HFC again...maybe I'm paranoid??

[parsoc]

was so excited last month when HFC notified me that the ARM will go down for this period, thinking I could put that "extra" $80 or so in savings....now we get a notice saying there was a "technical error in the calculation of the Finance charge and monthly payment schedule" blah blah blah "your current monthly payment, closing costs and other terms...... are the same and have not changed"

The payments listed for the 25th+ payments is approximately $3 more than the first 24 payments...so maybe this is just to correct the Truth in Lending disclosure (as the letter said) and doesn't involve the recent lowered payment? (which I've sent in for July)

It just seems too coincidental to the filing of the BK and this "recent review of your loan file"...although I imagine that is common to have a review after their notification of the bk

(Yes, I'm paying it outside the 13 plan)

And although this letter had in big bold letters "This is NOT an attemt to collect a debt" I'm still getting my regular statements without that wording.

[jq26]

Your loan is fixed to an index plus margin. When the index moves your rate moves proportionately. I know you know this but thought other readers may not.

My guess is your lender is walking the fine line of providing you the required disclosures while at the same time not violating federal bankruptcy law. I'd settle up with them and make sure you cover the full payment amount.

But that really stinks that they got your hopes up that you'd have lower payments...

[Bigwoodystyl]

If your loan is fixed to an index, you should know right away whether your payment will increase/decrease based on the index.

A letter from the bank is superfluous. All you need is a copy of the loan agreement and a copy of the recent index...

At least you know for next time