What does the term Mortgage Principal drawdown mean? I have not been able to repay my student loans on time because of my employer paying me late. I got a bank statement in the mail saying mortgage principle drawdown, then it showed the sum of my loan being credited to my account and then it showed it being taken out. I had to pay Penalty interest debit and transfer debit then under that column it mentioned the name of my loan insurance. What do all these terms mean? Does that mean the loan insurance paid off my loan? Do I still have to make payments? And no I m not gonna call the bank just yet. Serious answers only.
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What does this bank statement mean?