Today was a fantastic day for both myself and my Mother. She didn't have a mortgage on her home, but she did have a variable home improvement loan on it, which was due to expire next month.
She received a letter from the bank where this loan was through, telling her she would be owing an additional $3,000 in fees and interest at conversion time.
She was naturally alarmed and called me.
Without looking at the letter, I did explain to her they were most likely telling her how much she would expect to pay if all she paid was the minimum due.
I asked her how much she owed, she looked it up and realized she had the money saved up to pay it off. I took care of the transactions necessary to transfer what was necessary to accomplish this and drove her to the bank and watched over the process of her paying off the balance and closing the account.
This was the last account we had open at this bank, as we now use a credit union, so it was also a goodbye to this bank as well.
They can get their $3,000 from someone else.
Meanwhile, I told Mom that the next payment she makes should be to herself, not someone else. We also had a celebratory brunch at IHOP. She is definitely breathing a sigh of relief to have that over.
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