[GNC] Loan with overpayments

[elvis]

On 23/2/20 8:23 am, David Cousens wrote:
> 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

And now the banks are so risk adverse that I can't refinance a loan I 
have had for 15 years. A big thanks to all the people who whinged at the 
banks and are turning us into a nanny state.



>
>
>
> -----
> David Cousens
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Niagara Falls would be much more impressive if it flowed the other way.