Hi,
I'm asking this question on behalf of my sister. Her husband has been put off work permanently and received some of his super to pay out a house they own.After calling the lender to ask how much to pay the loan out she forwarded the check. They have told her now that she will have to pay a further $1,000 as the check took 5 days to clear and the monthly regular payment came due during this time.
I think this is a pretty poor excuse to try suck as much money as they can out of people. My sister said she would never deal with Bank West ever again. I don't think that is totally because of this but this is the icing on the cake.
What makes things worse is because she has found herself in the very unfortunate situation where her life time husband of only 41 has been told he will die in coming years, which has bought about dramatic effects on her and the kids and really has devastated the family. It's a tragic illness that has caused the family to break up and the two to separate. Only because of the neurological disorder effect it's having on her husband. She needs to care for him from a distance while he'll live in the house he owns close to bush nurses.
Paying down the loan is designed to lighten the load on everyday living expenses.
I just thought I'd post to see what she could do and where she stands with this. Being her big brother I want to stick up for her if i can some way. It's only $1,000 and she can pay it but i think the integrity of a lending institution has little to be desired. She was up front in asking how much to pay and forwarded the requested amount. I think it's low.
It was negotiated on application of the loan that there would be no early exit fees!
Sorry to hear about her husband's illness.
Bank interest is calculated daily. So the only extra she would be paying is 5 days interest. Even if they paid cash they would still have had to pay the interest on the loan up to that point, so it won't make that much difference but they still should take it as the date the cheque was deposited.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Jaffa
I am sorry to hear about your BIL's illness.
Have a look at Superanuation policy as some of these include a built in Trauma cover which could mean he could be entitled to a lump sum now to ease the financial burden rather than having to wait until he passes away.
Richard Taylor | Australia's leading private lender
I appreciate your sediments. It’s a real shame…you would not meet a better bloke.
I passed the info on. Seems shes paying $960 and that’s the way it is. Does not seem right to me.
Doctors have found this illness to cause most patients with this condition to spend like crazy then later when they need palliative care and or things along the way they don’t have it and find themselves in a worse situation. So they have adapted a system where ‘x’ amount is given out along the way over a period of years dependent upon application and or how far the illness progresses i guess.
Brett is given chunks now and again. He got 3k the other day and spent it quite quickly then wanted more and often doesn’t remember what it’s spent on.
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