[GNC] Loan with overpayments

[David Cousens]

Claire

Can you request a more detailed statement? 

"Trust us, we are a bank" is not a good modus operandi as we have found out
recently in Australia. We had banks charging for services never rendered,
continuing to charge fees to dead people along with outrageous fees for
letting the computer do the hard work. When my statements were delivered on
paper I used to get them monthly at no charge, now that they are computer
generated by default I get them six monthly with a fee but can also request
a statement for which I will be charged a fee at any time - no human
intervention as it is supplied immediately as a downloaded PDF so no mailing
or printing costs. Statements here are generally fairly complete  usually
with interest credited monthly but calculated on daily stops. Additional
payments of course should reduce the interest paid which should be
calculated on the current daily balance.
If you do set up a spreadsheet for the loan calculations you can setup the
usual setup with no additional payments and a parallel setup with the
additional payments so you can document the interest saved . Most
spreadsheets have financial functions for doing the interest calculations
using daily compounding interest but they rarely define the formuae they are
using but they are usually standrd calculations from the financial
literature.

David Cousens



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David Cousens
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