• Report: #958465

Complaint Review: CitiFinancial

  • Submitted: Mon, October 22, 2012
  • Updated: Sun, January 27, 2013

  • Reported By: Josh — Traverse City Michigan U.S.A.
CitiFinancial
1047 South Airport Road Traverse City, Michigan United States of America

CitiFinancial One Main Financial Deceptive Practices and Undisclosed Terms Traverse City, Michigan

*Consumer Comment: Isn't It Interesting?

*Consumer Comment: Rights

*Consumer Comment: bobby from irvine just won't give up

*Consumer Comment: Impossible

*Consumer Comment: yes robert from irvine

*Author of original report: Missing Info?

*Consumer Comment: Missing information

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I had a 60 month personal loan with CitiFinancial - they solicited me. I needed it at the time and I took advantage of their offer even though the interest was ridiculously high.    

After around 48 months they offered me an opportunity to lower my interest rate. I accepted. I'm not sure at this time if that actually happened. Recently I tried to determine my loan balance online and realized that my loan, which was nearly paid off was now nearly the same as it was seven years ago.

That's right - 7 years. They restarted my loan after four years and made it a new seven year loan. I had no idea. Still paying 25.01% interest. My balance on a $10,000 loan is now around $7,800. 

Their other ploy is to contact you to ask if you would like to skip a payment at Christmas. This is not an actual courtesy offer. They submit a credit application and require you to requalify - so...another credit request on your credit report. I pointed this out to them the last time they asked and they apologized. I reported this to the BBB and received an apology, but was told that I would have to contact the credit bureaus myself to have the inquiry removed.

 I don't know how I got scammed other than the representative not explaining the terms and/or misrepresenting them.


This report was posted on Ripoff Report on 10/22/2012 04:19 PM and is a permanent record located here: http://www.ripoffreport.com/r/CitiFinancial/Traverse-City-Michigan-49686/CitiFinancial-One-Main-Financial-Deceptive-Practices-and-Undisclosed-Terms-Traverse-City-958465. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
1Author 6Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

Isn't It Interesting?

AUTHOR: Jim - (USA)

After the various scenarios were presented here, the OP hasn't responded in THREE months! I'd say the nail was hit squarely on the head, Robert!  Good work!
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#2 Consumer Comment

Rights

AUTHOR: yourrights - (United States of America)

Know your rights. You may file your complaint at http://www.consumerfinance.gov/complaint/
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#3 Consumer Comment

bobby from irvine just won't give up

AUTHOR: The Outlaw Josey Wales - (United States of America)

 please please listen to me, I know everything, my rebutts are better than the rest. you must listen. I think not bobby from irvine. 
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#4 Consumer Comment

Impossible

AUTHOR: Robert - (U.S.A.)

Loans don't work that way.  Even the highest interest loan with the worst terms and the worst company will be paid off in the terms they give as long as you pay per the terms. 

So it is really impossible on a $10,000 loan to go down only about $2,200 after 7 years.  Now, of course there could be 101 reasons why this could happen and unfortunately short of you posting the entire terms of the original and new loan, as well as proof of every single one of your payments there is no way we are going to know what is what.

One possibility is that you are 100% truthful and they did screw up.  In that case get all of your paperwork together and find a lawyer to sue the pants off of them.  If it is as you say, then it's a slam dunk case that you should have no problem finding a lawyer for.  Of course other possibilities are that you are still not telling the entire story.   When you made your payments did they give you the choice of multiple payments where the lower payments don't reduce the Interest as much(or possibly even increase the balance?).  Did at anytime during this loan...especially when you "refinanced" it did you look at the balance?  What was the balance when you did the ReFi?

What was the Interest on the original loan?
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#5 Consumer Comment

yes robert from irvine

AUTHOR: The Outlaw Josey Wales - (United States of America)

 people are getting the message that team rebutt is completely useless, hurts doesn't it??
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#6 Author of original report

Missing Info?

AUTHOR: Dan - (U.S.A.)

Well Robert, my payment was just under $300 as you suggested. My new payment went to $240. I paid every month on time. Please don't try to tell me what happened to me. I'm still there. By the way, my interest rate was more than 25.01% as I said before the "new" loan began.
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#7 Consumer Comment

Missing information

AUTHOR: Robert - (U.S.A.)

You are not telling the entire story.

On a 10K, 60 Month loan with 25% Interest.   You should have been paying just under $300/month and if you paid every month on-time you should have been down to about a balance of just under $3,000 after 48 months.   

But even according to your posting you were paying an additional 3 years of a refinanced loan, which would bring it down even more.

So what were you paying every month? 

Were you paying On-Time and the full amount EACH and EVERY month?
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