Overcharged Interest

Viewing 6 posts - 1 through 6 (of 6 total)

shralper
Member
@shralper
Join Date: 2003
Post Count: 8
October 8, 2003 - 7:07 am
I recently discovered that since refinancing about 2 months ago, I have been charged interest on my LOC home loan at personal loan rates. Around 15% instead of 6.57%!!! [!] It then took a couple of ‘reminders’ to get it fixed up.
Some money has been refunded, but how can I check that their calculations are correct? I assume that interest is calculated daily, and since they were charging interest on the overcharged interest before they returned it, I suspect that they have probably short-changed me.
Is there any software around that calculates interest like a bank so I can plug in my last 2 months of transactions with the correct interest rate to compare with their figure?
HulaQueen
Member
@hulaqueen
Join Date: 2003
Post Count: 23
October 8, 2003 - 7:32 am
I did a search using the engine at http://www.copernic.com and found the following options for you:
http://www.interestsavers.com.au/ $99AUD
http://www.statementcheckers.com/hdeluxe.htm $99AUD
Sounds like using one might save you more than $99!
Cheers!
Sheryl
[email protected]
PS I have no association with the companies above
Sallyr
Member
@sallyr
Join Date: 2003
Post Count: 6
October 8, 2003 - 8:14 am
The Interest Savers provide a program specifically for checking info such as this. It is advertised as a program specifically for beginners and that’s exactly what it is.
If you have Excel skills then you can do it for yourself but if not then this program may be for you.
You enter each months values from your statement and the program tells you what the error is.
they provide a couple of letters for you to use to mail to your lender.
I believe it is to brain child of Kevin Nowland who delights in proving the banks wrong. You may have seen him on TV
Their guarantee is something along the lines that if you dont find an error then they will refund the cost of the program which is around $200 (dont quote me)from memory.
I bought my copy through Mortgage watchdog: http://www.mortgagewatchdog.com.au/
cheers
Sallyr
josie_2
Member
@josie_2
Join Date: 2002
Post Count: 15
October 9, 2003 - 4:10 am
Hi Shralper
There is a free statement checker you can use on our website that Stuart developed.
http://www.prosolution.com.au/ps_docs/prosolution_doc091603_185728.html
Our clients have used it and it has proven to be accurate for them. You should try before you spend $100.[]
Josie
The DIY Dog Wash
Member
@the-diy-dog-wash
Join Date: 2003
Post Count: 696
October 9, 2003 - 5:15 am
shralper
I have used Stuarts statement checker as mentioned by the lovely Josie and it works very well.
Cheers
Leigh K[]
Carve your own path and lead the way …
shralper
Member
@shralper
Join Date: 2003
Post Count: 8
October 12, 2003 - 11:29 pm
quote:
Hi Shralper
There is a free statement checker you can use on our website that Stuart developed.
http://www.prosolution.com.au/ps_docs/prosolution_doc091603_185728.html
Our clients have used it and it has proven to be accurate for them. You should try before you spend $100.[]
Josie
Thanks Josie, (and others) I will give this a go, free is always better [^], esp when you feel like you’ve just been robbed.
Keep ’em honest everyone!
Shralper.