Is there a penalty for making extra payments or early pay-off of an account?
At any time, you may increase your monthly payment to any or all creditors, or, you may pay off a particular lender. If this is the case, please include a brief note with your payment, advising BSI to whom you want these additional moneys distributed. If you do not make a notation to us, BSI will automatically send the extra dollars to whichever creditor is charging you the highest interest rate. There is no penalty for early pay-offs or increased payments to lenders, as long as the disbursement of funds is handled by BSI. If you wish to make one or more pay-offs to your creditors, please send a detailed itemization to BSI, with your payment, so we can disburse your funds accordingly. Remember, our records are not as accurate as the statements you receive from your lenders on a monthly basis.
