- Report: #153595
Report - Rebuttal - Arbitrate
Complaint Review: HFC
HFCP.O. Box 17574 Baltimore, Maryland U.S.A.
HFC - Household Finance PREDATORY LENDERS LOAN BALANCE NEVER DECREASES! Baltimore Maryland
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After arriving at their offices, the rep stated that they couldn't reduce the rate with refinancing this loan. They said that they would also payoff several credit card balances on my credit report. So, in short, a $5000.00 loan turned into a $10,000.00 loan. I beleived the interest rate did drop but only to about 26%. After making all payments as scheduled, I would have paid over $18,000.00 total!
Well, I've been making payments of $300.00 per month since February 2005. I will admit that a couple of payments were sent in late (I was laid off as anticipated). The original balance on the loan was $10,000.00. It is now August 2005 and after having made 7 payments @ 300.00 each ($2100.00) the balance is now even higher - $10,300.00.
They apparently have some underhanded way of calculating late fees and interest. The good news is that I have found a much better paying job and have paid them $5000.00 twice this month; so now (hopefully) all that I owe them is a measley $300.00.
I wouldn't advise anyone to take a loan out with HFC; you can make your regular payments but your balance never decreases - IT INCREASES!
This report was posted on Ripoff Report on 08/13/2005 06:47 PM and is a permanent record located here: http://www.ripoffreport.com/r/HFC/Baltimore-Maryland-21297/HFC-Household-Finance-PREDATORY-LENDERS-LOAN-BALANCE-NEVER-DECREASES-Baltimore-Maryland-153595. 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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