Legal Question in Credit and Debt Law in Missouri

I have a loan on a Camper/RV. I have never been late on a payment ever on this loan. I have been sending additional moneys each month with a note to apply the additional moneys to principal (and I state the specific amount extra each month). The loan has been sold to a new loan company and I started noticing that they are reducing the next month's amount due, and eventually the due date goes back an entire month as well. This tells me they are not applying any money to principal as I have been asking. I went to their website and chatted with a woman. She tells me that company policy is that I MUST be 3 months ahead before they will apply extra money to principal. Is this legal? I feel I am being ripped off with the additional interest I am being charged here. I know it is not a lot of money I am talking about. Nevertheless, this does not seem legitimate.


Asked on 7/24/12, 9:10 am

1 Answer from Attorneys
Anthony Smith LawSmith

They bought the loan subject to the terms you had with the original Lerner. If you could put down principal, you still can. Your problem is,, How to assert your right? You should consult directly with a civil practice attorney in your area. Many offer offer a free or low cost initial consultation.

Good luck

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Answered on 7/25/12, 3:13 am


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