My saga with Fairbanks began in 1997 when they were Equicredit. Although Fairbanks will deny that they are Equicredit, I don't believe them.
Anyway, my house is currently for sale. When I sent in a request for a payoff, I found that my payoff amount is approximately $11,000 more than my initial loan amount. They added this breakdown:
$2567 late fees
$4135 other fees
$1841 corporate advance fees
To be honest, the late fees are partially correct. When I lost my job, I fell behind on my payments, not 30 days behind, but I was making them after the grace period. However, on numerous occasions they have lost my payments, or applied the payments weeks late. I have sent payments via overnight signature require mail which was signed for, then the payments lost.
When I questioned the "other" and "corporate advance" fees, I get differing answers. I finally submitted a Qualified Written Request. All I received from Fairbanks was a cryptic printout of my account that it would take an accountant to figure out.
Then, I spoke with Keila in the Payoff Department. She said the $1800 figure is stuff Fairbanks has "charged us". I also found that fax number to consumer affairs office is 904-232-4626. I faxed them a request to look into those charges. Also, Keila recommended I speak with Loan Resolution Department at 888-818-6032 about same.
Well, the loan resolution department has even differing stories. Of the $4135.44, $1063.88 came from Equicredit (and they have no idea what those charges are). $2731.77 was a deferred payment ($967 $967 $797 interest), and $319.99 was interested from advanced fees which are 1841.25. These advanced fees are drive by inspections, appraisal fee of $105 in January 03, etc. She is sending yet ANOTHER request for clarification to wherever it is they send these things. I told them that if I'm paying for drive by pictures, appraisals, etc. I want copies of every one that was ever done.
In 2001 I lost my job and worked out a forebearance with Fairbanks for two payments. Well, I've now found out that those payments don't just roll to the end of your loan, they are treated like a cash advance, and you're charged interested until they are paid.in two years time, I've racked up $797 in interest just from the forebearance. Also, Fairbanks WILL charge you a monthly "inspection fee" of $10.35 whenever you make your payment AFTER the grace period. If you send your payment in on the 1st of the month, you can bet they will hold it until the 16th, THEN charge you an inspection fee. These are supposedly for "drive-by's" and pictures. So far, I have over $1800 in these unknown "fees".
I'm getting nowhere with Fairbanks. Everytime I call, I get a different person with a different story. Faxing certified requests for information does not good either. I was also charged for a "demand letter" that I never received, when THEY lost a payment that THEY signed for! I've asked for proof of everything. My signature where I signed for a demand letter (if they didn't send it certified, shame on them). Proof of all drive-by photos. And even a $105 charge for an appraisal for God's sake! If I'm paying for this ride, I want EVERTHING.
My advice. ALWAYS send your payments via Western Union Quick Collect. It's the ONLY way you can have proof that they received your payment on time. It'll cost you $12 bucks or so, but it's worth every penny.
May God help us all!
0 comments