Thank goodness for Ripoff Report and those who have reported about Nationwide Biweekly Administration. You saved me $2,512.72!
Section 9 of Nationwide Biweekly Administrations electronic agreement stated in caps, FROM THE FUNDS THAT NBA COLLECTS FROM THE DESIGNATED ACCOUNT, NBA SHALL REMIT A PAYMENT ON THE LOAN ONCE MONTHLY. This was all I needed to read to know something was up and led me to Ripoff Report.
Because I was familiar with bi-weekly payments shaving years off mortgages, I assumed Nationwide Biweekly Administration was working in conjunction with my lender. It is not. It is an independent company that, through public records, obtained from the Deed of Trust my loan amount (some counties/states may not provide this particular info), my lender, and my address. This enabled Nationwide to generate its mailer to me containing accurate information about my loan.
I called my loan originator, learned who my loan was going to be sold to, and that it offered a twice-per-month payment plan at no cost. So how will I save $2,512.72? Nationwide was going to charge a $496.72 loan set up fee. It was also going to charge $3.50 (per debit to my account to collect the payments) x 2 (debits per month) x 24 (years) = $2,016. $496.72 + $2,016 = $2,512.72. All of this for free once my loan has been sold!!!
The bottom line: Set up your bi-weekly payment plan thru your lender and lender ONLY. If it does not offer this plan or only accepts at least full payments, then pay an additional $75 or $100 each month or squirrel away your pennies and nickels until you can make that extra payment in full.
Again, THANK YOU Ripoff Reports and those who reported Nationwide Biweekly Administration.