First off let me say yes I am behind in my payment, I am not denying that. But Stearns Bank N.A. Has been charging late fees of 20% of my payment. I can not seem to find where they are allowed to do this, 5% is what I find to be max. I accumulated so many late fees in 5 months of running behind that they totaled a payment amount. They took a payment from me and applied it toward late fees and now say my loan is in default. I read my contract and it states that all payment shall be first applied toward deliquient installments. Had they applied this to my deliquient installment I would not be deliquient any longer. How can they get away with this. All I am tring to do is get my bills back on track.
And to top it off when originally signing the loan in FLORIDA, the contract made by Stearns Bank N. A states that I must lye and agree that I signed this contract in Stearns county MN, that the loan was executed in MN. I have never been to MN, I bought a piece of equipment from a JCB dealer in Florida and they got my loan approved through JCB Finance. I signed that papers on my kitchen counter in FLORIDA. I know why they want to sy that it was signed in MN so they can not be governed by my state, however is it legal.
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