When I finally got my disability money and decided to buy a mobile so I would always have a roof over my head. I looked and found a used mobile but still new enough I wouldn't have any problems. That's when I was given Conseco as the lender.
Nothing was explained to me as to what kind of loan I was getting. They didn't even say it was a Simple Interest Loan. The paper work said I would be paid off in 30 years and if I was late a 10.00 late payment which is normal.
Well, it started off fine. My payment date was the 15th and I got my disability on the 3rd so I would send it in so it made it before the 15th not realizing that they had some sort of rip off system that when they received my payment that I had 30 days from the date they received it instead of the 15th. Plus they charged 16.25 for everyday that I was late to them.
This went on for so long and I noticed my loan was going up not down. So I called to find out what was wrong and was informed of this practice and I had to make up all that money. Well, being on disability I tried to reason with them and all they could say was " Don't you have friends or relatives you can borrow thousands from?"
Needless to say I borrowed the money and got behind on payments and was informed they were going to throw me out and that unless I could come up with money more than what my payment was I would never pay the home off because I had a simple interest loan I guess means all I'm paying is interest and late fees. Now I'm going to have to bankrupt and just gave away 50,000.00 to a company for a 32,000.00 mobile home. Thank God I have family that gave me a place to live or I'd be homeless and disabled and they don't care! I forgot to mention I started with Conseco and they sold my contract to Greentree Mortgage
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