We got a high interest loan with EquiCredit in the summer of 2000. It was our intention to refinance within a year, but due to a change in my job, we actually became late payers.
This summer we determined that we would refinance our loan and sought out and found a lender willing to do so.
By this time EquiCredit had been bought out by Fairbanks and they delayed in getting the payoff to new lender, and have decided that they will send a demand letter for past due payments, several weeks after getting the new lenders request for payoff, even though no mention was made by letter prior to the payoff request.
They finally gave the lender the payoff and have of course, caused us to lose the possibility of the loan by tacking on numerous attorney's fees, late fees, etc. And jacking up the cost of our payoff by several thousand dollars, and the house won't appraise for that amount. And we still have to come up with all these fees now or risk losing the home.
This is a rip off and consumers should be warned about the way Fairbanks does business.
Robin
Panama City, Florida
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