Complaint Review: Equitable Acceptance - Mineeapolis Minnesota
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- Author Not Confirmed
- Equitable Acceptance P.O. Box 27007 Mineeapolis, Minnesota USA
- Phone: 7637970241
- Web: equitableacceptance.com
- Category: Loans
Equitable Acceptance Did not inform me that half of the monthly payment goes to interest. Making payments to them almost a year Mineeapolis Minnesota
*Consumer Comment: You're In College?
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I was told when I signed up with them that they would help me consolidate my students loans at a lower rate. At the time I was making my payment to Direct Student Loans. I have been paying alomost a year and recently reviewed my account and notice that the monthly payments are not going towards the consolidation but towards interest. During our intial first contact it was not explained that half of my monthly payments would cover the interest and not go towards the principal.
I have tried to contact them over the last week and have had issues reaching a live representative, making me question even more have I been riped off.
Michelle
Los Angeles, California
This report was posted on Ripoff Report on 09/15/2017 01:23 PM and is a permanent record located here: https://www.ripoffreport.com/reports/equitable-acceptance/mineeapolis-minnesota-55427/equitable-acceptance-did-not-inform-me-that-half-of-the-monthly-payment-goes-to-interest-1400317. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#1 Consumer Comment
You're In College?
AUTHOR: Jim - (USA)
SUBMITTED: Friday, September 15, 2017
You surely aren't learning anything about finance otherwise you would see how sorry your complaint is! When you first start paying back a loan...most ANY loan...more of your payment goes to interest than it does principal. This is a process known as amortization. If they are advancing money toward loan consolidation, then you are going to pay interest.
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