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Report: #12797

Complaint Review: The Money Store/Homeq - Nationwide

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  • The Money Store/Homeq Nationwide U.S.A.

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I have a loan through the Money Store. It has only been in the past few years that I have been discouraged by their business practices.

My loan is due on the first of the month. If it is not in by the first, someone may call me at work or a home on the second of the month. There is a grace period, but that means nothing to them.

I even had one of their representatives to hang up on me because I wouldn't give them information on my other bills. She was VERY indignant from the time I answered the phone.

I admit I have been late before, but I have always been very cooperative when called.

I must say that not all of their Customer Service Reps are as bad a this woman (I wish I had gotten her name), but I have been on the phone with their reps for up to thirty minutes because it was the 2nd and the due date was the 1st.

Give me a break. This particular person didn't seem to know, or to care, what the grace period was all about.

I intend to change mortgage companies soon and would not recommend the Money Store/Homeq to anyone.
Kerry

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This report was posted on Ripoff Report on 01/30/2002 12:00 AM and is a permanent record located here: https://www.ripoffreport.com/reports/the-money-storehomeq/nationwide/the-money-store-homeq-ripoff-scam-12797. 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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REBUTTALS & REPLIES:
0Author
8Consumer
0Employee/Owner

#8 Consumer Comment

To Michael, employee in Charlotte

AUTHOR: Debbie - ()

POSTED: Tuesday, April 02, 2002
I want to let you know that you have been misinformed as to what a grace period is. A grace period, for most people is 10 days after the date your bill is due. This means that if your bill is due on the 1st of the month, you have a grace period, so if it arrives on the 4th.....you are OK, because you have a GRACE PERIOD. If you pass the grace period, then you will be assessed a late charge. HomEq is no exception. I have never had a problem with them so you should seriously take a look back to your training manual. You are NOT correct. And as far as the person paying the bill by the 1st and being late. Lighten up. Are you perfect????? Your bills must always be there well before their due date. Never been late with a bill???? Give me a break!
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#7 Consumer Suggestion

Grace Period

AUTHOR: Jessica - ()

POSTED: Wednesday, April 03, 2002
In response to Debbie's lecture on what a grace period is, I would like to give accurate information. A grace period is NOT an extension of your due date. That doesn't make sense. Why would a company give you two due dates?

To put it in "easy-to-understand" terms for you, a grace period is there to protect a borrower when their payments were sent well before the due date and was late due to a postal service issue. So, when the post office misplaces the payment, you are not charged a late charge bc it isnt your fault.

So, basically, this is something that loan companies "grace" you with on each loan. Imagine how much complaining you would do if grace periods were nonexistent and you were assessed a l/c whne your payment was 1 day past due!
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#6 UPDATE Employee

The Grace and what you can do about it.

AUTHOR: Julie - ()

POSTED: Wednesday, April 03, 2002
A grace period on a loan is the amount of calendar days after the due date that a customer can make a payment without incurring a late charge. It is not the due date. The loan note determines the amount of days in the grace period. The note is the contractual obligation between the customer and the lender. The grace period for a mortgage loan is typically between five and fifteen days and some loans do not even have a grace period. The Lender can contact the borrower on any day after the actual payment due date.
Example if the loan has a due date of the 15th of the month, then the customer can be contacted on the 16th. The payment is actually considered late on the 16 th in this example.

The grace period terms can be located on the note and the truth in lending statement that comes with the loan package when the loan is taken out. When a customer takes out a loan the customer agrees to make payments on a set date within the month and if the customer knows that the date given to them on the contract is a date that they are unable to make the payments that issue should be addressed prior to the loan contract being signed. The loan officer, broker, or whomever is helping with the loan are usually more than happy to adjust the due date to a date that works better for the customer.

The customers perception or what most people think a grace period should be is irrelevant. The loan contract clearly addresses that concern. Debbie you may want to consider the information I have provided here. Also there is no reason to personally attack Michael by stating that he needs look back at his training manual or comment about the way he pays his own bills. That type of feedback does not help anyone. Michael has a job of collecting payments for delinquent loans and if that job involves calling a delinquent customer than that is what he is required to do. Collectors do not choose who they call.

Kerry, I am sorry if any representative of HomEq has treated you in an unprofessional manner. Here are some suggestions on what you can do to avoid receiving phone calls in the future.

