IRD or Interest Rate Deferential is a formula the banks use to calculate mortgage penalty if you decide to break the mortgage with your current lender. The IRD formula is used in a case where the current posted rates are lower then your mortgage rate. This is done in order to have a bigger penalty if you are breaking your mortgage for a better rate.

The banks can waive the penalty if you stay with them and it is ther discretion to do so. Negotiate if the penalty can be waived. There is no harm in asking.

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I know there has to be a way to do it. i have talked to customer service and they have said that in some cases, the fee is waived. we so got screwed with this loan. we asked all the right questions from the get go, but the broker we work with just didn't care enough to give us the time of day. please help! i have to be with my loan for 3 years to avoid paying the penalty. i will be 2 years in december. our interest rate is now above 8%, and will keep rising until it caps at 11.995%. i know that i can refinance with my bank to avoid paying the penalty - as long as i get the same type of loan, which is what i am trying to avoid. i want to get a fixed rate loan but i refuse to pay the almost $8000 penalty fee. who can i talk to to get the fee waived, and is it even possible?

They aren't going to waive the fee. However, if the broker misrepresented the loan, you may have a case against the broker. You should talk to a reputable attorney regarding your situation.

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There is no double yellow lane and i parked on the car park space on the street. but the area is called "control area" which need parking permit to park but my permit only expired 4 days, and expired permit shows on the car. and they put the penalty charge. i was appeal the case and they refused to withdrew because they thinking they are right. i was provide the bank statement, driving licence and other documents indicate i am living the area and explained the why the late for permit. is anyone who can help me with that? appreciate！！

Unless you know someone (i.e. someone on the police dept. or another city-type job) you are probably s.o.l. sorry to say it, but i have been through a very similar thing. the city doesnt care at all or have any sympathy, they just want your money :(

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I'm using natwest solo card but i think i reached limit and now no longer use it for internet shopping. i will go to bank tomorrow but i'm worried whether i want them to allow me to exceed limit i have to pay penalty or not... could someone help me please? thank you. thank you very much for replying very shortly! i really appreciate you! i looked natwest website and it says that over limit charge is gonna be 12 pound but may people say it would take me more than 30 pound. what is supposed mean? this is url i reffered my card's rates. http://www.natwest.com/personal/cre dit-cards/g1/classic.ashx#tabs=sect ion3 thank you.

Yes they will charge you, you should have a copy of the terms and conditions that will tell you the rate

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It's just a question so don't bite my head off. please. i just have a problem with the idea that businessman do things that benefit them like high bank fees and penalties but aren't smart enough to run their businesses efficiently enough to deal with a changing economy that most people saw coming ahead of time. i've been with citibank for more than 10 years. i have accounts with several other banks also. i'm not scared ... yet. i'm just concerned that a business can make so much money and somehow not have enough of it's own profits to bail itself out when the times get tough. what did they do with all the money they made when they were profitable? hidden in their pockets ... and now they want into my pockets. and yours. and they're going to get there. there's something terribly wrong with this. tell me how you feel. thumbs up to all answers. if you get a thumbs down it wasn't me. thanks! all of your answers are great! keep em' coming. star if you like. thanks!

Unfortunately, unless we help these companies and institutions, millions will lose their jobs. The auto industry employs huge numbers of people and the rubber, plastics, and other industries depend on their existence. If we do not have a product like cars to export, we will become a third world country. If we do lend this money, it should have strict oversight and be carefully managed. This is not a simple problem. It is far more complex than most people realize.

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The higher the rate the more likely people will lose there home, the more likely banks will close their doors and it is a domino reaction. if the fed's would come in and regulate the mortgage broker industry completely stop pre-pay penalties and cap the interest rates of people who have had some bad luck st 2 above a paper loans there would be a tremendous decrease in the mortgage industry today. less realtors, bankers, builders and general contractors would that would lose everything because the market went from so great to major banks closing there doors. i am a mortgage broker in nw florida and i along with most everyone in this area is about to lose everything i have i can hardly buy grocewries and pay bills and keep a roof over me and my kids head it is almost as bad as another hurricane atleast then there would be some help.

