Household Finance ripoff loan for 6,000 6 years ago and still owe 5,800 figure that one out greensburg Pennsylvania

The account may be a revolving loan or "line of credit." The required payment is only enough to pay the interest and a tiny bit more. It's exactly like a credit card, only instead of having a card you ask the company to write you checks when you want to borrow more.

In order to pay it off within your lifetime, you have to pay more than the minimum payment. They won't tell you that.

This company has been reported for leading consumers to believe they were applying for a conventional loan amortized to be repaid in a certain definite period. Then they switched the paperwork at the last minute to a revolving account.

Loans with Beneficial are figured as simple interest (none of their loans are ammoratized)
Interest accrues on a daily basis - if you make payments 30 days apart 30 days interest is collected and the rest goes to principal. If you miss a payment and go45 - 60 days between payments you become "interest Short" your payment of say $150 will not be enough to cover the $200 interest that has accrued since your last payment. This will typically continue and your balance will not go down. look at your statement if their is no principal reduction call the branch and ask how interest short the account is.

I hope this helps

If you do not know how to figure out an amortization schedule go to your bank - they should help you. Or you can find one on the internet. On all lengthy loans the first years are almost 99.5 percent interest payments. As the loan matures then bigger chunks of the captial are paid off on each payment.

Just multiply your monthly payment b\y the number of monthly payments you have to make and that is how much you are paying in total for your loan. Subtract your original loan amount from that and the remainder is interest you are paying.