Harris Bank
Date: Sat, 05/01/2010 - 15:42
Hello,
I just got a notice in the bank saying I am 10 days late for a car loan I paid off with a HELOC almost 4 years ago.
It turns out that the payoff amount that I was given over the phone was minus the interest 4 some years ago and when I paid the loan off online it had not figured in the interest. I never receieved anything from Harris saying I was "late" or that there was an additional amount due until I got this notice more then 4 years after I "paid off" the loan.
I have not talked to my creditor yet since this all came to at the end of this week but they are reporting in my credit report that the loan is back up to $1,500! The maximum interest that could have been missed from the original loan amount was $200 and I must guess that they are adding interest on the interest for the last 4 years.
I have not looked into selling this car so I have not gone to Harris to have the lien removed (as I did with my other card when I paid them both off with a HELOC) so I am guessing that they still "Own" my card even though there is no principle on the loan. Because they most likely still own my car whats the chances they might just try to repo it since its worth three times the interest they have been compiling?
Does anyone have experience with this scenario? Would you say they might try to force me to pay the 1500 they say I owe on a loan that should have been paid off? Or from experience do you think they might take the original amount owed plus maybe a late fee?
Stressing out over the weekend.
Thanks in advance.
Nicholas
I just got a notice in the bank saying I am 10 days late for a car loan I paid off with a HELOC almost 4 years ago.
It turns out that the payoff amount that I was given over the phone was minus the interest 4 some years ago and when I paid the loan off online it had not figured in the interest. I never receieved anything from Harris saying I was "late" or that there was an additional amount due until I got this notice more then 4 years after I "paid off" the loan.
I have not talked to my creditor yet since this all came to at the end of this week but they are reporting in my credit report that the loan is back up to $1,500! The maximum interest that could have been missed from the original loan amount was $200 and I must guess that they are adding interest on the interest for the last 4 years.
I have not looked into selling this car so I have not gone to Harris to have the lien removed (as I did with my other card when I paid them both off with a HELOC) so I am guessing that they still "Own" my card even though there is no principle on the loan. Because they most likely still own my car whats the chances they might just try to repo it since its worth three times the interest they have been compiling?
Does anyone have experience with this scenario? Would you say they might try to force me to pay the 1500 they say I owe on a loan that should have been paid off? Or from experience do you think they might take the original amount owed plus maybe a late fee?
Stressing out over the weekend.
Thanks in advance.
Nicholas
You really need to be talking to the bank. Did you not notice y
You really need to be talking to the bank. Did you not notice you did not receive the title or lien release?
Quote:Originally Posted by SOAPLADYYou really need to be talking
Quote:
Originally Posted by SOAPLADY You really need to be talking to the bank. Did you not notice you did not receive the title or lien release? |
I paid off two vehicles and did not receive it for either one. The other was with a different bank so I did not figure I was missing anything (ignorant, first loan at the time.)
Yes I am just reading/information gathering over the weekend waiting for them to open on Monday.
I don't think they can apply interest for interest, but I am not
I don't think they can apply interest for interest, but I am not 100% sure on that. You need to get a copy of the paperwork and check the interest. It sounds like they never updated the credit reports if it is showing the original balance!
