Machesney Park, IL asked in Consumer Law, Banking, Business Formation and Business Law for Illinois

Q: Is there anything you can do if the lender applies the payment to the principal but does not bring down the balance?

1 Lawyer Answer
James L. Arrasmith
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  • Consumer Law Lawyer
  • Sacramento, CA

A: If you believe that your lender has incorrectly applied a payment to the principal without properly bringing down the balance, you should contact your lender directly to discuss the issue and request an explanation. It is possible that there may have been a mistake or a misunderstanding that can be corrected.

If you are unable to resolve the issue directly with your lender, you may consider filing a complaint with a regulatory agency such as the Consumer Financial Protection Bureau (CFPB) or seeking the assistance of an attorney who specializes in consumer protection or banking law. They can review your situation and advise you on the best course of action.

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