I got screwed... Urgh

iVillage Member
Registered: 09-16-2003
I got screwed... Urgh
14
Mon, 01-11-2010 - 11:58pm

*sigh* I called my car loan place today to find out how much I actually had left... 2 payments I assumed being a 5 year term being up march 2010, to which was what I signed at.


Apparently I still owe $3200 and 2 more years @ 44%.


In 2008, the company got new ownership, they sent out letters stating this, Also that the new owners where not honouring the current loan contracts and they were uping all outstanding loans to 44% interest from the current 10.8%. Because they werent honouring the contracts you could buy out your loan with out any fees. I never received this letter. Since I didnt pay out my loan they reinstated it at 44% and kept my payments the same and didnt tell me. They dont send out statements

http://i3.photobucket.com/albums/y62/csawin/picasabackground-3.jpg

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iVillage Member
Registered: 08-24-2007
Tue, 01-12-2010 - 5:54am

Oh Cheryl, that's horrible!

Kate


empty purse

iVillage Member
Registered: 04-12-2007
Tue, 01-12-2010 - 7:58am

Even if this is legal, it is morally wrong!!!


So very sorry this happened to you.


Robyn


Avatar for sohappilyme
iVillage Member
Registered: 03-26-2003
Tue, 01-12-2010 - 8:11am

Yeah, I have to agree with Kate. If they don't send statements, you had no reason to suspect anything was wrong. "Gee, I didn't get a letter this month...just like all the others." Mail is lost or missing all the time. They should have to get a response either way when they're doing something like that! Of course, it's obvious why they DON'T do that. They get to screw people and make a killing doing it. This makes me FURIOUS and even more so that it is LEGAL.

I'm glad you had an alternative. (((Hugs)))

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FLINGING DEBT:
Sarah
iVillage Member
Registered: 10-01-2008
Tue, 01-12-2010 - 8:26am

OUTRAGEOUS!

Norma


"Patience is the best remedy for every trouble"- Plautus


iVillage Member
Registered: 11-02-1999
Tue, 01-12-2010 - 12:02pm

That is absolutely INSANE - I am outraged FOR you!!! I really, truly think that any communication that is going to make this much of an impact financially should be required to be sent certified, return receipt. No exceptions. It's not like they can't afford it, increasing interest rates FOUR-FOLD - but of course they're banking on those letters that get lost in the mail. CRIMINAL.

On a side note, what an amazing thing your dad is doing for you...










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iVillage Member
Registered: 08-04-2008
Tue, 01-12-2010 - 12:21pm

Cheryl -


Please tell us all the name of the loan company so we can be sure to avoid it.




iVillage Member
Registered: 02-09-2000
Tue, 01-12-2010 - 12:22pm
unbelievable!
iVillage Member
Registered: 11-14-2008
Tue, 01-12-2010 - 1:54pm

Rude, rude, rude! I'm so sorry you have to deal with this!


iVillage Member
Registered: 10-28-2006
Tue, 01-12-2010 - 3:30pm

I just can't believe that can be legal. I am so outraged at this....I have no words. I'm so sorry this happened to you.


iVillage Member
Registered: 12-10-2009
Tue, 01-12-2010 - 9:37pm
That is rediculous, it is incredible that could be legal. I am soooo sorry!

Liz

student loan paid off 2010

Bathroom remodel loan paid off 2013

Pending Car loan to be paid by the end of 2014!!!!!

 

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