• Report: #14593

Complaint Review: The Money Store aka HomEq Servicing Corp.

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  • Submitted: Wed, February 20, 2002
  • Updated: Fri, September 26, 2003

  • Reported By:
The Money Store aka HomEq Servicing Corp.
P.O. Box 13716 Sacremento, California U.S.A.
  • Phone: 1-877-867-7378
  • Web:
  • Category: Loans

The Money Strore aka HomEq Servicing Corp. is RAPING US!!!

*UPDATE Employee: Ignorance is NOT BLISS!!!!

*Consumer Suggestion: Ever Hear Of An Amortization Table ? ..Just what in the hell are we paying for.!!!"

*Consumer Comment: Same old story by employees

*Consumer Comment: MORTGAGE HOLDER

*UPDATE Employee: The Irresponsible Consumer!

*Consumer Comment: Re-read your loan documents

*Consumer Comment: Interest

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We secured a loan with "The Money Store" in June of 1997. the loam amount is for $25,232.00. Our monthly payment is $285.00. In 56 months we have only paid, 2,079 in principal and $13,880.54 in interest. Our unpaid Principal Balance is $23,152. Just what in the hell are we paying for.!!! If this is not a ripoff I don't know what is.

P.S. If the payment is late there is an additional $8.24 tacked only daily. So if the bill is 3 days late you have just paid and additional $25.00 (to who?)

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This report was posted on Ripoff Report on 02/20/2002 12:00 AM and is a permanent record located here: http://www.ripoffreport.com/r/The-Money-Store-aka-HomEq-Servicing-Corp/Sacremento-California-95853-3716/The-Money-Strore-aka-HomEq-Servicing-Corp-is-RAPING-US-14593. 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 7Consumer 0Employee/Owner
Updates & Rebuttals

#1 UPDATE Employee

Ignorance is NOT BLISS!!!!

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

i am very surprised at the ignorance i have read concerning this issue. If i was going to sign a contract BINDING me to something for a long period of time, i would take the necessary time to know EXACTLY what was going on with it. With a DSI(daily simple intrest)loan, there is NO AMORTIRIZATION table, that is for an actualrial loan. DSI is HOW intrest is calculated. --->Your current PRINCIPLE BALANCE mutliplied by your intrest rate, divided by 365 = your per diem(amt. of intrest charged per day).This IS NOT an extra charge! ex. PB = 100,000 * int. rate 10% = 10,000 divded by 365 = 27.40 per day. * 30 days = 821.92
When you send in your payment, 821.92 will go to intrest and the rest will go towards principle. If you dont pay every 30! days, you THEN and ONLY THEN, are paying more intrest than you should. Thats the bad part of dsi, the good part is, if you send in more than your MINIMAL pymnt, you reduce your princ. bal, therefore reducing your perdiem, hence, paying your loan off EARLY with NO penalty. With an actualrial loan, you are charged a FEE for paying it off early. IF you took the time to read the contract and ask questions, you would relize this, even then if you would listen to the educated person on the other end of the line when a representative of Homeq called, they would surely advise you of all this info. But, if you paid on your due date, you wouldnt need to worry about this or recving, phone calls. All you have to do is ask for your options, you have them. if you dont ask, you wont receive. As far as the calls, if you lent someone a 100000 dollars, and they told you that they would pay you every month on the 1st, and they didnt, would you let it go, or would you call and check in to see if something was wrong? The only people that are complaining are the people that arent financially responsible enough to make there payments the day that THEY SIGNED A CONTRACT for stating that they would. IF anyone has ANY questions about their loan, or mortgage, i welcome you to post your questions and will be happy to share any knowledge with you that i can.
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#2 Consumer Suggestion

Ever Hear Of An Amortization Table ? ..Just what in the hell are we paying for.!!!"

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

"In 56 months we have only paid, 2,079 in principal and $13,880.54 in interest. Our unpaid Principal Balance is $23,152. Just what in the hell are we paying for.!!!"

You obviously don't have a clue how a loan is calculated for repayment! If you had an amortization table you could clearly see how much of your monthy payments go toward the principal and how much toward the interest.

When anyone pays on a loan, by far most of the first payment goes toward the interest. The second payment is slightly less toward interest and slightly more toward the principal. It continues this way for the entire term of the loan.

Eventually, more and more of the payment goes toward the principal and less and less toward the interest. The Money Store is calculating your payments no differently than any other lending institution.

If you didn't receive an amortization table at the time of loan signing, ask them for one. Or you can go to the Internet and easily generate your own.
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#3 Consumer Comment

Same old story by employees

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

It was hit right on the head, this company should not be lending money! They prey on the desperate or buy loans from shady contractors. There is no excuse for the destruction this kind of company leaves behind. I would be ashamed of being an employee, not defending them.
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#4 Consumer Comment

MORTGAGE HOLDER

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

I have not had a problem with this company they whole the mortgage on my home and it is total cool with me. Since my Refi. with them i have saved $400.00 a month... So Go HOMEQ do your thing thank you for your outstaning service.

My account # is on file with you company.

Thank you
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#5 UPDATE Employee

The Irresponsible Consumer!

AUTHOR: Jack - ()

In working at HomeQ, the responses present are nothing we haven't heard. Most of the time, when trying to explain something to the customer, we are hung up on, cursed at, belittled, insulted, physically injured from loud screaming.

99% of all cases of victimization, being wronged or cheated are reflective of the fact that the customer does not understand what they are signing.

Most people don't even understand what a home inspection is! If you don't know the answer to these question, you should never be given the money in the first place.

Many times, when we try to help you we aren't allowed to speak, to clarify, to help you understand how your loan functions!! In response to your complaint, I have three words for you..Daily Simple Interst!! It's how HomeQ makes money on high risk borrowers like you

-Your Favorite Collector-
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#6 Consumer Comment

Re-read your loan documents

AUTHOR: Michael - ()

From what you have indicated in your complaint, assuming you have made every payment on time and that there is nothing deducted from your payment for insurance, my guess is you signed a 240 month (twenty year) mortgage for the principal sum of $25,232 with an interest rate of 12.084%. What you are paying right now is interest!!!

You should read your loan documents. The loan disclosure statement will tell you how much interest you are paying over the term of the loan, and my guess is about $40,000.00

You might want to increase your monthly payment to reduce the principal borrowed faster, saving you interest in the long run. Increasing your current monthly payment to $308.75 per month (which works out to one extra payment per year)will reduce your loan term by roughly 4 years based upon the details you provided.

There are many "mortgage calculators" available on the internet to help you perform these calculations.
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#7 Consumer Comment

Interest

AUTHOR: Steven - ()

I would be willing to bet that you have had at least one payment made after the due date on this loan since its inception. I would also be willing to bet that that the loan you have is a Daily Simple Interest loan. This loan accrues interest each day (hence the name) after the day the payment is due. This is where the payments are going. The easiest way to reduce the principle balance is to make your payments on time. There is your $8.24.
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