I received a loan from this co.in June for $1,500.00 refinanced in Spet of 2006 for an additional $400.00. Called Jan to get payoff amount and was shocked to find out my payoff amount was still close to $2,000.00. My mother was a cosigner for these loans and I immediately gave her a call. She was also stunned at the amount. I called back the following day and spoke with a manager, he began looking into my account to see if he could give me an answer on why the payoff was so high. He started explaining my account and stated that I had the original loan for 1500.00, then refinanced twice, once for 400.00 and a second time for 500.00. I was certain I had only refinanced the loan one time. I called my mother to see if maybe I just didn't remember the third loan and she also was certain I only received two loans from them. I called the office and asked if I could pick up copies of all three loan agreements and he said that would be fine. I went and picked up the copies which were in a large manilla envelope and went straight to my mothers so we could go over the papers together. We were suprised that the jerk had only given us one copy which was signed by me. My mothers signature was nowhere on these documents. I called back and asked for copies of ALL three signed agreements and he stated that when I refinanced the loans that the original agreements with signatures were given to me and they no longer had signed copies of two of the loans. I then asked for copies of cleared checks picked them up and only two had ANY information on them. No signature, no tracking information... Nothing.
I have spoken with some of the "TOP DOGS" and filed a complaint with the BBB. This co. Has also been charging me interest rates in the mid 30's. I have researched state and federal usury rates and the most they are able to charge is 4% over the federal limit which is 19%. I signed a paper saying I have to go through the arbitration process and am unable to file a lawsuit against this co. I am not sure what steps to take to get this resolved, but this should be illegal. I cannot BELIEVE this Co. Received a bailout. With the interest rates and fees they charge they should be doing just fine!
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