I got a loan from Greenlight Financial for home improvements and was told that it was a line of credit loan for 10 years. I was told that if I didn't use all the money I could make a big payment to help pay off the loan quicker or close the line of credit and just pay off the balance. I was told that as the balance went down so would my payment. The payment is $350.00 a month and part went to the unpaid loan and part went to interest.
My loan was purchased by HSBC Group and I noticed that the balance never did go down. I called HSBC and never got through. When I finally did get through I was told that my monthly payment was paying the interest only on the loan and that if I wanted the principal to get reduced I had to make a bigger monthly payment, and if I wanted to pay it off and close itI oculdn't make monthly payments, I had to pay the entire amount due on the loan.
This is not what the Greenlight loan representative told me. I was lied to and the loan rep misrepresented the type of loan I got. I would not have gotten a loan with a $350 payment that went only to interest. The Greenlight loan rep totally lied to get me to take out this loan. When I called Greenlight to speak with the loan rep, I was told that he no longer worked there.
Wonder why? I'm outraged that company can defraud consumers like this and I will not take it. I'm suing them.
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