payment 15 days prior to the due date so I am not late. The March 10th statement billing finally had the correct interest due calculated. It took from July of 2017 to February of 2018 of monthly calls for them to get to this point. My hope is this issue is behind me now and in 6 months I'll be paid in full and done with Eagle Mark.
#36
Got a couple of coworkers that are hellbent on not lining someone else's pockets and take it to the extreme. One is super frugal and completely against paying "convenience fees" like service charges or interest, seeing it as giving someone your money for free. If he needed to take out money from an ATM, he'd rather spend 3x the money in gas driving to the bank than paying the $1.50 fee to withdraw it there.
With USAA, I never have to pay an ATM fee.
#37
Last time I used HD Credit I simply made the payment through my local bank's online bill pay service.
HD was listed as an electronic payee. There was never an issue. And if there would have been I could simply walk in the front door of my local branch and straighten it out.
Something to consider if you're using your bank to pay other bills.
HD was listed as an electronic payee. There was never an issue. And if there would have been I could simply walk in the front door of my local branch and straighten it out.
Something to consider if you're using your bank to pay other bills.
#38
That's the part I didn't like either. When I have a loan that say $400 is due on the 4th of the month, and I pay twice that amount, I want them to apply the excess to the principle, instead they say I am paid ahead. The next statement says I owe zero, and yet the interest is still kicking in each day. Maybe it all works out in the end, but on my other loans the principle drops and then the next month, I still owe the same payment but the 3% of my balance is now a smaller amount to the bank, and a larger amount to the principle.
just disregard what they say is due and when and make your normal (or bigger) payment.