My husband took out a loan modification on a personal loan we had with Citi Financial (a part of Citi Financial, Citi Mortgage, etc., the Citi group). They finally gave us one for 2 years. It was to lower our payments for that time period. What we didn't know is that it was only going to pay the interest and other charges (whatever they are)!!! They did not tell him that!!!
When our payments went back up (they wouldn't extend it even though my husband's wages were $20,000 less each year than when we took out the loan originally), we also found out there had been no principal taken off the balance. How did that help us!!! Payments went from 223 a month to 115.
We paid 125 a month most of the time, wanting to get the balance down. Rip-off: it all went to interest, but most of all to "Other Charges" of 204.84 a month!!! I don't know how they figure that. 103 went to interest, 204 to other charges and 21 to the balance. How are we supposed to get this paid off!!! Needless to say, it looks as though they will be the last ones we pay extra to, and the last to be paid off.
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