Fairbanks Capital Corporation purchased my loan from EquiCredit in the early part of 2002. Since the purchasing of my home loan by Fairbanks Capital Corporation, I have had several problems with Fairbanks company properly applying my payments.
April of their payment center applied my May payment to principal only. After many calls taking time away from my job, along with sending a letter to their Kentucky office, their company finally reversed the payment and applied it correctly to principal and interest.
September 25 I sent in November and December payments along with separate statements along with individual checks. Fairbanks Capitol Corps payment center applied the November payment to P&I, however my December payment was applied to principal only in order for them not to lose interest and to capitalize on making money on my money by the way they applied my payment. From mid October until December 24 I made over 2 dozen calls, wrote letters to their payment center, only to told by one of their supervisors, It was not his problem but mine to correct. He informed me that you are not a bank and if I send in a payment early, that I was still obligated to pay interest on early payments.
January 28 I sent in my February payment along with the coupon they furnished to Fairbanks Capital Corporation. I designated $1249.25 to P&I with an additional $50.75 to principal. January 29 Fairbanks Capitol Corp once again posted my complete payment of $1300.00 to principal only. On February 28 I received a late notice for my February payment with a late charge of $62.46. I have called their customer service department trying to get someone their to assist in correcting this posting error, however no seems to care.
I explained the problems I have been having with Fairbanks Capital Corporation along with the lack of support their customer service department has offered to me to the secretary. I also told the presidents secretary that I had already sent in my March payment along with payment coupon showing $1249.25 for P&I as well as an additional principal of $50.75. The secretary told me that she would have this taken care of immediately and have a manager call me. February 28 I once again called the presidents office to enquire as to why no one has called me to address this issue. The secretary stated, She would have it taken care of immediately. March 3 I once again called the presidents office to inform them that no manager had called me. She transferred me to someone who assured me that her manager would call me within an hour or so, and to date still no call.
Fairbanks Capitol Corporation is not posting payments in a timely manner. They are posting payments to principal in order to get you to have to pay a late fee. They do not want to post early payments to principal and interest due to they do not want to lose any interest.
In my opinion I call this unfair or fraud pratices. This company is not sanctioned under the authoriyt of any government agency.
Thank you,
David
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