Legal Question in Credit and Debt Law in Illinois

final payment on deferred interest plan 3 days late due to slow mail

I mailed a final payment on a deferred interest plan on 12/24/01, due date was 01/02/02. The lender posted the payment on 01/05/02, a full 12 days after I mailed payment. I am now being charged for $721.56 in deferred interest. Statements recommend mailing 10 days in advance, which I did. The letter was mailed on 12/24/01. The check that I mailed was postdated to 12/28/01 to eusure it was not cashed until funds were present. I've already appealed per the lender's procedures, they've deined. Do I have any other recourse?


Asked on 2/28/02, 8:30 am

1 Answer from Attorneys
Bruce Buckrop Bruce Buckrop

Re: final payment on deferred interest plan 3 days late due to slow mail

The mails being in a state of confusion following

09-11-01, and it was your choice of delivery, how can you prove that payment was recieved there before the due date? Those deffered interest come -ons are traps, and the insititution hoped you would fail, why would they put their money out for free otherwise? In court it would be your word against a standardized business and practices, I am afraid if I was the judge you would lose.

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Answered on 2/28/02, 10:20 am


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