Several years ago, I found myself the victim of an ugly divorce. I was stuck with about $32,000 in unsecured credit card debt that my ex left me with. Unable to pay it all off, I found HFC and refinanced most of it into one consolidated loan.
Over the years, I have never missed a payment, paid more than the minimum nearly every month, and very rarely used the credit available for anything.
Now, HFC sends me a letter today that my credit is being cut off and my credit limit is the current balance. They stated that this was not because of anything I had or had not done. Yet, a call to their customer no-service line states that it is because of my debt-income ratio. If I had done nothing wrong, how do they know this?
They also said that companies across the board are doing this. I asked them to give me an example of a company doing this. They said American Express is doing this as well. I placed a call to American Express. They had no idea what I was talking about.
So, I have asked them to at least lower my interest rate from the exorbitant 19% to a more manageable level. They will not do this either. They state that they are not in the business of giving loans anymore. Hello, I am not asking for a new loan, just an adjustment on my interest rate since I have been a good customer.
HFC is a predatory lender that should be held accountable for their heinious actions that result in hardship for all of their customers. I understand that economic times are hard, but there is no call for this type of behavior. Good customers should be rewarded, not punished.
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