• Report: #1005252

Complaint Review: Nationwide Biweekly Administration, Inc

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  • Submitted: Tue, January 29, 2013
  • Updated: Tue, January 29, 2013

  • Reported By: DesertRat — Santee California USA
Nationwide Biweekly Administration, Inc
855Lower Bellbrook Rd Xenia, Ohio United States of America

Nationwide Biweekly Administration, Inc Biweekly option; regrettably; interest savings; loan term reduction Xenia, Ohio

*Consumer Suggestion: How Nationwide generates revenue

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I just refinanced a home loan a month ago and today I received a letter starting out with the words "Regrettably <my lender> may not have made me aware of the option to setup a smaller biweekly payment option..."  This letter has my lender's name in the header, making me believe (at first) that they sent the letter. It turns out to be from a scam outfit (named above) in Xenia, Ohio. They claim to be able to save me $64,550 in interest, when, in fact, I'm only paying about $48,000 in interest over the life of the loan. So, essentially, they are promising me a refund. Ha Ha...

LOL... I already know how this works, or doesn't work. They want to collect money from me every two weeks, make my ORIGINAL MONTHLY loan payment (hopefully) once a month (that's how my loan is set up with my lender), and they will make an extra partial payment at the end of the year. [continued below]....
.....  The idea is to pay a little extra every month to wear down the total interest a little faster and end up paying off the loan a little earlier and a pay a little bit less in total interest. And, that's EXACTLY what it is...LITTLE!! And they will charge me a fee to do this. So, they will be holding my "extra payment" until the end of the year, which means that little bit of extra payment isn't working to bring down the interest each month. Depending on the loan amount and the interest rate, it could make a substantial difference whether that money is applied monthly or at the end of the year

WOW!!! Why didn't I think of that?  Actually, I did think of it... years ago. Except I took it upon myself to pay the extra amount each and every month and ended up paying off the house in half the time and saved a bundle in interest. Did the same thing with a motorhome loan and paid off the 15 year loan in seven years. The good part is, I didn't have to pay a monthly fee; and, if I didn't or couldn't pay that extra every month, it was no big deal.

This is a borderline SCAM to separate people from their money. It's sad that it is legal and that they can use deceptive language. But, on the other hand, some of my very intelligent friends have fallen for this very scam.  Don't fall for this scam. 

You don't have to make bi-weekly payments to save a lot of money paid in interest. You can do the same thing my simply adding about 10% to your normal monthly payment. This will save you a significant amount of interest and take about 30 months off the time to pay it off. The more you pay the more you save and the shorter the time to pay it off.

This report was posted on Ripoff Report on 01/29/2013 03:17 AM and is a permanent record located here: http://www.ripoffreport.com/r/Nationwide-Biweekly-Administration-Inc/Xenia-Ohio-45385/Nationwide-Biweekly-Administration-Inc-Biweekly-option-regrettably-interest-savings-l-1005252. 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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#1 Consumer Suggestion

How Nationwide generates revenue

AUTHOR: Scott - ()

What's worse than holding your money hostage while it could be working against principal and interest, and harming the borrower by forcing the borrower to pay the price of sacrificing hard-earned funds as extra payments and then suffering even more by eventually paying the interest that those extra payments would have eliminated, is the simple fact that this Company is abusing consumers by promising lucrative loan term reductions and grossly enhanced equity while turning around and harming those very borrowers by hijacking their money while the Company issues minimum payments that the Consumer will pay for with no reduction in principal nor interest in addition to the forfeiture of those extra payments which benefitted the borrower with absolutely nothing and allowed the "Loan Administrator" to use the borrower's extra payments to generate interest for the "Loan Administrator" at the expense of the borrower.

It's a double-edged sword, really. First, the deception, robbery of borrower money, and hijack of the value of that money for the Company's gain at the detriment of the borrower, and, not knowing which is worse, the subsequent abuse by the Company by abusing the borrower's wealth as the Company's own wealth to sit in some account for 12 months and earn the Company interest. 

That's goes far beyond abusive because it represents the most dangerous kind of predatory thieves who use deception and manipulation to take advantage of honest, trusting, misled consumers by promising returns that do not exist while the consumer pays their share and more that this Company steals from them, uses for their gain while depriving the consumer of the benefit that their funds could have and were intended to produce, while unabashedly and shamelessly enriching the Company by stealing and hijacking their Customer's money to feed their despicable and banal self-interest.

If you can't incarcerate these predators, then pray that God damns them to the Hell they deserve to suffer until the end of time.

I hate bastards like these criminals. It offends a hard worker like me and it should offend you, too.

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