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Overpayment-2 weeks-No Word Back?

  • 17-02-2009 8:23pm
    #1
    Ginger83
    Registered Users, Registered Users 2 Posts: 3,585 ✭✭✭


    Hi, I wrote a letter 2 weeks ago to my bank instructing them to take an overpayment from my mortgage account. Its been just over 2 weeks now and I havent heard anything back. I did ask in the letter for written confirmation of my request.My mortgage came out of the account yesterday without the extra.

    Any ideas? Does it normally take this long or did my letter fall on deaf ears???
    I'm not in a position to call them until friday.


Comments

  • #2
    kaiser sauze
    Registered Users, Registered Users 2 Posts: 1,558 ✭✭✭kaiser sauze


    Did you call them on Friday?


  • #3
    Ginger83
    Registered Users, Registered Users 2 Posts: 3,585 ✭✭✭Ginger83


    Yea they said something about reviewing my financial details they have on record to see if they agree I can afford this increase in payment.


  • #4
    kaiser sauze
    Registered Users, Registered Users 2 Posts: 1,558 ✭✭✭kaiser sauze


    Ginger83 wrote: »
    Yea they said something about reviewing my financial details they have on record to see if they agree I can afford this increase in payment.

    :rolleyes:

    Banks never cease to amaze me with the bull**** they will try to spin you.

    What they are trying to do is get you to do a 'personal finance review', or similar. Not that this is a futile exercise by the way, it is just they will try and sell you a pension or life insurance/illness cover at the end of it. Again, these things are not discretionary, everyone should have some level of cover, but the underhandedness is annoying.

    If they spin that you can't afford the overpayment, and you're personally sure that you can, just lodge the money into the mortgage account each month or set up the mortgage account as a beneficiary on your online banking so you can do it by electronic funds transfer (EFT).

    I assume that you are on a variable rate?

    By making this overpayment, and keeping it up-if that's your plan-you'll save thousands in interest.


  • #5
    amen
    Registered Users, Registered Users 2 Posts: 2,781 ✭✭✭amen


    just lodge the money into the mortgage account each month or set up the mortgage account as a beneficiary on your online banking so you can do it by electronic funds transfer (EFT).

    if you do this make sure the use the overpayment to reduce the premium


  • #6
    kaiser sauze
    Registered Users, Registered Users 2 Posts: 1,558 ✭✭✭kaiser sauze


    amen wrote: »
    if you do this make sure the use the overpayment to reduce the premium

    + 1, good point.

    Perhaps the best way would be to post a cheque each month, with an accompanying letter stating that the amount of the cheque is to be used to clear down the principle.

    If you could post a cheque now, for the full amount of this year's overpayment, and continue that each year you will save even more.


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  • #7
    tony67
    Registered Users, Registered Users 2 Posts: 23 ✭tony67


    amen wrote: »
    if you do this make sure the use the overpayment to reduce the premium

    Thats interesting my girlfriend is in a good position lately with money partly due to the interest rate decreases. She wants to pay off a little more of her mortgage each month too. She can do this online by increasing the amount of her standing order but obviously cannot issue instructions on where it is to go. Would the bank not automatically put the extra funds off her principle? If not what is the other option?


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