• Report: #282561

Complaint Review: Nuvell

  • Submitted: Fri, November 02, 2007
  • Updated: Mon, March 24, 2008

  • Reported By:Petersburg Virginia
Nuvell
17500 Chenal Parkway Little Rock, Arkansas U.S.A.
  • Phone: 800-350-3561
  • Web:
  • Category: Loans

Nuvell Financial Services - Nuvell Credit Company Beware of Deferred Payments Little Rock Arkansas

*Consumer Comment: Deferments May Affect Credit Report

*Consumer Comment: How did you get a deferment?

*UPDATE EX-employee responds: Ask for a Maturity Adjustment

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It is agreed that timely payments are the best approach to paying off a loan. It is also reasonable to call a lender if you think your payment will be delayed. We are all adults and we do not need to hear " you should have paid your loan on time". We all know it.

Admittedly I have had late payments. We all have things that come up that we can't ignore. Most of us have families so it's hard to decide who or what gets paid when we fall short.

I have a car that I financed through Nuvell 5 years ago. It should have been paid off sometime around September but since I deferred payments a few times throughout the years, I had a few extra months (or so I thought).
It is Nuvell's policy to allow you to defer a payment every 12 to 13 months and they have been glad to help with that. The only thing is, all those deferred payments and late fees come due on the last day of your loan. I found this out today.

My husband and I have been working very hard to pay extra money for the past few months wanting to get this last little debt to Nuvell off of our backs.
I have paid Nuvell over 1600.00 in about 6 weeks or so thinking I was getting out early. I received a call this morning around 8:00 am telling me that I have 960.00 due now. I told the woman on the phone that my payments were just over 300.00 and they should have received it already. She confirmed that I did indeed pay them 350.00 and they received it on Nov 15th (my due date is the 28th). She told me my payment is now 960.00. I asked to speak with a supervisor. Eventually I spoke with the supervisor and she told me the final amount on my account is 960.00 and it's due now. She told me it was due to late fees. I told her we had deferred payments when we got behind and she said they were all due now.

I have to admit that by this point I was livid. I let her know that anytime the deferrment was offered we were not told that it would be added as a lump final payment on the loan. I thought an extension was...well...an extension. She then said, "we don't have to tell you". I told her to send me a written copy of this policy. Now I am facing the fact that I don't have the 960.00 and I am having to get a loan to pay off THE LOAN or lose the car that I have worked hard to keep.

All of this was to say, of course they are helpful when offering the extension. Just keep in mind that they make money for a living and they do not have your best interst at heart. Ask questions and know with whom you are dealing. Get the facts and good luck!

Also, I have gotten those 7 to 10 calls per day and I have phone records to prove it!

Alk
Petersburg, Virginia
U.S.A.

This report was posted on Ripoff Report on 11/02/2007 12:27 PM and is a permanent record located here: http://www.ripoffreport.com/r/Nuvell/Little-Rock-Arkansas-72223-3911/Nuvell-Financial-Services-Nuvell-Credit-Company-Beware-of-Deferred-Payments-Little-Rock-282561. 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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Updates & Rebuttals

#1 Consumer Comment

Deferments May Affect Credit Report

AUTHOR: 1drink2many - (U.S.A.)

BEWARE!! I had an auto loan through GMAC (who I think is actually a subsidiary, branch, or sister company of Nuvell) when they suggested/offered a deferred payment during a hard time. I only took this one deferment. Not only did they not advise that it wasn't an extra payment added to the loan and instead a lump sum payment due at the end of your loan, BUT they also failed to mention that it shows on your credit report as a Charge-Off or Collection account. I had a 4 year loan on which I paid perfectly (and usually a little extra over the payment amount), during a family hardship I accepted what I thought was a gracious offer, only to find out after it's too late that I'll be 'paying' for the deferment for the next 7 years on my credit report. At the end of the loan when I discovered the lump sum amount was due I paid it immediately...and still got screwed on my credit report!
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#2 Consumer Comment

How did you get a deferment?

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

I have had my auto loan with Nuvell for 2.5 years and NEVER been late. I'm not talking the 30 day thing, I'm talking never been late, period. I even pay $35 extra towards principal every month to make my payment an even amount.

2 months ago I called to ask for a deferment since money was going to be a little tight that month. I was told they do not grant deferments. First time I ever asked. By the way, the guy I spoke with was very rude about it, treating me like trash that I was even thinking about a deferment. Said something like 'here's another person who can't pay their bill'. Did I mention I have NEVER been late? Lucky for me, due to my increased credit score, I will never have to get another car loan through them again!
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#3 UPDATE EX-employee responds

Ask for a Maturity Adjustment

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

You can ask for a maturity adjustment if you still owe 2 or more payments. You will not get anymore extensions during this time but you keep the same payment amount until the balance is paid in full and it also protects your account from being reported to the credit bureau as it will bring it current. Your contract has to be "matured" to get this.
Obviously you must have used all 4 extensions (8 mos) available to you. At those interest rates it is very easy to have a big balance at the time of maturity. However you must have spoke to an idiot that doesn't understand loans and contacts, because nothing is added as a balloon. This is what happened:
I will have to use an example to explain
You have a loan at 25,000 for 5 yrs at 19% interest. The contract is basically saying you must pay XX amount per month for 5 yrs, not late, no extensions, no exceptions to the contract to pay it in that 5 yr period. However,you extend months for reasons that is normal to most when in a tight, no big deal. The interest (high) is accruing daily during the 2 months you don't make payments, (each extension time), well you continue to make your regular payment, but that payment was for, 5 yrs "monthly", so when you take extensions, make the same payment amount you will owe a substanial balance on any contract running a 16-28% interest rate and that is what most of those contracts are. You simply spoke to an idiot that didn't know how to explain the contract and offer you a maturity adjustment to resolve the problem.....Good luck.
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