J.A. Cambece Law Office, P.C
Principal payment eaten up and then some by JACKED-UP Interest Rates. Ripoff
- 10-19-2005
- 13
I owed a debt to MNBA which was bought by CACV of Colorado, LLC. CACV of Colorado, LLC hired J.A. Cambece Law Office, P.C. To collect the debt.
I agreed to have a hardship amount debited from my checking account, with the understanding that this would initiate the repayment of my outstanding debt.
However, upon reviewing the confirmation letters from J.A. Cambece Law Office, I began to realize that the principal amount owed was decreasing while the interest on the debt was far outweighing the principal payments that I made.
I called the J.A. Cambece Law Office to inquire and get clarification of why this was happening. They informed me that they had no control of the interest that was accruing on the account. They assured me that the principal amount owed was decreasing, but could do nothing to offset the interest.
How do they expect me to pay off this debt when the interest rate is so extreme that it is much greater than the principal payments that I am paying each month.
Here it is 7 months after I started this repayment plan and it shows that I owe more now than the original debt amount. I am getting nowhere fast like this. As a matter of fact, I am further in the hole now and nearly $1,000 poorer.
As a result of this, I have had to request that my bank put a stop payment on any further attempts by the J.A. Cambece Law Office to debit my account.
If this is not a case of ripping off a decent individual who is trying to make an honest effort to clear an outstanding debt, then I would like to have the true meaning of rip off explained to me.
I, like many other individuals, have gotten in over my head. I am more than willing to work with someone who is reasonable and fair to resolve this debt situation. Just please give me a solution so that I may see an end in sight.
Company: J.A. Cambece Law Office, P.C
Country: USA
State: Massachusetts
City: Peabody
Address: Eight Bourbon St
Phone: 8885356161