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Payoff going up

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NC84
Regular Contributor

Payoff going up


PenFed sent me my refinced loan packet with the pay off check last thursday but I havnt got it yet and today's a holiday. I noticed my payoff amount on my current loan keeps going up like literally $12 a day. Now with my work schedule I won't be able to go to the bank to pay it off until Friday. At this rate I'll owe $100 more. Is this just something I gotta deal with or what? It seems pretty messed up to me. 

Message 1 of 6
5 REPLIES 5
Brian_Earl_Spilner
Credit Mentor

Re: Payoff going up

If you got a payoff quote from your lender, that's typically good for around 10 days. 

    
Message 2 of 6
NC84
Regular Contributor

Re: Payoff going up

I never did that so I guess it's on me. I'll have to call them tomorrow and get one. If the penfed check dosnt match the pay off exactly will they let me pay the difference out of my checking account?

Message 3 of 6
Brian_Earl_Spilner
Credit Mentor

Re: Payoff going up

I would ask the lender how they want to do it.

    
Message 4 of 6
Kforce
Senior Contributor

Re: Payoff going up


@Brian_Earl_Spilner wrote:

I would ask the lender how they want to do it.


+ 1

Best to check with lender.

Most will let you pay the difference with check or debit.

Many payoff's add 7-10 day's interest, however when overpaid, you will have to wait a month or more  for the refund check in the mail.

If you can just pay the difference it would be ideal.

Give them a call first business day

Message 5 of 6
dunn2500
Established Contributor

Re: Payoff going up

 i had a balance of like $130 so i just paid it......NFCU had loan and Pen Fed was the refinance

Message 6 of 6
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