America's Servicing Company ASC Rising interest rate by almost 50% from one day to another without informing us or explaining - Ignoring communications Des Moines Iowa

Our loan was sold to ASC some years ago and unfortunately the contract had variable interest rates.

ASC obviously uses the term "variable" for ripping you off, taking whatever they feel is good for them. Instead of explaining that they raised the interest rate, they just sent us a letter, saying "you are short with your payment".

The interest rate that they charged us went up almost 50% to over 10.3 %. When we asked them to explain (in writing) they just ignored our communication.

Steve
Phoenix, Arizona
U.S.A.