Citifinancial
$5,200 in Payments Cut Balance Only $352 After Katrina

When our daughter was born in 1992, we refinanced our Deed of Trust through CITIFINANCIAL, who offered to combine all of our bills with the original Deed of Trust. We were told that paying this note off would increase our credit score since our liabilities would be reduced. The original balance was nearly 72,000, although the loan proceeds were only 30,000.

Our daughter is now approaching 15 years old. Even though we have paid on this account since that time, our balance remains nearly 35,000. At nearly 500 a month, we have paid back nearly 84,000 on the account.

Two years ago, we were forced to leave our home following the arrival of Hurricane Katrina. According to our FEMA documents, our balance at the time of the hurricane was 35,930. Twenty-four months later, our balance has ONLY been reduced to 35,568. That is after paying from November (they "granted us a reprieve for 90 days," but we have been paying interest on those excused months) through May at a rate of 500 a month, and from May through August at a rate of 400 a month. That totals 5,200 in payments with only a 352 dollar reduction in the principal.

Company: Citifinancial
Country: USA
State: Mississippi
City: Bay St Louis
Address: Highway 90
Phone: 2284663882

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