Author Topic: Eight Grand Lost In Cyberspace?  (Read 2540 times)

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Offline mrclose

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Eight Grand Lost In Cyberspace?
« on: October 10, 2016, 11:46:55 PM »
I had written a post a few weeks ago about my credit scores, which was all about getting a home equity loan to pay off High credit card payments.

I don't believe that I bothered to post it but that isn't the problem right now.

I got the loan which was $25,000.

Here's the problem:

My loan officer sent a digital check to visa for my Costco card, which was $6,000.00
The loan officer also sent out $7,747.00 on the same day to MasterCard for my Sears credit card.

It took one day for the payoff to show on the visa Costco card "But" it has been almost two weeks and there is no payoff for the Sears MasterCard!

I contacted my loan officer last Thursday and she said that she (loan officer) has the name of the person, the time and day that the check had been accepted!

After I called MasterCard to see why they haven't showed the payoff, they say they have No record of the payment!?

I called my loan officer back and she said the check hasn't been processed?

My question: If my next payment date arrives and my account hasn't been "Zeroed Out" .. what should I do?

Make a payment and trust that they will refund the money after the account is paid in full?
I do not want these people to ding my credit for a late payment .. especially since I have paid them off!

My loan officer is away until Wednesday and my payment date is coming rapidly! 8(


It was my bank (BB&T) that approved the loan, same bank that has my mortgage.

I took the loan because the credit cards interest rates were at 25% and my new loan is only 5.75%.

I will have no problem on the loan repayment and I really didn't have a problem with the credit card payments.

It all came down to paying out $750.00 a month on the cards or $217.00 a month on the new loan!
The math looks a lot better now. 8)

The fact is, I have over a hundred thousand dollars in equity in the home and I saw no reason not to use a small part of it?
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Offline Texacon

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Re: Eight Grand Lost In Cyberspace?
« Reply #1 on: October 11, 2016, 08:28:46 AM »
Make the payment on time. They'll refund your overage. It might take a little processing time, but you'll get it and not have a ding.

KC


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Offline freedumb2003b

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Re: Eight Grand Lost In Cyberspace?
« Reply #2 on: October 11, 2016, 07:06:36 PM »
You took on secured debt to pay off unsecured debt?

That is the definition of insanity.

As for your problem, you have a trail of all the transfers. It all can be traced.  Give it a few days and all will equal out.
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Offline mrclose

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Re: Eight Grand Lost In Cyberspace?
« Reply #3 on: October 12, 2016, 06:43:57 PM »
I had written a post about my problems with a payoff of almost $8,000.00 on my Sears MasterCard which for two weeks went missing.

I also posted about the loan that I received from my bank and Why there was a $25,000.00 HELOC with a payment of $231.00 and a $25,000.00 Fixed Rate account with a payment of $217.00! Both due on November 4th.

First, the $8,000.00 was not missing.
For some reason, CitiBank insisted that my loan officer and I had to be on the phone together to acknowledge the payment to the account?
It, (the payment) had been sitting on someone's desk for two weeks!
No reason given on why .. the same bank, (CitiBank) accepted and applied my payoff on the Costco Visa Card and wouldn't do the same on the Sears MasterCard without the above hoops! (Three way call)
Both cards are owned by CitiBank.

The bank loan thingy was quite simple.

My loan officer opened a HELOC (home equity line of credit) which is akin to a credit card, took out all of the money and paid off the high percentage credit cards and deposited the rest into my savings account.

After doing that, my loan officer converted the HELOC account to a Fixed Rate account where my payments will be $217.00 a month from now on!
YAAAAAAAAAAAA!!!

That HELOC account was charged $14.00 for interest and draw-down charges which is why there was a $231.00 payment due instead of $217.00

I wrote a check today for the $14.00 on the HELOC account which will effectively close that account!

She (loan officer) did it this way to save me on the appraisal and other fees associated with a regular Home Equity Loan.

I am now in a very good place with a lot more breathing room!

From almost $900.00 a month in payments to $217.00 a month!!!!

I still have almost $100,000 equity in my home too!

The Math works out just fine!

Thank You Everyone!!
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It is difficult only for the others.

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Offline Texacon

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Re: Eight Grand Lost In Cyberspace?
« Reply #4 on: October 12, 2016, 07:24:28 PM »
mrclose, what freedumb was pointing out is; you've traded unsecured debt for secured debt. Not always a bad thing, BUT you've now spread that debt over the life of your home loan. The interest in the aggregate could cost you more in the long run.

Personally I would prefer a shorter term, lower interest personal loan, to retire the debt quicker, but everyone has their plan. Good luck!!

KC


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Offline mrclose

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Re: Eight Grand Lost In Cyberspace?
« Reply #5 on: October 12, 2016, 10:51:33 PM »
mrclose, what freedumb was pointing out is; you've traded unsecured debt for secured debt. Not always a bad thing, BUT you've now spread that debt over the life of your home loan. The interest in the aggregate could cost you more in the long run.

Personally I would prefer a shorter term, lower interest personal loan, to retire the debt quicker, but everyone has their plan. Good luck!!

KC


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The loan is 5.75% interest for 15 years.

With all of the extra money that this has opened up to me, I can pay off this loan in 5 years or even less.
(There is no penalty for doubling or tripling up on the payments)

The credit cards, one that I could afford to pay only the minimum would have taken me 22 years to pay off.
That card was going up from 25% to 27% and possibly 29%.

My credit score was 750 and was lower than I wanted only because of credit card utilization.

I was near the max on two cards (75%) and that was hurting me.

Now I have $30,000.00 freed up as far as credit limits go and my 'utilization' is at 9%.
Woo Hoo .. credit scores will be rocketing!

I would have been a fool to keep paying 20+ percent interest on these cards.

Heck, even if I were to somehow get into trouble .. paying $217.00 a month instead of $900.00 a month, my house is valued at $250,000.00 compared to my $90,000.00 of total debt.

In a fast sell I would still come out ahead.

Point is, our fixed income, between my better half and I is over $36,000.00
a year and it would be almost impossible to default on this loan.

Heck, now our total monthly expenses, including bills, food and utilities is darn near what we were paying on those Two credit cards alone!

Like I said .. I would have been a fool Not to go this route.

NO I wont be using the cards again except for putting a tank of gas in the car every couple of months .. just to keep the cards active.
(Of course, I'll pay that tank of gas charge off at the end of the month)

It is Very important that you don't cancel your cards, keep them semi active if you care about your credit.
« Last Edit: October 12, 2016, 11:04:13 PM by mrclose »
"When you are dead, you don't know that you are dead.
It is difficult only for the others.

It is the same when you are stupid."

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Offline Texacon

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Re: Eight Grand Lost In Cyberspace?
« Reply #6 on: October 13, 2016, 03:35:12 PM »
Sounds like you have a plan that works for you, and that's all that matters.


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