retail installment contract/bank of america

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Posted by kathy horner on June 20, 2001 at 21:02:49:

15 years ago we purchase a mobile home. having made 176 of 180 payments we decide to purchase a larger home imagine our surprise when we called for a payoff to be told we owed $8900.00. we have done everything we can to settle this through the bank only to be told that we owe this money in finance charges because our payment did not always arrive on the due date and they charged extra finance charges. by the banks balance we still owe over half of the principal that we borrowed which was $17,420.00. please explaine to me how this can be true after paying for almost 15 years? we never missed a payment. they were all paid in the month they were due with late charges added if they were mailed late. thank you in advance for a answer.

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: 15 years ago we purchase a mobile home. having made 176 of 180 payments we decide to purchase a larger home imagine our surprise when we called for a payoff to be told we owed $8900.00. we have done everything we can to settle this through the bank only to be told that we owe this money in finance charges because our payment did not always arrive on the due date and they charged extra finance charges. by the banks balance we still owe over half of the principal that we borrowed which was $17,420.00. please explaine to me how this can be true after paying for almost 15 years? we never missed a payment. they were all paid in the month they were due with late charges added if they were mailed late. thank you in advance for a answer.

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