1) Make the payment on or prior to the due date.
2) If you are unable to make the payment on or prior to the due date then you may want to consider setting up the Automatic Payment Program. This is a free service, which can automatically draft the monthly payment on the due date or during the grace period up to one day prior to the last day of the grace period. Collectors will not contact you when on this program since HomEq will know that a payment will be coming in. The payment can be drafted from either a checking or a savings account.
3) If the Automatic Payment Program does not work for you then contact the customer service department and see if your loan is eligible for a due date change. The Associates there will be able to let you know if the loan is eligible for it and how to set that up. All you have to do is ask.

I sincerely hope everything works out for you. The goal of any company is to have happy customers. Please post back here and let me know how everything goes for you. You are the only person who can solve this. Good Luck to you.
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#5 Consumer Comment

consumer warning

AUTHOR: Jack - ()

POSTED: Wednesday, April 03, 2002
NEVER do what the shark suggests, "pay early." The crooks will post a credit to "additional principal," and hit YOU with a "late fee" on the current payment.

It is important to understand that most of the poor folks who work for these crimelords are just little kids; they have NO idea about the law, nor about what a "grace period" is.

Very soon the government is going to close down ALL of the corrupt "shark shops," and your loan will be serviced by HONEST people; NOT by little boys who think that they really have a chance to "own the store" someday.

Sic your lawyer on these crooks. YOU will be VERY glad that you did.

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#4 UPDATE Employee

Why are you late?

AUTHOR: Michael - ()

POSTED: Tuesday, February 12, 2002
You are making the same mistake that a majority of our customers within Homeq make. Look at your blling statement and your contract, where it clearly states that "A Grace period is NOT an extention of your due date" therfore meaning that as of the second of the month you are LATE. If you are not willing to make a payment on the day that it is due, do not sign up for the loan. Maybe before placing the blame on a company for these problems you should look yourself in the mirror. These are SUB-prime loans, meaning that you have a less than steller credit history, and as a company Homeq has to protect their asset. If you wish not to recieve calls from us, make your payments on or before the due date, and I promise that people like myself will leave you alone.
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#3 UPDATE Employee

Why are you late?

AUTHOR: Michael - ()

POSTED: Tuesday, February 12, 2002
You are making the same mistake that a majority of our customers within Homeq make. Look at your blling statement and your contract, where it clearly states that "A Grace period is NOT an extention of your due date" therfore meaning that as of the second of the month you are LATE. If you are not willing to make a payment on the day that it is due, do not sign up for the loan. Maybe before placing the blame on a company for these problems you should look yourself in the mirror. These are SUB-prime loans, meaning that you have a less than steller credit history, and as a company Homeq has to protect their asset. If you wish not to recieve calls from us, make your payments on or before the due date, and I promise that people like myself will leave you alone.
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#2 UPDATE Employee

Why are you late?

AUTHOR: Michael - ()

POSTED: Tuesday, February 12, 2002
You are making the same mistake that a majority of our customers within Homeq make. Look at your blling statement and your contract, where it clearly states that "A Grace period is NOT an extention of your due date" therfore meaning that as of the second of the month you are LATE. If you are not willing to make a payment on the day that it is due, do not sign up for the loan. Maybe before placing the blame on a company for these problems you should look yourself in the mirror. These are SUB-prime loans, meaning that you have a less than steller credit history, and as a company Homeq has to protect their asset. If you wish not to recieve calls from us, make your payments on or before the due date, and I promise that people like myself will leave you alone.
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#1 Consumer Comment

Julie said it the best!

AUTHOR: Jessica - ()

POSTED: Thursday, April 04, 2002
I would like to commend Julie on her rebuttal concerning grace periods. It is amazing how many people do not read loan contracts with a fine tooth comb. When I sign my name to anything, I am sure to read it thoroughly. Especially if it is an excess amount of money. If I am late on a payment, I am glad that people like Michael call. With hectic days, it is easy for people to slip up every once in awhile.

These people are there to remind you, and offer you several alternatives if you are unable to make the payments due to a financial issue. Sure, sometimes we run into the rude individual that has no compassion whatsoever.

But, before you knock a huge corporation, why don't you get his/her name? Or even request to speak with their manager? Any business you deal with you are bound to run into a few bad apples. As for Homeq hiring little kids that are uneducated, I'm sure that is not true.

I'm sure they go through an extensive background check , including a credit check. That way, these people can offer you advice in regards to avoiding deliquency.

So, the next time you have an issue with Homeq, step back and read your contract again, do some research, and don't take out your problems with the Homeq Representatives who are there to help you.
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