• Report: #233598

Complaint Review: Citifinancial

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  • Submitted: Tue, January 30, 2007
  • Updated: Mon, January 28, 2008

  • Reported By:Winston-Salem North Carolina
Citifinancial
Winston-Salem Nc Winston-Salem, North Carolina U.S.A.

CitiFinacial is Scum Winston-Salem Ripoff North Carolina

*UPDATE Employee: ummm

*UPDATE Employee: Rebuttal

*UPDATE Employee: Rebuttal

*UPDATE Employee: Rebuttal

*UPDATE Employee: Rebuttal

*Consumer Comment: YOUR RIGHT B

*UPDATE Employee: more information

*Consumer Suggestion: Look up an amortization calculator.

*UPDATE Employee: That isn't entirely true.....

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Anyone who thinks they should go to Citifiancial for refinancing their mortgage is insane. They are Predatoty Lenders. They are still engaging in illegal lending opractices. Consider that after 15 months, mpaying over 32,000, the principal on our mortgage has been reduced by 1600.00 Month after month, even when over-paying - O - NADA - same balance time after time. In two days I will be contacting their loss mitigation department and saying take this house and shove it.
I want to sue the Bast$%#@@s

B
Winston-Salem, North Carolina
U.S.A.

This report was posted on Ripoff Report on 01/30/2007 04:51 PM and is a permanent record located here: http://www.ripoffreport.com/r/Citifinancial/Winston-Salem-North-Carolina/CitiFinacial-is-Scum-Winston-Salem-Ripoff-North-Carolina-233598. 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:
0Author 9Consumer 0Employee/Owner
Updates & Rebuttals

#1 UPDATE Employee

ummm

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

I don't understand the last rebuttal as it is the same thing that I said except with no examples to follow........ I never file a rebuttal unless I can explain it to..... a baby..... as generally that is the best way to explain to people who may not quite follow everything...... I appreciate your rebuttal but just am not sure why you even posted it

viennasound
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#2 UPDATE Employee

Rebuttal

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

The only way your account has only reduced by the amount you are claiming is if you do not pay your loan on time. On the type of loan you have, interest accrues daily. If you do not pay every thirty days then you will have extra interest coming out of the payments and possibly late charges and it can accrue to the point where you have more interest due then what even your payment is.

For the greatest balance reduction you need to pay your payments every thirty days.
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#3 UPDATE Employee

Rebuttal

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

The only way your account has only reduced by the amount you are claiming is if you do not pay your loan on time. On the type of loan you have, interest accrues daily. If you do not pay every thirty days then you will have extra interest coming out of the payments and possibly late charges and it can accrue to the point where you have more interest due then what even your payment is.

For the greatest balance reduction you need to pay your payments every thirty days.
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#4 UPDATE Employee

Rebuttal

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

The only way your account has only reduced by the amount you are claiming is if you do not pay your loan on time. On the type of loan you have, interest accrues daily. If you do not pay every thirty days then you will have extra interest coming out of the payments and possibly late charges and it can accrue to the point where you have more interest due then what even your payment is.

For the greatest balance reduction you need to pay your payments every thirty days.
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#5 UPDATE Employee

Rebuttal

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

The only way your account has only reduced by the amount you are claiming is if you do not pay your loan on time. On the type of loan you have, interest accrues daily. If you do not pay every thirty days then you will have extra interest coming out of the payments and possibly late charges and it can accrue to the point where you have more interest due then what even your payment is.

For the greatest balance reduction you need to pay your payments every thirty days.
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#6 Consumer Comment

YOUR RIGHT B

AUTHOR: Billcoll01 - (U.S.A.)

