Ive been horrible at following my loans, so forgive me if I dont remember certain aspects.
I have about 30k in debt. Recently, CRI took over my loans from a previous company. When calling to set up an account to start paying them again, I asked about extra payments in regards to interest. They informed me that all extra payments will go to the interest before the principle. Im making triple monthly payments approximately. I have about 5k in interest that CRI informed me of.
My question is: If my loans are moved to another company again, do they add more interest to my loans? Or am I still able to pay off the principle?
Posted by accessdeniedx2
1 Comment
Interest probably accrues daily. Let’s say you pay once a month and $100 in new interest accrues in that month. You need to keep paying more than $100 to cover the new interest and to chip at the existing $5,000 before you’ll pay on principal.
Your loans moving to a different company shouldn’t change that calculation.
This is different than if you refinanced.