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You should not assume that excess lodgements will be taken off the capital sum owed. You need to put this explicitly in writing. Often the default with excess lodgements is to simply hold them on account to be used if, for example, you don't pay your monthly mortgage repayment and they use the excess funds instead.We had paid in two lump sums into our mortgage on the assumption that it was being taken off the principal sum.
We had only one mortgage account. I went into the permanent tsb counter, said I wanted to lodge the money to our mortgage account and to take it off the principal. It was lodged to the account but as a credit sum.
it was never taken off until we queried it some months later. It does not appear as a lodgement on our statements.
Written or verbal?In my mind they did not carry out our instructions.
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