It is agreed that timely payments are the best approach to paying off a loan. It is also reasonable to call a lender if you think your payment will be delayed. We are all adults and we do not need to hear " you should have paid your loan on time". We all know it.
Admittedly I have had late payments. We all have things that come up that we can't ignore. Most of us have families so it's hard to decide who or what gets paid when we fall short.
I have a car that I financed through Nuvell 5 years ago. It should have been paid off sometime around September but since I deferred payments a few times throughout the years, I had a few extra months (or so I thought).
It is Nuvell's policy to allow you to defer a payment every 12 to 13 months and they have been glad to help with that. The only thing is, all those deferred payments and late fees come due on the last day of your loan. I found this out today.
My husband and I have been working very hard to pay extra money for the past few months wanting to get this last little debt to Nuvell off of our backs.
I have paid Nuvell over 1600.00 in about 6 weeks or so thinking I was getting out early. I received a call this morning around 8:00 am telling me that I have 960.00 due now. I told the woman on the phone that my payments were just over 300.00 and they should have received it already. She confirmed that I did indeed pay them 350.00 and they received it on Nov 15th (my due date is the 28th). She told me my payment is now 960.00. I asked to speak with a supervisor. Eventually I spoke with the supervisor and she told me the final amount on my account is 960.00 and it's due now. She told me it was due to late fees. I told her we had deferred payments when we got behind and she said they were all due now.
I have to admit that by this point I was livid. I let her know that anytime the deferrment was offered we were not told that it would be added as a lump final payment on the loan. I thought an extension was...well...an extension. She then said, "we don't have to tell you". I told her to send me a written copy of this policy. Now I am facing the fact that I don't have the 960.00 and I am having to get a loan to pay off THE LOAN or lose the car that I have worked hard to keep.
All of this was to say, of course they are helpful when offering the extension. Just keep in mind that they make money for a living and they do not have your best interst at heart. Ask questions and know with whom you are dealing. Get the facts and good luck!
Also, I have gotten those 7 to 10 calls per day and I have phone records to prove it!