The only people at risk are those who could not afford the houses they bought and were only able to get in because of poor lending practice. They got an adjustable rate mortgage with the full understanding that they would be facing a rate jump after the initial teaser rate ran out. That's just plain stupidity. The businesses at risk are those who made risky loans. There is certainly no reason to bail them out; these are not the type of companies this country needs. It may sound cruel but you have to keep in mind that lowering rates also has an impact to the economy. Think of what happens when you lower rates. - It becomes more difficult to sell federal debt. -The USD would further weaken - Cost of goods rise...inflation. These problems will affect EVERYONE, not just the people who spent beyond their means. BTW, your scenario is unlikely as only a small percentage of the mortgages are those given to the unqualified. Not everybody is a CFC or WAMU. The "bubble" in certain areas of the country is not directly related to the credit squeeze and lowering rates would simply restart feeding the bubble.

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My husband has created fraudulent debts to make it look like i cannot cash out the equity in our home. its a long story and has cost me over $4k in attny fees to get awarded very basic equity that he wants to make in structured monthly payments. there is a clause in my divorce papers that says bankruptcy is not an release for this debt. however, he has already made it clear he has no intention of making any of the monthly payments. his checking acct is continually overdrawn and he rarely pays banks and creditors on time, so there is little reason to believe i will get my money. i am wondering what experience you have to help me? i have requested a lein on the house (he wants it), an insurance policy or some other penalty be attached to non-payment, i also suggested there be a "bonus" for regular monthly payments (say a $1000 less owed). but my attorney has not responded to any of these saying "he has to pay". but i know better. what did you do to protect yourself?

Hi, I used "Credit Solution" to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58% .It's legitimate.I came across this company on NBC News Special Edition.Check it out here: http://shurl.net/5oX

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My husband has created fraudulent debts to make it look like i cannot cash out the equity in our home. its a long story and has cost me over $4k in attny fees to get awarded very basic equity that he wants to make in structured monthly payments. there is a clause in my divorce papers that says bankruptcy is not an release for this debt. however, he has already made it clear he has no intention of making any of the monthly payments. his checking acct is continually overdrawn and he rarely pays banks and creditors on time, so there is little reason to believe i will get my money. i am wondering what experience you have to help me? i have requested a lein on the house (he wants it), an insurance policy or some other penalty be attached to non-payment, i also suggested there be a "bonus" for regular monthly payments (say a $1000 less owed). but my attorney has not responded to any of these saying "he has to pay". but i know better. what did you do to protect yourself?

You can't.........he can refuse and go to jail..........or move.......or just say no..............be nice and don't piss off your husband.......or ex............

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I just refinanced my home the original value was 45k and i had it paid down to 35k. when i refinanced it brought the value i need to pay back up to 51k. i have a adjustable rate now that will kick in may of 09 my percent is 12.750 i think. i pay 500 a month now for the mortgage and 720 total with all the taxes and stuff. i dont have a penalty for paying the loan of early so i want to pay it off in the next five years but with the arm my percent can go as high as 18.750. i dont want the bank to take my house from me because of the mistake i made by refinancing in the first place. so is it possible to refinance into a fixed rate and still keep the loan at 50k and still pay it of early with out any penalty. this is my first post so plz any and all help is great

Whether or not you personally can do any kind of refinance depends on your credit, income, and the value of the home. If you're asking if no or low closing cost mortgages exist? Absolutely. Typically the rates are a little bit higher, but honestly your rate is really high right now, it should still be significantly cheaper than 12.75 even with the bank paying the closing costs. By the way check your Adjustable Rate Rider from your original mortgage. Odds are there are caps on how much and how often your rate will adjust. If you're paying this loan off in the next few years it may not even be possible for it to adjust up to 18.75 that quickly.

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Mr. retired eee has given the reason for loss of pf now how can that be optimised already we are paying penalty .. your valuable suggestion would help our business a lot.. i have heard of capacity banks are they good enough ? please explain...

There are two type, passive and active. both improve power factor and reduce harmonic distortion. Passive: uses simple inductive input filter. where the inductor stores energy to maintain conduction through half cycle. Active: makes load react as a resistor. types of active: - hard switched - soft switched (using ZVT) - discontinuous conduction mode - critical conduction mode - continuous conduction mode Capacity banks are the most common methods. yes they are good enough but depending on the application. I recommend the following readings: - A Primer on Power Factor: http://ecmweb.com/mag/electric_primer_power_factor/ - Power Factor Reference http://www.kele.com/tech/monitor/Power/TRefPM8.html - How Power Factor Works: http://www.teknatool.com/products/Lathes/DVR/downloads/How%20Power%20Factor%20corection%20works.pdf - Power Factor Correction Capacitor Banks (Product Focus) http://www.powerco.ca/siteadmin/productfiles/prodfiles/3.pdf