Mortgage Payment Coupon Book

Author: Consumercity
Posted: Thu Dec 30, 2004 5:43 pm
Post subject: Mortgage Payment Coupon Books


People are being robbed blind on their mortgages and student loans because lenders use coupon books instead of monthly statements. Without monthly statements, people can't tell if late fees are being charged. They can't tell if money that should go toward principal is being applied for interest, fees, or someone else's account.

Imagine paying on your mortgage for 30 years and when you think you are paid up, the lender claims you owe thousands of dollars in interest and fees. You wouldn't be able to prove you didn't owe. You would have no recourse.

Consumer Advocate, Denise Richardson, is sponsoring a bill that requires lenders to issue monthly statements instead of using coupon books. If consumers get monthly statements, they can quickly detect and correct accounting errors made by the lender. With coupon books, mistakes may not be detected until many years later when the borrower can't produce records and is at the mercy of the lender.

If you or someone you care about has a mortgage or student loan, please sign the petition.
_________________
Consumer City.org

---

Author: NightStar
Posted: Thu Dec 30, 2004 8:25 pm
Post subject: Mortgage Payment Coupon Book


Also you can throw in auto loans to the group, they do coupon books too.

I agree, that even though the lender thinks it is convient, it is a problem for the consumer not having confirmation that payment was applied.
_________________
Best Regards,
Pammila Phillis
Board Monitor
http://www.cardratings.com
501-663-0314 PH

---

Author: Bandy
Posted: Mon Mar 07, 2005 7:57 pm
Post subject: Mortgage Payment Coupon Book


I signed & fowarded to a few of my friends...strongly agree on this!
_________________
bandy

---

Author: Ira
Posted: Wed Mar 09, 2005 4:07 am
Post subject: Mortgage Payment Coupon Book


I have a slightly different take on this matter. We all get so much paper in the mail it can be overwhelming. I personally don't need another monthly statement. Why not simply have a "No news is good news" approach. If your payment is received on time and there's no problem, no notification. However, require the lender to send out a notice within ten days if for any reason any additional fees or penalties have been added to the account. The law or regulation should state that if the lender does not notify the consumer within X amount of time, the additional charges will not be collectable. This would give consumers the best of both worlds. We would have the convenience of a payment book and the assurance that we would be notified of any problems so we can take appropriate action.
_________________
Do not let what you cannot do interfere with what you can do.

Ira

---

Author: Hesiden
Posted: Fri Mar 11, 2005 10:58 am
Post subject: Mortgage Payment Coupon Book


*shrug*

I pay on-line. I see my statement on-line.

If I was 5 to 10 years younger I'd say "what's a coupon book?"

---

Author: Consumercity
Posted: Thu Mar 24, 2005 6:25 pm
Post subject: Mortgage Payment Coupon Book

hesiden wrote:
*shrug*

I pay on-line. I see my statement on-line.

If I was 5 to 10 years younger I'd say "what's a coupon book?"

True, but not everyone has internet access, such as the poor, the elderly and people who shy away from the internet.

---

Author: CreditCardGuru
Posted: Fri Apr 22, 2005 5:51 pm
Post subject: Mortgage Payment Coupon Book


Yes, I agree coupon books suck, you have to call the bank to find out information frequently, it's more of an ineffcient way to budget their money
_________________
I'm the Credit Card Guru, YOU BET