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Christine Baker



Transamerica Financial Services Accounting Records

In her letter dated January 25, 1995, Cynthia Long, Attorney for Transamerica, states:

"As for your concern regarding the legibility of the accounting statement, you were provided with a copy of the accounting record maintained in the ordinary course of business by Transamerica Financial Services."

Transamerica Accounting page 1

Transamerica Accounting page 2

Transamerica Accounting page 3

On May 1, 1995 we finally received a letter from Gerald Lax, Senior Counsel, admitting to a $15,096.90 error.

    "The branch made an error and did not give you full credit for this principal reduction upon the close of the sale."

He included this Procedures Department - Recasting Worksheet

Transamerica Recast Statement

We never got an accounting statement for the entire loan.

The worksheet starts with $9,415.93 accrued on 9/22/93. That number jumps to $15,709.11 on 12/1/93. On 3/17/94 we have 2 transactions, and mysteriously the accrued figure changes from $20,272.23 to $11,763.25.

I have no clue what they are doing. I believe, they also have no clue. Gerald Lax:

    "If the past due payments set forth above are paid on or about May 1, 1995, they will be applied first to unpaid and accrued interest, which would leave a total of approximately $11,500.00 in unpaid and accrued interest provided these payments are paid within the next several days."


If the past due payments are paid, how could there be $11,500 in unpaid and accrued interest?

What do YOU think about the Transamerica Accounting Standards?

Can anyone figure out how Transamerica came up with their figures?  Please POST! 

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