I already had a loan with Household finance. I was in a desperate situation. They called me telling me that they can help me with my financial situation. I went to their office in Wheaton Maryland in late August and met with a loan officer who was also identified himself as a reverend. I am a very religious person and I shared with him my problems (i.E. Verge of bankruptcy telling him how I hoped I was making the right decision and that it was God's will. I was skeptical. "With this loan now you won't have to." (bankruptcy)
He turned out to be a wolf in sheep's clothing! A true reverend would not prey on people! He said how the loan would pay off all my credit cards. (BULL!) My previous mortgage had been at 8%. They refinanced it at a higher rate! I questioned him when he said that my rate would be 11%. He said that its the rate they charge everybody and that I would still be paying less than I am now. "You'll still be saving a lot of money miss *."
That's a bunch of bull! They charged me outrageous closing costs, somewhere between 15-20K, causing the amount of the loan to go over the equity of my home by $9,000! My home was appraised for $118,000 and the amount of the loan was for $127,000! The loan money could have been used to pay off more credit cards when instead, it was used for the stupid closing costs! I have to pay $1,200 a month! And this loan didn't even pay off all of my credit cards! I had to put most of my cards in a credit counseling program!
Now a year later I am struggling finacially like never before in my life! I am in a much worse situation now than I was a year ago! They almost foreclosed on my house! My uncle had to rescue me! Going to Household Finance to refinance only caused me more harm than good! I am now going to have to file for bankruptcy! I had excellent credit for 6 years and now its ruined!
I hold myself accountable for getting in debt and I have learned a valuble lesson, but Household was no help! They have seriously impacted my finances! I make 50K a year, but I am living in poverty!
On the up side: I am part of a class action lawsuit against Household. These people are in serious trouble! I will be getting a check for at least $1,700 this December. I am so sick of the injustice in this world! Evil will not win forever! When Jesus comes back, justice will be done! I am honored to share in Christ's suffering. Satan's Corporations are taking advantage of already suffering Christians (and others who need Christ) and stealing from them the resources they have left!
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