PenFed "courtesy paid" off my loan

[Patient957]

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@IaBoy62 wrote:

They forgave the balance......nothing was withdrawn from my accounts.!

I am going to try to get a 'paid in full" letter from them

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Wow, OK, I guess that does qualify as a courtesy then.  I stand corrected.

[ptatohed]

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@Patient957 wrote:

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@IaBoy62 wrote:

They forgave the balance......nothing was withdrawn from my accounts.!

I am going to try to get a 'paid in full" letter from them

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Wow, OK, I guess that does qualify as a courtesy then.  I stand corrected.

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Me too!

[FicoMike0]

I guess we can't hold this against penfed, if we weren't trying to hack the system we d be pleased if they forgave the last few loan payments. Keep in mind, they didn't create this loan to help us inflate our scores, we're just taking advantage of a side effect.

We need a plan to manage this situation.  I know, many will say the plan is called nfcu. I would agree, except I already have a penfed loan. The fact that penfed will go for half the initial principle might influence some, as well.

[FicoMike0]

So, rather than set up auto pay of $2.xx to pay it off on time, I'm going to let it ride. I think I'll make a $1 payment every new years, for activity. That will leave me with eight payments due, starting in about six years. I'll set a reminder for the first payment. Any comments or suggestions?

[Patient957]

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@FicoMike0 wrote:

So, rather than set up auto pay of $2.xx to pay it off on time, I'm going to let it ride. I think I'll make a $1 payment every new years, for activity. That will leave me with eight payments due, starting in about six years. I'll set a reminder for the first payment. Any comments or suggestions?

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I think your approach makes sense, pay it down much more slowly. 

I'm thinking staggering SSLs every 6 years or so, so I will always have one open, since I'm not planning to take any regular installment loans in the future, like an auto loan or whatever.  Hard to plan too far into the future with such things, but that's my thought.

[FicoMike0]

Someone posted that landed will go 142 months. That's 11 years, 10 months, pretty long term. That would require $3550, then paid down to $319.50. The larger the remaining balance, the less likely they'll forgive it.

[Patient957]

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@FicoMike0 wrote:

Someone posted that landed will go 142 months. That's 11 years, 10 months, pretty long term. That would require $3550, then paid down to $319.50. The larger the remaining balance, the less likely they'll forgive it.

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As I mentioned in the other related thread, the max is 142 months.  That requires a $3150 loan amount to achieve exactly $25 per month.  Remember, there's an interest rate of 2.05%, so the loan amount is less than $3550 (142 x $25).  Hope that makes sense.

I decided to immediately pay mine down to $250 (7.9% B/L).  So far, so good.

[Gregory1776]

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@IaBoy62 wrote:

Already removed.....PenFed seems like they are coming apart at the seams!!

IF I didn't have a $10,000 and a $15,000 credit card with them I would probably move on.

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Why is that?