Silverleaf Resorts / Interest may be being assessed improperly, and have been trying to get a statement for almost two months!
all things were normal until 1 November. The payment made on one November in the Owner's Portal looks like one large payment. It was actually two. The regular monthly was one payment drafted as scheduled and an additional payment of over 4, 000 was made seperately. That issue in and if itself is no big deal as it seems interest was deducted in the root amount, at the right time.
Problems really begin on 14 November. Our regular monthly payment is due on the first every month. This was a payment is a midmonth payment, however the interest they deducted would be what I would expect to be deducted at the start of December if NO additional payments were made in November. They can not do this. The Promissory Notes states that "prepayments" are to be applied to principle!
I called to get that fixed, to get them to apply what was deducted for interest to principle. They have confirmed over the phone several times that such was done. I was then told that I could not make principle payments online, that I had to call them in because their online system had no way to apply the payment to principle only. Okay, stupid, but whatever.
On 19 November I call in an additional principle payment like I was told to do and stress that it is a principle payment. I check back a day or two later and I see interest was deducted. This is where things really get suspicious. The amount deducted for interest, five days later is THE SAME amount as they had attempted to deduct from my payment on 14 November! No difference. It, like on 14 Nov. is the amount of ingest I would expect to have deducted on 1 December if no additional monthly payments were made in Nov.!
This time, at this point I call and complain as well as request an itemized statement. I email a complaint and in that request an itemized statement, and I and them a letter requesting as well an itemized statement. In each I point out the obvious flaws with their assessing of interest and the deduction of it. I send them a printed out copy of the screen shot. I also send them a copy of the Promissory Note with the section about additional and "prepayments" being applied to principle! I demand they credit these interest charges to principle, recalculate the average daily balance, and wait to deduct the correct amount of interest due on 1 December.
I call back over a week later to see if my demands were met and according to the representative on the phone they were, however again, nothing changed in the owners portal, and I was still waiting on a statement.
Thinking everything had seemingly been corrected I made an extra payment on 30 Nov. I check a couple days later to make sure it had been proudly applied and it was, and I was happy thinking that they had finally gotten their stuff sorted.
1 December rolls around and our regular monthly payment is drafted. It posts and shows up, but NO interest is deducted!? I had no idea what to do about that at that point. I probably should have called but rather than spend time on the phone with them again I left it alone. Probably shouldn't have, but when you have called enough on one issue that you feel like they should know your name by that time you get stock of talking to them.
14 December comes and I make an additional payment by phone stressing it is a principle payment. It gets drafted from my account but fails to show up on the Owner's Portal! I call up to make sure it posted, they say it did. I call up to make sure the full amount went to principle, they say it did. I once again ask for a statement!
29 December, and I make an additional payment via phone stressing it is a principle payment. A couple days later I check the Owner's Portal and what do I behold? They are treating it like my payment for 1 Jan and have deducted interest. Once again I call up, though because of New Years I had to wait until the 3rd. In that time my regular payment had been drafted on 1 Jan, and posted on the Owner's Portal and I see that has had interest deducted from it in the SAME amount that was deducted from the payment on 29 December! It makes no sense whatsoever.
It is during that call they tell me they can email statements. At this point I need a statement because in the three to four calls I have made since the 3rd I have no idea what is going on. I have been told that the interest charged on the 29th was caught for the mistake it was and was credited back (of course none of that shows up in the Owner's Portal), I have also been told in another call that the interest deducted from the payment on 29 December was to cover December's interest since they failed to deduct interest on 1 December from that payment. However that makes no sense. How could interest charged be the same two months in a row with additional payments made in between?
So, as you can see it is a mess and the only way I can be sure of anything is with a statement that I have requested multiple times but still not received. Furthermore they are violating the terms of the Promissory Note with how they are deducting interest. I worry for other owners like yourself and wonder how much extra money they are making and in doing so how much longer it is taking other people to pay off their units.
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