All Topics / Hotch Potch / Overcharged Interest

Viewing 6 posts - 1 through 6 (of 6 total)
  • Profile photo of shralpershralper
    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?

    Profile photo of HulaQueenHulaQueen
    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

    Profile photo of SallyrSallyr
    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

    Profile photo of josie_2josie_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.[:D]

    Josie

    Profile photo of The DIY Dog WashThe 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[:D]

    Carve your own path and lead the way …

    Profile photo of shralpershralper
    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.[:D]

    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.

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

The topic ‘Overcharged Interest’ is closed to new replies.