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Posted in Auto Loans
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Question By
restarteam

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What is best way to dispute 3 late payments because lender stopped automatic payments by mistake.
I have had automatic auto payments for 10+ years on several loan accounts. Signed up for a one-time "skip a payment" on 1 loan but regulations stipulated a minimum "savings" balance that was NOT advertised on fllyer, so I didn't know about it. When payment didn't "skip" because of savings balance, they didn't notify me and I thought it was skipped. They marked it as "late". I tried 3 times to get it fixed and the last time, their rep said she would stop the current auto payments and start a new series of auto payments. Through a glitch, the new series was never started and my last 3 payments on the car were late. I thought they were going through but didn't check. They called, I paid all 3 payments and it now shows up as a "bank closed account", when it was actually paid off. How can I correct this? Do I need to go to the lender directly or file a dispute online? They won't show me my records of conversations with their service department on the 3 occasions I tried to straighten it out. It is a credit union.

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They probably closed the account because they deemed you as a high risk account holder. 3 consecutive missed payments is a big deal to a lender. Also you should have checked to see if the payments were going through. 1 month is understandable 2 is borderline 3 is letting me know that there are some major issues going on at the moment..... Good luck with disputing this. It is the borrower's responsibility to make sure payments are made on time each month, not the creditor... What you could try to do is write a letter to your lender and with humility ask if they would forgive you of the 3 late charges by removing them from your credit file.

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