As client satisfaction is our most important goal, we would like to ensure your complete understanding of how PriorityPay Plus works for you.
Economic Advantages Corporation (EAC) is the service provider for PriorityPay Plus, having helped to save millions of dollars for people across America since 1989.
It is imperative that you update any changes to your payment or lender information at www.PriorityPayPlus.com. Lenders will not notify EAC regarding changes to your loans. They will contact you directly. Your timely updates will ensure our ability to accurately service your account.
Biweekly Schedule funds are withdrawn from your chosen accounts every two weeks. Once the funds have cleared, your payments are sent to your lenders monthly based on their due dates. We debit your account Biweekly in order to generate an extra payment over the course of the year, which is then sent to the lender to be applied against principal.
Weekly, Monthly and Twice-Monthly debiting schedules are also available should you want to match your debits with your pay periods.
Your bank may reflect your debit on the day before it is scheduled to be drafted, however, this is only an entry. The funds are not withdrawn from your account until the scheduled date.
Should you desire to Skip a debit, you must do so two days prior to the debit date. Thereafter, debits can no longer be stopped in advance.
Debits which would occur on Holidays are withdrawn from your account the following business day.
Payments are sent to your providers on or before the dates due or within the allowable grace period as necessary. They are sent electronically whenever possible, otherwise they are sent via U.S. Mail. All payments are tracked to ensure timely posting.
PriorityPay Plus's Biweekly Rolldown program applies principal payments against your highest interest debt first. Once that debt is paid off, its monthly payments are applied against the next obligation in the line-up, along with all principal payments. This rolldown continues until all debts are paid off.
Principal payments are forwarded to the lender as they are collected throughout the program, with any Power Plus dollars sent on a monthly basis.
Principal payments can be verified upon request. A conference call with you and your lender will be initiated by EAC to verify that a principal payment has been properly posted.
Savings & Benefits estimates may change over time based on changes made to your loans, debts, payments and Power Plus.
If you currently have auto draft with any of your lenders, you must cancel that service prior to EAC's first debit from your account to ensure that you are not debited simultaneously by both companies.
A loan with a pre-payment penalty clause may not necessarily prohibit including the loan in PriorityPay Plus as the benefits generated may far outweigh the penalty charged.
Should you enroll a credit card and later add new charges to that card, you must go to the website and enter your new balance and minimum monthly payment and then contact us to change your Debit Schedule to add the funds necessary to make the proper payment.
The inability for PriorityPay Plus to collect sufficient funds with which to make all required payments may result in membership termination until arrangements are made to restore balance to the account.
The full PriorityPay Plus deferred enrollment fee is a one-time charge that provides lifetime membership. It is collected from your additional principal debits, any Power Plus dollars or any additional funds accumulated until it is satisfied. Once satisfied, all additional funds are forwarded to your lender to systematically reduce your debt and provide you with significant benefits. The enrollment fee is deducted from your savings, providing you with net interest saved.
Welcome to PriorityPay Plus. Please visit us often at http://ppp.biweekly.com to update account information, check your account balance, make various changes and provide additional information as desired. We look forward to providing you with excellent service!