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mec

Plastiq, Mortgage payment, Cautionary, 30 day late, reversed by Mortgage holder...

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Details to follow.

 

Beware readers. Plastiq's electronic payments may or may not be issued to your mortgage holder as a "mailed check".

 

Long story short. Chat log with Plastiq rep in advance of 30 day late date (with Plastiq rep indicating payment was in receipt with trace of #) submitted to Mortgage company resulted in mortgage company reversing 30 day late notation.after 30 day late reporting to 4 bureaus upon next reporting interval.

 

Some element of I don't care because I'm going to enjoy 17 days in Europe during the interim.

 

2 page letter submitted to mortgage company in the interim accompanied by chat logs with Plastiq rep  before and after 30 day late occurred certainly contributed to their decision.

 

Mortgage company insisted payment was received by paper check, Plastiq insisted payment was sent via ACH... (As yet unresolved/ unconfirmed) 

 

In the end, swimming in the Adriatic and drinking gin & tonics in 100 farenheit temperatures is more important than a 30 day late. 

 

Vague letter from mortgage company results in on time payments for May and June being reported at next reporting period.

 

Details to follow.

 

Questions?

 

Answers to follow.

 

 

 
 

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Score dropped 60 points.

 

From 771 (Experian) to ? 697...707, 711... then back up to 771 after next reporting or previous months payment as "good".

 

...

Edited by mec

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Did consider a more coherent description/post.

 

Instead. Drank several things (local beer, and a few gin  tonics etcetera concoctions and a blue doorish item... and submitted these generalizations.

 

I want to know what your questions are more so than I want to tell you what happened.

 

 

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14 hours ago, mec said:

 

 

Long story short. Chat log with Plastiq rep conducted in advance of 30 day late date (with Plastiq rep indicating payment was in receipt with trace I'd # and date time of deposit) submitted to Mortgage company resulted in mortgage company reversing 30 day late notation.after 30 day late reporting to 4 bureaus upon next reporting interval.

 

 

 

 

 

 
 

 

I got so close to the 30 day late payment because I made an error submitting a one time ACH payment from a new checking account. I must have entered a bad digit for the account number.

 

In the period between when I submitted the ACH payment and the time it was rejected, I received a new card with a 5k spend SUB in the mail and calculated, based on Plastiq's timeline that it would arrive on the 30th of May. Close, I know, but I was looking for simple ways to burn through the spend requirement.

 

As the date approached I realized I could be in jeopardy of a Credit blemish and began calling the Mortgage company daily verify the date I would be considered late and describe the situation to their representatives.

 

The day that Plastiq reported the Mortgage company had received the funds, the Mortgage company rep told me that they could not see the credit, but that it was possible that it was in their system and still unprocessed. They also told me that no third party payment system ever submitted ACH payments, and that they were always paper checks. This contradicts what Plastiq states on their site about payments to this lender.

 

That was the time I had my first chat with Plastiq and they provided me with a trace I'd number, a payment date time and a deposit date time for this payment. 

 

This caused me to believe the funds were in the lenders account and that they would eventually reconcile them to the 30th.

 

In early June the funds were reconciled to the 4th and I had a second chat with Plastiq, in which they continued to assert the funds were sent electronically.

 

To this point I don't have a definitive answer as to whether a paper check was sent by some entity to the lender as they insist it was or not.

 

I'm not sure if they removed the 30 day late notations because they found the payment was not late or if they considered that I was proactive and that I believed they had been paid and did it as an act of good will.

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Cool story. And very good job dealing with the situation. I don't like to play close to the edge. At least for the last 10 years or so. Prior to that: "What edge? lol"  OTOH, I had zero knowledge of what CRAs were, what a credit score was, or any idea what was in my credit reports.

 

 

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I did really agonize over whether or not to submit an additional ACH payment on the 31st through the lender's billpay to eliminate the risk. I wanted to avoid that because I had already scheduled the next 3 payments through Plastiq under their 1% fee offer that was running at that time, and as much as I would have liked to make an additional principal payment, it wasn't really budgeted for.

 

In the end I decided to risk it because of how convincing that trace I'd number  and deposit date and time were and the chat logs I had to back them up.

 

I'd love to get a real answer as to whether or not a paper check was delivered. I think there is a chance that Plastiq uses a service that actually makes the payment, and their information  about the payment's delivery is inaccurate.

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I had a similar issue with Plastiq and my payment to Audi Financial last year.  Monthly payment was due on the 16th, I would have it scheduled to be there on the 12th, giving me 4 days of float.  Worked great for well over a year, no issues.  Then one month it was late, was supposed to be there on the the 12th wasn't posted until the 18th.  Next month I moved it to the 9th, and it was still late on the 18th, even though it was supposed to be a 2 day payment.  Thankfully Audi never charged me a late fee (you have 10 days grace period).  That was my last experience as it was the last payment I made on that car.

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