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Report: #324223

Complaint Review: CLC Consumer Services, E-Trade Financial, E-Trade Bank - Pittsburgh Pennsylvania

  • Submitted:
  • Updated:
  • Reported By: Carlisle Pennsylvania
  • Author Confirmed What's this?
  • Why?
  • CLC Consumer Services, E-Trade Financial, E-Trade Bank PO Box 74006 Pittsburgh, Pennsylvania U.S.A.

CCLC Consumer Services, E-Trade Financial, E-Trade Bank Hundreds of EXTRA dollars paid per month, PRINCIPAL NEVER CHANGED Pittsburgh Pennsylvania

*Consumer Suggestion: Read your contract!!!

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My husband and I opened a home equity line of credit ($40K) with E-Trade Financial and in short order the line of credit was transferred to CLC Consumer Services. Our monthly statement always displayed a minimum payment of some really low amount or sometimes even $0. We payed anywhere from $800 to $1500 per month on this line of credit and our principal (for 6 months running) did not decrease. The entire amount was servicing interest.

Carlisle, Pennsylvania

This report was posted on Ripoff Report on 04/07/2008 08:36 AM and is a permanent record located here: 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 Suggestion

Read your contract!!!

AUTHOR: Bankworker - (U.S.A.)

POSTED: Thursday, May 01, 2008

This loan was an interest only loan! If you had any interest accumulated, this is what would be satisfied from your payment until your draw period (normally between 5-7 years) expires. Any amount over the interest accumulated would decrease the principal balance so you should've probably called to find out where the extra money was going if you were paying more than your minimum payment. Word of advice, read your contract.

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