I have delt with NCO finacial for the past 3 years, like a diligent worker. Trying to pay off a credit card that went to collections. I say I was trying because every month I paid on time for 3 years with no monthly statements. Some back story.
I signed up with a debt consolidation company to pay off a couple of credit cards I had. Every month paid on time and after a couple years I started paying some off. They tell you to call up your creditors periodically and find how much you still owe, so one very eye opening afternoon I did.
To my utter amazement NCO told me the pay off amount. It was higher about, $4,000 higher than when I started. My monthly payments that were sent in on time every month was not paying off any of the principal instead is going towards the intest there was at an annual rate of 29, that was the rate it had been purchased.
By not sending me a statement I was not aware that my apr had never changed on good merit. Finally they told me if I raise my monthly payment another $20 a month they would waive my interest rate. I could now at the new additional $4000 to the amont I originally owed, start paying off my debt. I would have been more than half way done paying off this debt if the interest rates were waived in the first year for paying on time every month.
I blindly agreed because I wanted the interest to go away. Now they have still not sent any monthly statement even though I have called for the past 4 months requesting/demanding them. With no avail, I still have no clue where all my money goes. My heart hurts thinking about how much money NCO finacial will have collected from me after the whole debt is payed off. The price of a car. A downpayment for a house. It disgusts me, the thought they hold they have over me. My debt consolidation company did nothing to help but they stand to gain more money if I stay in business with them for 3 more years rather then 1year.
I know that it is illegal for them to keep monthly statements from me. I do not know how to get them to send them to me. I want this account to be paid off or to go away all together since I've paid more than half of what I initially owed.
I can not stomach the fact that they would have never taken off the interest rate if I had never called to check on it, who knows how high the balance would have reached. And only for a increase of $20 a month.
I need help I do not know where else turn. The devil has my social security number!!!