CCLC Consumer Services, E-Trade Financial, E-Trade Bank Hundreds of EXTRA dollars paid per month, PRINCIPAL NEVER CHANGED Pittsburgh Pennsylvania
My husband and I opened a home equity line of credit ($40K) with E-Trade Financial and in short order the line of credit was transferred to CLC Consumer Services. Our monthly statement always displayed a minimum payment of some really low amount or sometimes even $0. We payed anywhere from $800 to $1500 per month on this line of credit and our principal (for 6 months running) did not decrease. The entire amount was servicing interest.
Caryn
Carlisle, Pennsylvania
U.S.A.
1 Updates & Rebuttals
Bankworker
PITTSBURGH,Pennsylvania,
U.S.A.
Read your contract!!!
#2Consumer Suggestion
Thu, May 01, 2008
This loan was an interest only loan! If you had any interest accumulated, this is what would be satisfied from your payment until your draw period (normally between 5-7 years) expires. Any amount over the interest accumulated would decrease the principal balance so you should've probably called to find out where the extra money was going if you were paying more than your minimum payment. Word of advice, read your contract.