• Report: #62262
Complaint Review:

Conseco Finance Company

  • Submitted: Mon, June 30, 2003
  • Updated: Mon, June 30, 2003

  • Reported By:Sinajana Georgia
Conseco Finance Company
500 Landmark Towers, 345 St. Peter Street St. Paul, Minnesota U.S.A.

Conseco Finance Company NEVER applied any of my payments toward the principal, only toward inflated interest St. Paul Minnesota

*Consumer Comment: Can you bail on Conseco??

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I purchased my "Manufactured" home Using Green Tree, They sold it to Conseco immediately, Conseco has NEVER applied any of my payments toward the principal. I send approximately $70 extra each month and it is all
applied to interest.

I have been charged late fees when my payments get there 5
days before the due date. I am being charged $17.65 per day in interest with interest penalties if my payment arrives less than 5 days before the due date. So far this calendar year alone, I have been charged over
$1600 in "extra" interest payments and late fees although my payments have never been late.

I tried calling the customer service people, got hung up on, transferred to an answering machine, told that there is no way I can contact the billing department, told that customer service cannot contact the billing department or the payment receivable department, told I cannot contact their headquarters, supposedly there are no other telephone numbers except their "customer service" (what a joke) telephone number. I am still trying to find a way to contact someone from the headquarters, but I don't expect much luck. I would never recommend that anyone deal with this company.

I am also trying to find out how I can sue them for usury, fraud, and being a loan shark!!

Sinajana, South Carolina

This report was posted on Ripoff Report on 06/30/2003 06:05 AM and is a permanent record located here: http://www.ripoffreport.com/reports/conseco-finance-company/st-paul-minnesota-55102-1641/conseco-finance-company-never-applied-any-of-my-payments-toward-the-principal-only-toward-62262. 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 Comment

Can you bail on Conseco??

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

Is there any way you can refinance with a local bank and get away from Conseco before they ruin your credit report?

I do not think what they are doing is legal; under the Green Tree contract, any extra funds come off the principal, not the interest. I sent extra from time to time and it ALL came off principal. Many of these mortgage companies pay little, if any attention to the law these days, let alone follow it!

I weathered the transfer from Green Tree to Conseco with no problems. All of a sudden, Conseco was showing up on this site quite often with these kinds of complaints. Next, found out there was no refi department... Got worried and got OUT right before Conseco went on the auction block.

Conseco now has all the earmarks (no customer service, no one knows anything, oddball, inexplicable fees, applying payments late when you know they get them on time; the whole ball of wax) of joining the growing numbers of predatory mortgage lenders. The next step will be an attempt at foreclosure, with Conseco claiming you owe them the moon and your first born child! If you are not able to refi at a local bank, be sure to search this site for folks to AVOID before signing any papers!!

I would hurry, though. The longer you wait, the more fees they will get if this is the path they have chosen to follow. No one, not even the Feds, seem to be able or willing to stop this ball once it is rolling. Good luck to you.
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