Gateway,Hurley State Bank ripoffTo the extreme, consumer rip-off fraud money hungry b**tards Des Monies Iowa

You just proved what all these good people in here have been saying about Gateway Customer Service being inadequate and incompetent.

Interest rates (such as 25%) are not compounded in full each month (unless you are the IRS). The interest rate would be compounded @ 2.083% per month on the outstanding balance. Therefore, on a $1700 loan the first month would only accrue $35.41 NOT $425 as you stated. Any moron knows that !!

I cannot say, for sure, how this bank applies payments, but sometimes banks apply your money first to late/overlimit fees, then to interest and if any is left over it goes on the principal (the amount of money borrowed).

I would suggest that the consumer here go over their statements with a fine tooth comb and dispute any bogus late charges or other fees. If you don't have your statements, call the finance company and request a detailed printout of your account transaction history and your orginal contract. They may try to charge you for this, but DON'T LET THEM. By Law, they must provide this information to you. It's best to make all your requests in writing so you have the documentation to sue their a*s off !!!!

If all else fails: Try your State Attorney Generals' Office - Consumer Affairs Dvision. They will be able to point you in the right direction if not handle the problem themselves.

I'd like to get a class action suit started against Gateway and their financiers for deceptive, unethical business practices.

Just because I hate seeing sill assumptions cause problems...

If the original purchase price was $1700, and it was financed thru Hurley (which many Gateway systems are), you would likely have somewhere around a 25% interest rate. The first month alone, that would add $425 to the total, taking the total owed to the bank over $2000. Even if these figures aren't 100% accurate to your case, you likely have a very high interest rate if you are just starting to build up your credit. $100 is very likely just going to be a drop in the bucket compared to the interest the bank is charging.

Sorry pal i dont think Gateway cares about your little sob story. It is your credit that is going to get ruined not theirs. So just remember to keep on sending that $100.00 dollars a month so you can get that paid. Later