As you all know, we all got taken to the cleaners on the promise that we would be debt free in 3-5 years. Well let me give you some numbers to see just how bad it was. When I started with Gibson trust my credit was stable and my total balance for consolidation was $13579.39
I was told I would be payed off in 3 years at a rate of $415 per month.
I just added up al my debt from all the creditors (I have not made one charge on any card in this program)
$415 X 24 months = $9960
Take the original total of $13579 - $9960 = $3919
So even with a nominal interest on the total principle at an average of 15% over 2 years would be $2035 (bear in mind the principle should decrease over time. So lets review
13579
- 9960
3909
2035 (exagerated to show my point)
$5874 now add gibsons fees
57.22 X 24 = 1371
plus the initial deposit (which i thought was a payment)
is $388 (my monthly rate was increase after month 2)
So finally lets see what my balance should be
$5874 (balance without fee adjustment
1371
388
$7633 (should be me total balance approximately left to pay)
Here's the kicker, when i added up all the balances from all my cards my exsisting balance is $11450.00!!!
After 2 years and $9960 in payments my principle have moved by $2679.39
Boy was I a fool. But I won't stop until justice is served. Patrick O'Toole would be able to hide behind his flimsy contract forever. He's a crook and needs to repay those he took advantage of. I'm sure he will get his day in court. And I will be happy to make the trip to sunny florida to see him get his just desserts.
Do the math folks, if you dare.
I'm with you all and filing my papers on Monday.
Matt
upstate, New York
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