On the day of closing on the sale of the house I was buying, the mortgage broker called and said banking laws had changed and I needed double the down payment I had been approved for. They had it already set up with Citifinancial. I just had to stop and pick up a check.
The check was for $9,500 at 21% interest, which has been reported to the credit bureaus as $15,600. I felt I had no choice but to take it 2 hours before closing - that, or be homeless. I paid a personal visit to branch manager Cindy Sandburg, who told me they would reduce my interest rate and lower my payment, and then the story changed over and over again. Citifinancial was totally unwilling to work with me in any way.
So my philosophy on that is, if you're in the business of taking advantage of people, and they are, then you deserve to have it done to you also. What goes around comes around. Why does this company punish its customers? That makes no sense to me, and I desperately would love to see them investigated for consumer fraud, misrepresentation, loan sharking, extortion, and whatever else could be thought of.
I have never run across a company so willing to financially exploit its own customers. Do they honestly think that will make them want to do business with them in the future?
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