I took out a consolidated home equity loan with Conseco Finance (Home 123 with Bob Vila) in the year 2000. I have been making timely payments since then. However, I finally noticed, much to my dismay, that almost 100% of my payment is applied to the interest and the principal can have as little as $1.80 toward the principalor nothing toward the principal and all the payment goes for interest.
My principal has not decreased harding at all in two years. I have contacted a lawyer and he has confirmed my feelings that I am being ripped off regarding my payment history with Conseco and how they are applying my payment. They have me locked in regarding selling my home, or refinancing. The court records show Conseco Finance as my mortage company when actually Washington Mutual is my primary mortage company.
I am warning anyone who is thinking of dealing with Conseco Finance to not do it. They will own you, and the only person you can talk to about anything is Customer Service. The Legal Department won't even talk to me they transfered me to Customer Service.
I have a hard time too understanding anyone in customer service since few speak good english. So now, I am using the Ripoffrepot sight, the attorney general and am hiring a lawyer.
Beware of Conseco Finance they are not user friendly.
Sandy
Candler, North Carolina
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