Beneficial Loan
Date: Sat, 06/02/2012 - 08:10
If, for example, I take out a $10k loan, the terms of repayment are 60 months at $300/mo which means I will pay a total of $18,000 to repay the loan. If I default after making 20 payments ($6,000) what amount is recoverable? Is it $12,000 (the repayment amount of $18,000 less payments of $6,000)? I'm thinking that's how it would go, since I can't think of a logical alternative. Anyone have experience with this? Thanks in advance...
The $300 monthly payment assumes you are making your payments on
The $300 monthly payment assumes you are making your payments ontime. If you miss payments, your daily interest and late fees as outlined in your prom note would kick in. With interest capitalization, the balance would rise very quickly.
So it's possible that the balance after charge off could be even
So it's possible that the balance after charge off could be even higher than the final payout amount? I wish I had access to the agreement, but I do not.
Oh yeah...Beneficial is a finance company...it has fairly high i
Oh yeah...Beneficial is a finance company...it has fairly high interest rates compared to bank. I would think significantly higher.
Ohhh yeah, as I recall the Int rate was embarrassingly high. No
Ohhh yeah, as I recall the Int rate was embarrassingly high. North of 20%. This puts me in a tough position. Thanks for your info SL.