2010 Debt Reduction Challenge - Discussions

**Greebo** · 01-16-2010, 04:24 PM

Originally Posted by scooby8themall

How would I post payments I make on Credit cards if I'm not actually paying on each card (I pay one monthly payment) I am in Debt consolation I do see statements but no interest or principle, all Credit cards are closed and not usable.

Your statement should show your balance due from month to month - the amount of decrease is the principal amount. The rest is interest.

And my Mortgage is through a private lender I don't know what my interest or principle is .TIA for any help on this

When did you start the mortgage, for how much and at what rate? We can link you to a calculator to help you estimate your amortization schedule.

**scooby8themall** · 01-16-2010, 09:54 PM

Greebo my statements do not show interest because while in DMP I do not see that part I only see the amount due the DMP company cut the interest rate I can only go on what it is suppose to be which would not be exact .I guess it would be hard for me to do this challenge not knowing lol .
We started this Mortgage 3 years ago we have 8 years left at 350 a month.
Thanks Scoob

**Greebo** · 01-16-2010, 09:59 PM

Originally Posted by scooby8themall

Greebo my statements do not show interest because while in DMP I do not see that part I only see the amount due the DMP company cut the interest rate I can only go on what it is suppose to be which would not be exact .I guess it would be hard for me to do this challenge not knowing lol .
We started this Mortgage 3 years ago we have 8 years left at 350 a month.
Thanks Scoob

They don't show you your current balance at all? Weird!

**Gibs** · 01-18-2010, 09:10 PM

I want in on this challenge as well and will be updating within the next couple of days, thanks all.

**NikoSan999** · 01-22-2010, 10:30 AM

Greebo, I haven't included the mortgage payment for the business because it is auto deduct, has NEVER been broken down. No statement except for end of the year and still no breakdown. Just balance at end of year.
We have called to get it off auto deduct and monthly billing to start by snail mail. However they won't even give us the loan number. Said they can't. We will see if they even actually do the money snail mail.
Why won't they give us the loan number and why has it never been broken down principal vs interest. Will not tell us. Understand you don't really know but any ideas why?

**Greebo** · 01-22-2010, 10:33 AM

Originally Posted by NikoSan999

Greebo, I haven't included the mortgage payment for the business because it is auto deduct, has NEVER been broken down. No statement except for end of the year and still no breakdown. Just balance at end of year.
We have called to get it off auto deduct and monthly billing to start by snail mail. However they won't even give us the loan number. Said they can't. We will see if they even actually do the money snail mail.
Why won't they give us the loan number and why has it never been broken down principal vs interest. Will not tell us. Understand you don't really know but any ideas why?

Hell I dunno - who'd you take the loan out with, The Godfather Bank?

**NikoSan999** · 01-22-2010, 10:37 AM

Oh man, can't believe I didn't even get that dig in. Yes, Bank of Hell.

Know you don't know but just wondering if you had an idea of why.

**Greebo** · 01-22-2010, 10:45 AM

I cannot imagine. Can you log into see the loan online or anything?

These "user unfriendly" statement and system reports amaze me. I have a hard time believing they're that bad - I almost want to ask peopel for their login info to see for myself, I swear...

**NikoSan999** · 01-22-2010, 10:59 AM

Yeah, an "overview" only. This is TOTALLY all there is and there is no monthly anything. As you can see there is no account number either. So the accountant works off the bottom yearly interest crap. I need an account number and they won't give it either. They say they can't. But I also cannot break down principal and interest. I understand what some of these posters are saying.
Sending in 2 posts.

Current principal balance:

$34,889.31

Original loan amount:

$48,960.00

Term:

180 months

Date of loan origination:

10/28/2003

Loan purpose:

OTHER BUS PURPO

**NikoSan999** · 01-22-2010, 10:59 AM

Estimated payoff amount:

$35,532.61 *

Payoff good through:

01/22/2010 *

Next payment amount:

$911.70

Next payment due date:

01/28/2010

Past due amount:

$0.00

Late charges due:

$0.00

Last payment amount:

$447.11

Last payment date:

12/28/2009
Interest rate:

8.25 %

Interest paid year-to-date:

$0.00

Interest paid last year:

$2,637.47

This is all it says online. All we have to go by . period

**TigerGirl1226** · 01-22-2010, 11:05 AM

I'm always amazed at the lack of information that is given my companies we have loans/accounts through. I have a few accounts that will take payments online, but provide no other information. My mortgage is like that. I can pay online and view past payments, but that's it. So, my mortgage is $1281 and I pay it in increments throughout the month. I have to wait until the next month to get the statement and make sure everything was applied correctly. Having payments applied correctly doesn't seem to be a guarantee with Wells Fargo.

**NikoSan999** · 01-22-2010, 11:12 AM

Also have never understood why it always says next payment amount is 911.70. Payment is 447.11 Always.

Estimated payoff amount:

$35,532.61 *

Payoff good through:

01/22/2010 *

Next payment amount:$911.70

Next payment due date:

01/28/2010

Past due amount:

$0.00

Late charges due:

$0.00
Last payment amount:$447.11

**Greebo** · 01-22-2010, 11:29 AM

Originally Posted by NikoSan999

Current principal balance:

$34,889.31
Interest rate:

8.25 %

This is all it says online. All we have to go by . period

You have enough.

34889.31*0.0825/12 = $239.864 - the interest portion of your next payment

**monkeywrangler71** · 01-22-2010, 11:32 AM

There is a loan amortization spreadsheet around somewhere. You have the original amount (48960) and the term (15 years) and rate (8.5). That's enough to fill out the spreadsheet and have it list all of your payments and their breakdown.