Arcadia Financial LTD deceptive practices South Hackensack New Jersey

I have read nearly 100 of the complaints about this company. I have a new one. I recently discovered after reviewing many statements that my balance was not going down even though I was making payments. I ordered a payment history and discovered that they were charging me 17.99% interest when my contract stated my interest at 13.75%. Then low and behold on the payment history I noticed that in May of 2002 (loan began in May 1998) that they lowered my interest rate from 17.99% to 13.75%.

When I called to inquire I was told they had a contract for 17.99% and even though I requested a copy of this alleged contract numerous times I have yet to receive it. I find it very strange that my interest rate was lowered to the exact amount on my contract, which I still have. I thankfully work for an attorney and he has sent Arcadia a M.G.L. ch.93A Demand letter. In Massachusetts we have laws specifically geared towards deceptive and unfair trade practices. My loan should have been paid off in May of this year at 13.75% but they say I still owe $3,000.00.

According to my calculations, if I am credited the difference in the interest rate amount, my loan will be paid off and they may actually owe me money. They have 30 days to respond. If they don't credit my account I intend to sue them here in Massachusetts and if I win, under c.93A I can be awareded treble damages. I have tried several times to fix this problem with Arcadia to no avail. Each time they transfer me to another person, that person is less educated than the last. You should all see if you have similar consumer protection laws in your state and lets all start suing them!!

Tracie
New Bedford, Massachusetts
U.S.A.