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Thread: We took out a debt consolidation loan, and it's been 'interesting'

  1. #1
    Join Date
    Mar 2009
    Location
    2 states: NJ and confusion
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    35,221

    Default We took out a debt consolidation loan, and it's been 'interesting'

    We applied in late Feb.

    Soon after we began, the pandemic hit, and all the people involved were working from their homes.

    It took until July 15 to sign final papers. We got a locked in 3.35 rate.

    As part of this 'package' on top of our loan payment, they take our property tax and our house insurance, and they send checks to State Farm and our town.

    There were a number of 'hoops' we had to go through before it all got finalized. Had to have the house appraised for a $50k loan, which seemed silly to me, but...

    Somewhere around July 24, all our other debts were paid. We found out by seeing a zero balance on each. Our bank had not emailed, sent a card, or such to advise checks were sent. That left taxes and car insurance. I inquired and was told the tax check was sent July 27, and the very nice woman at my town's tax office was kind enough to email me that the check had been received. State Farm has not yet received the check that was sent July 23.

    I was told that automatic withdrawals from our checking account would not happen for a couple of months, and I should bring a check to the drive thru, which I did. That was applied to the loan. Then a loan payment was taken our of our checking account, and trying to get one of them refunded is proving difficult.
    How do we form a mutiny? Our new captain is navigating poorly.

  2. #2
    Join Date
    Jan 2003
    Location
    New Zealand's Far North
    Posts
    9,471

    Default Re: We took out a debt consolidation loan, and it's been 'interesting'

    It seems pretty backwards to be mailing checks in this day and age. All banks here do electronic transfers.
    Money may not buy happiness, but it can buy a boat that will pull right up next to it!

  3. #3
    Join Date
    Sep 2006
    Location
    N. Fal on Cape Cod
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    16,987

    Default Re: We took out a debt consolidation loan, and it's been 'interesting'

    Some people don't like to give too much financial information away on the intertubes, Stiletto.
    A society predicated on the assumption that everyone in it should want to get rich is not well situated to become either ethical or imaginative.

    Photographer of sailing and sailboats
    And other things, too.
    http://www.landsedgephoto.com

  4. #4
    Join Date
    Sep 2002
    Location
    On the river, Auckland, New Zealand
    Posts
    6,144

    Default Re: We took out a debt consolidation loan, and it's been 'interesting'

    Quote Originally Posted by elf View Post
    Some people don't like to give too much financial information away on the intertubes, Stiletto.
    Cheque fraud is, where cheques are used, a big deal. Some people even get killed for attempting it.

    John Welsford
    An expert is but a beginner with experience.

  5. #5
    Join Date
    Mar 2009
    Location
    2 states: NJ and confusion
    Posts
    35,221

    Default Re: We took out a debt consolidation loan, and it's been 'interesting'

    A very nice woman at our tax office emailed me and let me know taxes were paid. That was so nice, and seems like such a small, non time consuming, thing to do.

    State Farm has still not a record of payment, and that is being looked into. That's only $56 a month, and when the payment catches up, they'll refund the overpayment.

    Seems checks being sent is not unusual. Guess it leaves a paper trail in case there's a problem.

    That only leaves our double payment to be resolved, and who knows how long that will take. Good news is, we don't need it. Mailed checks do go through today's postal service which is being destroyed from the inside.

    I gave my letter carrier, who's a different person virtually every day, a note to the Postmaster. I had ordered something that tracking shows a delivery was attempted July 23. My front door and driveway were 'inaccessible" (have no idea why), and we will try again. NO UPDATES, AND NO PACKAGE. So I included my name, address, and tracking number.

    Amazon seems to have no option for a package that never arrives.
    How do we form a mutiny? Our new captain is navigating poorly.

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