Hi, I've borrowed loan for a property with loan amount 500k.

On 6 Dec 2015, I've received a letter from the financier stating that the financing facility has been full disbursed.
The letter is dated at 30 Nov 2015.

In the letter, it mentioned that "monthly installment due on 1st of every month commencing 1 Dec 2015, penalty charges will be levied on any late payment retrospective from the due date to the receipt date of your payment".

My questions are:
1. Letter dated 30 Nov and the due date to make payment is the next day 1 Dec. How can they expect us to know we have to pay immediately as the letter was not received instantly?
2. Since today only I received, is the penalty will be charged?

I find this quite unfair to the consumer.

Anyone here mind to share what's yr opinion on this case?
Your advice and opinion is much appreciated.

This post has been edited by SimpleGirlEver: Dec 7 2015, 10:50 PM

has the penalty been posted to your account?

i previous encounter this before, we were slightly behind but the bank called up and informed us. We immediately made payment.

have a word with the bank officer, if they refuse to entertain... say you want to lodge a complaint to their complaints unit.

You would have opened a savings account with the bank for which they would auto debit right?

I was faced with the same scenario with you and when I called my bank to enquire, they confirm that there will be no penalty and they will manually debit from the savings account for the first time and thereafter will proceed by auto debit.

Just ensure that you have sufficient funds in the savings account.

Give a call to your banker. He will be able to direct you to the person in charge at the branch to get an answer.