• Report: #159690

Complaint Review: Western Union Payment Services Or Paymap, Inc

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  • Submitted: Wed, October 05, 2005
  • Updated: Wed, July 02, 2014

  • Reported By:San Francisco California
Western Union Payment Services Or Paymap, Inc
100 NorthPoint San Francisco, California U.S.A.

Western Union Payment Services Or Paymap, Bi-weekly mortgage mis-representation! Not who they say they are! RIPOFF San Francisco California

*Consumer Comment: "Equity Accelerators" don't make bi-weekly payments either

*Consumer Suggestion: mr. r is "half right"....

*General Comment: Read the letter next time

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Beware of any direct mailing you may receive from Wells Fargo, Chase Manhattan, or even Bank of America that claims that they can help you pay down your mortgage quicker than usual by using the Equity Enhancement program or Accelerator program. The programs sound like bi-weekly mortgages by they are not! They simply withdraw funds from your checking account every two weeks since there are times when you will get paid 3 times in one month (which happens every 6 months); the third withdrawal will be applied as extra to principal.

In effect, you are simply making an extra payment because of your payment schedule. This is something that you can do on your own for FREE! They charged me $295 dollars to get on the program and there was also a $5.41 charge for the withdrawals from my checking accoun; that's about $65 bucks a year to have some company that is NOT, by the way, Wells Fargo or Chase-it is a third party contractor called Paymap, Inc or now called Western Union Payment Services. They could have all of your personal information and you wouldn't even know who they are.

I tried to get my money back after I found out what was going on but according to them, I was on their program for more than 6 months which voids my right to a refund. So, I lost my $295 and any of the money that I was charged for the withdrawals from my checking account. Save your money and your checking account info...stay away from Paymap AKA Western Union Payment Services. You can make extra payments to your mortgage on your own for less money and less risk.

Max
San Francisco, California
U.S.A.

This report was posted on Ripoff Report on 10/05/2005 10:38 PM and is a permanent record located here: http://www.ripoffreport.com/r/Western-Union-Payment-Services-Or-Paymap-Inc/San-Francisco-California-94133/Western-Union-Payment-Services-Or-Paymap-Bi-weekly-mortgage-mis-representation-Not-who-t-159690. 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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0Author 3Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

"Equity Accelerators" don't make bi-weekly payments either

AUTHOR: bcnatl - ()

Paymap, and I imagine the others as well, may lead you to believe they are making bi-weekly payments towards your loan, but they are actually (at least in my case) only drafting your account every two weeks.  They hold the first one until the end of the month, then make your MONTHLY payment - just as you were doing yourself.

 

The only reason your loan gets paid off any sooner is because of the extra payemnt you make each year. 

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#2 Consumer Suggestion

mr. r is "half right"....

AUTHOR: Tony - (United States of America)

Max, first of all, thanks for posting this.  If you hadn't, I would have probably signed up, and I was getting ready to call in using the phone number.  I decided to do a quick search, and that's how I got to ROR and saw your post.  So, you saved me.  Thanks.

Second, "Mr. R" is wrong.  You CAN, in most cases, add additional principal to your monthly payment, or make a one-time payment either once a year, or in some cases, as many times as you want.   Most banks today don't have a pre-payment penalty (ask though, just in case), and will gladly take your additional money for a quicker payoff. 

Calculating an extra payment each year means just adding another 10% to your payment.  If your payment is $700, make it $770.   If you can afford that, you'll be paying an extra payment a year, and you can skip Nov and Dec.   (or make it and save even more!), and if you do that every year, you'll be on your way to $0.00 in no time!

Third, the latter part of "Mr. R" is correct.  You signed up for the service, and if the terms and agreements that were available said that after 6 months you were hosed, then that's what you agreed to (make sure it's in writing that you had to get out in 6 months).  If so, your loss, but then get out quick.  Cancel the service and bail TODAY.  Don't give them another dollar.  Put it towards your principal.

The additional kicks from Mr. R were completely unnecessary.  You can tell he goes straight to the lawyer bit without knowing more about your actual situation.  "If your agreement wasn't clear, you may have been talking to a horse's rear..."

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#3 General Comment

Read the letter next time

AUTHOR: mr r - (United States of America)

first of all Max, you cant do it on your own, no lender out there will accpt bi-weekly payments, with the acception of small credit unions and really small banks. second, if you would have read the original letter that was sent, you would have known you were being charged for the service, your complaint sounds like the majority, you dont think you should have to take responsiblity for your (lack of) actions. legally you havent a leg to stand on, and any attorney out of good character will tell you this. "if you fail to review, you cannot sue" 
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