More Advice Please? (Lost Money)


#1

I had 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 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?


#2

Make the payment, you won’t lose the money as they will simply show the overpayment as a credit. I would wait until the last day and pay via telephone or Internet to give their process as much time as possible but you won’t lose the money if you make the payment just to be certain.


#3

Good advice.


#4

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?

.
Yes, of course make the payment. But the above really bothers me. I would probably call & see if I could talk to the person that took the payment. If I couldn’t find them I was probably ask that they cancel the check & reissue it. The part that I find strange is that it hasn’t been cashed. Now if the bank had cashed it & was holding the money, I’ve seen that before (they get free money while holding it) but to not cash it, that seems strange to me.


#5

All of this was done by my loan officer.

The loan officer paid off the balance of my original second mortgage (around $3,000.00) and the two credit cards.

The two credit cards were paid by the loan officer by electronic check and … get this: Both cards are paid to the same bank!
Citibank holds the Sears MasterCard and Costco Visa card accounts!

So my problem is, I have NO information that I can contact CitiBank with on my own because I didn’t do any of the paying off.
Thus, no confirmation of payment notice … nothing … zip!
Eight Grand just lost somewhere in cyberspace … along with my loan officer!8(


#6

Well the fact that it’s hasn’t cleared would make me feel better. But you just never know. One time I got called over because they were cleaning out an office & found my check behind a desk. The check was about 17 month old so you just never know.


#7

A few years ago I had payments for several bills that disappeared but this was during a time when I was hearing about mail men who did not deliver all their mail and mail was found thrown away.


#8

This sounds too much like the post office where they find a letter mailed in 1942 but it was in a piece of equipment and found in 1988. :asleep:


#9

Wasn’t all this done electronically though?


#10

yes it was.


#11

Make the payment on time, as was said.

Tell the loan officer that the receiving party has not recorded the payoff - and they are to recover the money. EFTs can be charged back when not credited, is my understanding. An EFT transfer that was not properly credited, has to be rebated to they payer.

Then, try again. Perhaps an old-fashioned wiring of money, rather than the Internet-based EFT program.

When they have the payment, cancel the card. Someone doesn’t know how to handle money there.