In 2008, I was subject to what a lot of consumers have come to know as "predatory" lending. At the time that this incident took place, I was a student at a University in Houston, TX. When I applied for a Student Connection loan by phone (a loan that was designated for persons that are pursuing educational endeavors.
After speaking by phone with a receiptionist, I received documentation in the mail reflecting some information that I was unaware of during the phone application. 1. I never at anytime had I agreed to a loan for $15,000 with a 12% interest rate. 2. I had been approved without having any credit history 3. The promissory note that I rendered signature on did not reflect the constituents of the interest rate of the loan amount which was again, 12% on a $15,000 loan=$44,000. The promissory note is dated, August 12, 2008, The Wells Fargo Education Connection Loan Program letter is dated August 15, 2008.
I was clearly unaware of the legal basis of this loan, therefore, I think that a breach took place...I would have never taken this loan for educational endeavor-had I of known of this scheme. I'm probably going to file bankruptcy. I simply can't afford to pay this extraordinay amount of money before graduating college. Please don't make the same mistake, If you know of someone that can help me, please feel free to contact me.
Even as a Legal Assistant, establishing a basis for sanctioning this will be very challenging...This is very similar to Prdatory Lending in the Housing Industry-remember when the banks got a bailout for putting many homeowners in a position of foreclosure. I guess its time that some banks experiment this strategic with persons that want to advance in education to support themselves and our economy once they complete there education-if they're able to do so..that is without predatory lending getting in the way...