Conseco finances mobile homes. They are happy to assist you because they rip you off with a simple interest loan. It's on the contract, squeezed in one sentence, that you will pay the note as a simple interest loan.
They pay the interest first and then the principal. Our note has actually gone up. If you try to pay ahead you are penalized. If your note is for the 15th of the month but you pay on the 1st then they calculate that you owe them an additional 14 days of interest. Ours was at $16.88 per day!
You will never pay this off. Of course they don't offer direct pay like from a credit card because then your money would actually get there on the day it is supposed to. You have to utilize snail mail. One month your payment may get to them on the 6th and the next on the 8th so each month you keep owing them money.
I don't know who's worse. Conseco and their simple interest or credit card sharks!!!
Terry
Quemado, Texas
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