A payment I mailed in to Wachovia Dealer services in August 2008, clearly stated to be applied to principal. The payment was not applied to principal. Instead, it was split into a monthly payment for October, and the remainder applied to principal. October's billing statement, stated that the next bill was not due until November.
My next payment was made 11/14 and almost all of the payment was applied to interest. Their reasoning was that no payment had been mad in October. Their representatives were very uncooperatrive in resolving this mis-application and as a result the matter was not cleared up completely, only made worse.
The payment which virtually all went ot interest in November was not refunded or altered. They mad no changes at all until mid-December,at that time my December bill had already been paid but as the sitution was'resolved' the payment taken from principal and applied to a monthly, was reapplied to principal leaving a void payment for October.
So they moved all the payments back a month, causing me to have to make an extra payment in December. By this time the payment was so close to the due date, that again, a lot of the payment went to interest instead of principal. This also incured un-expected financial injury on myself as the extra payment was required in December. This also reflected in my payment being made later than usual in January. This also caused more of the payment to go to interest instead of principal. All in all, besides their outrageous interest rates. They have scammed me out of almost $1000!!!!
I tried to refinance recently and get away from them, and mysteriously, my credit score has dropped in the last year after making all my payments on time on all my debts with no negative reports. In actuallity it should have gone up. I think they have some thing to do with dropping my credit score so that I can not re-finance!
How many people don't pay attention to their balance throughout the year? How many people have they been doing this to, are doing this to, and will do. They need shut down!
Ryan ****
Weaverville, North Carolina
U.S.A.