YOU SHOULD TELL THEM TO COME GET THEIR HOUSE CAUSE ITS APPARENT THAT YOU KNOW NOTHING ABOUT HOW A MORTGAGE WORKS & ARE TOO STUPID TO FIND OUT. INSTEAD, YOU GET ON HERE & MAKE A BOGUS REPORT. NEXT TIME, GET SOME EXPERT ADVICE BEFORE YOU MAKE YOURSELF LOOK LIKE A TOTAL MORON.
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#7 UPDATE Employee

more information

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

Just so you know, you have an interest bearing loan and need to make a payment every 30 days to stay on schedule, granted, you pay most of your interest in the beginning as your principal balance determines your daily interest. that being said, your payment stays the same but as more and more principal is paid down (generally over the beginning 6-8 years or with aid of extra payments) you will see that your daily interest gets smaller and smaller.

An example (that isn't perfect)

Say you have a loan payment of 640.00 a month, chances are that 580.00 to 600.00 of it is interest (in the beginning) and you are paying minimum payments. That being said, lets say with your balance of "x" that has 20.00 a day in interest, that makes 600.00 a month in interest on your 30 day cycle (30 times 20). Your payment is due on the 1st.

If you pay on the first, you are on schedule but if you pay on the 3rd, you just rented your mortgage, reason being, you had two extra days of interest which is 20 a day, the forty that you would have had go to principal. That being said, if you pay on the 1st of the following month (if it is a 30 day month), you will only have 28 days of interest meaning you would not only have the original 40 going to principal but 40 more going due to less interest for the month...... a wash?

Not exactly..... although you are back on track you are not where you want to be. Generally as months pass you see a little more go to principal and a little less go to interest and the reason for that is because you are reducing your balance but in the example, you didn't reduce your balance in the first month so you still had maximum interest of 20.00 a day (working off your balance, which is still the original balance) rather than having 40 go to principal and now you have 19.98 (or something in there) in interest a day. Being on time may have saved you a few more cents in principal but is those few cents that move you along your thirty year mortgage (or 10, 15, 20) and get your loan paid down.

you can use an amortization scale but it may not tell you what you want as we have interest bearing loans and many mortgage loans use a precomputed method. Our loans have no prepayment penalty and you can pay as often as you like and as much as you like whereas some places do not let you.

advice to you, stay on a 30 day cycle once your interest is current, set up on autopay so that you know your payment is in there (comes automatically out of your checking account) and pay a little extra with your payment, it goes a long way, I assure you.

As I said before, if on a normal schedule you have 40 going to principal, add another 40 on top of it, it is like making a double payment since that is about all you will have going the following month. Obviously the more you do this the more you will have going to principal as your rate works off your balance that is jumping months at a time into the future of where you would have been not doing so.

That is how people save 7,10,13 years on their mortgage. Look up the rate on your loan and your balance, plug them into a payment calculator (not a mortgage one) and change your term from 360 to 300 to 240, this will tell you what you could pay at the same rate your loan has already been financed on to reduce interest and time of contract. I just did a 35k 2nd mortgage at 395 a month and if she paid 510 she would pay it off in 10. That would save her almost 33k in interest.

Hope this helped. you should be able to go into Citifinancial and have them show you your past payments and how they broke down (principal/interest) and the day you paid, which aids in showing you why you are behind or where you had more go to principal.. in the Citifinancial that HAS your loan.

Brian
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#8 Consumer Suggestion

Look up an amortization calculator.

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

Go online and find an amortization calculator. Plug in your original loan amt, interest rate and terms (years or months). You will see where you should be after 15 months.

You can also go online to find a mortgage payment spreadsheet that you can download into your computer. Input every payment overage and see where you should be. Don't forget, if your loan includes taxes and insurance, subtract those amounts.

You need to have as much ammo as you can before you call loss mitigation.
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#9 UPDATE Employee

That isn't entirely true.....

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

Citifinancial has had to pay out fees due to predatory lending but not because they as a company were doing it but rather companies that they bought out were predatory lenders (i.e. Washington Mutual). You do not have to worry about Citifinancial as a predatory lender for any loans obtained through an actual Citifinancial office. They have fixed rate mortgages as well as variable if the customer prefers (usually only the ones who will be in the residence for a short time...... has been my experience as I have never, nor know any co-workers since I have worked there (2 years) that have given a customer a variable rate).

Brian
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