Homecomings Financial has consistenly misapplied my payments, has assessed erroneous late fees, and has the worst customer service of any financial company with which I have dealt.
Homecomings is so bad that they should not be allowed to be in business. GMAC recently acquired Homecomings, but does not accept responsiblity for their practices and procedures.
It took seven months to get them to apply my first payment to the account — and I had to do most of the leg work to prove the payment had been made.
Currently my only problem is that I am being overcharged interest by about $20 a month. I am a Ph. D. And professional who worked for banks as an employee and later as a consultant. I know how to calculate simple daily interest.
Too bad Homecomings does not have accurate procedures for calculating interest. It appears that it takes them 10-12 days to post an online transaction and they charge the customer interest for the days between when they received the money from the bank and the posting date. That has got to illegal.
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