Arcadia Financial ripoff no contract Carol Stream Illinois
When our contract was up with Arcadia in July of this year, I received a letter requesting that we pay a balloon payment of $4000 or make arrangements with them. I called to make arrangements and was told that I had to do a new loan for 15 months and that it had to be approved by a manager. If it were approved they would fax me the contract to sign and send back. I would then get a new statement.
I never received any papers and in August I called looking for them. I was told that they had received the signed papers from me and I was now past due on a payment, I had not received a statement but was told the loan papers constituted the statement. I then requested a copy of the loan papers. These papers have never been found.
Whenever I call they tell me they are still looking for the papers. I have requested that the redraft papers only to be told that is not an option. I do not feel that I should continue to make payments on a loan that I do not have. I want to have a copy of the contract with the beginning and ending date, the interest rate, the amount financed. This is not asking too much, yet I have spent 4 months trying to get this.
Amy
Columbus, Ohio
U.S.A.
1 Updates & Rebuttals
Misty
Phoenix,Arizona,
U.S.A.
DISPUTE IT!! By law, they have 30 days to respond
#2Consumer Suggestion
Mon, January 19, 2004
You should definately dispute the "new contract"!!! What happens is this: you send a formal letter of dispute stating you never agreed to a new contract and that this "new account" is NOT YOURS. By law, they have 30 days to respond to your letter. Normally, you will receive something saying they are researching your claim, or it will simply state that your account was "verified" (BULL!. They "verify it" by looking at their computer screen, not a signed document. At this point, you send them one more letter stating you still dispute the debt and they need to provide you with PROOF of the debt. They must now provide you with a copy of the documents YOU SIGNED. To simply say their computer tells them it was your signature is NOT ENOUGH! If, in 30 days, they do not provide you with copies of this "missing" document, they must BY LAW cease all effort sto collect on the debt and remove it from your credit report! Don't take this lying down, FIGHT BACK!!!!
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