• Report: #90894

Complaint Review: The Money Store Aka Homeq Servicing Corporation

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  • Submitted: Mon, May 10, 2004
  • Updated: Sat, July 10, 2004

  • Reported By:Red Creek New York
The Money Store Aka Homeq Servicing Corporation
PO Box 13716 Sacramento, California U.S.A.

The Money Store Aka Homeq Servicing Corporation ripoff How can they rob my parents blind? Sacramento California

*Consumer Comment: The balamce is more than I borrowed

*Consumer Suggestion: Sub Prime Market ...penalties for lending organizations that violate reg z can be quite severe

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My parents have been with this corporation since 1997, when it was called The Money Store. They make their monthly payments every month, but still pay double late charges, for what? Their house isn't in the forecloser state, so why are they being charge extra fees on top of their monthly statement?

My parents have been fighting these people for years now, with no luck. They seen several attorneys, their Assemblymen, State Senator, FBI, The Banking Association, and their local government officials. They all say one thing, "You have a case, but we can't help you." Who can help them?

They have proof against this corporation inches thick, no one on their side to fight, so why should Homeq get away with it? A class action suit sounds good, but who is running these? I would like to know?

My parents are fed up with Homeq? They tried to lower their interest of 10.35% to the current lower interest rate. Once again, no luck. Their payoff is more then they borrowed. How can Homeq still be in business? The are definally ripping off America. After seven years nothing came off, how could that be.

My dad has medical problems over this, I'm afraid for his health. They are low income, receiving a Social Sercurity check every month, they barely make ends meat. Who could help them? Please, if you know anyone who they could contact, please respond. It would be greatly appreciated. Thank you.

Christopher
Red Creek, New York
U.S.A.

This report was posted on Ripoff Report on 05/10/2004 04:02 PM and is a permanent record located here: http://www.ripoffreport.com/r/The-Money-Store-Aka-Homeq-Servicing-Corporation/Sacramento-California-95853/The-Money-Store-Aka-Homeq-Servicing-Corporation-ripoff-How-can-they-rob-my-parents-blind-90894. 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 2Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

The balamce is more than I borrowed

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

I agree with Mark in PA that The Money Store was a non-conventional/conforming lender and the higher rates associated with their loans represented the higher risk of "less-than-perfect-credit" borrowers, which also includes those that have high debt ratios (which is often the case with those on a fixed income such as SSI) - interest rates are risk-based as are the premiums of auto insurance, life insurance, etc.

The fact that the parents in this complaint are said to "owe more than they borrowed" may simply be in the way that HomeQ is reporting to the credit bureaus. Some companies report the "total of payments", that is to say that the balance "owed" is reported as the total of all payments if the customer were to pay for the full term.

This amount includes all the interest, which would not be due in an actual payoff. Check with the lender to see if the balance reported on the bureau is the actual principal pay-off or the "total of payments" due. Mark is correct that HomeQ (as the servicing arm of a bank lender) is regulated by the OCC. You should be able to make your case to that body.
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#2 Consumer Suggestion

Sub Prime Market ...penalties for lending organizations that violate reg z can be quite severe

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

The Money Store is a sub-prime lender. Typically, you would only use them if other sources of money were not available. This is why their rate is higher.

What you parents should do is contact the OCC (Office of the Comptroller of Currency, the Federal Agency with banking oversight) and file a complaint under Regulation Z (The Truth in lending / Fair Credit Act). They will need to provide documentation as to any in appropriate charges that they have been hit with.

The penalties for lending organizations that violate reg z can be quite severe.
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