Conseco Finance Predatory Lending St. Paul Minnesota
I want to inform anyone who has a loan with Conseco Finance to check their monthly statements. I just received my statement for the March payment. The amount $366.00 I sent them last month (Feb.)shows on my statement that all $366.00 went toward the interest and NOTHING on the principal.
I have been paying this company for 3 years and still owe as much as I did three years ago. I have learned recently that they can not file for restructure because of all the complaints and lawsuits against them.
They are being reviewed again today, Wed. March 5, 2003 and the outcome should be known. I would like anyone who knows to advise me why we should still send them money when they are not even legally a company any more.
Should we not hold payment until the dust settles????? Just please be aware of where your hard earned dollars are going.
Sandra
Candler, North Carolina
U.S.A.
5 Updates & Rebuttals
Sandra
Candler,North Carolina,
U.S.A.
I feel I might as well have flushed it down the toilet I don't know who took my money
#6Consumer Comment
Thu, March 06, 2003
I thank everyone who responded to my report. I want to say I do not have a mortgage with Conseco only a home equity loan. I know from Washington Mutual who has my mortgage that Conseco would have to pay them off in order to take my home. My problem now is that Conseco has been sold.
I have received no notification from them and am still getting a bill for March payment to Conseco. My february statement as I stated had nothing applied to my principal and all $366.00 went for interest.
I feel I might as well have flushed it down the toilet I don't know who took my money. I do not feel we should send payments to Conseco since they are no longer in business.
I have called several lawyers in my area, but am still looking for one that deals with this issue. Some seem to feel it is too big a mess and not worth it.
I just need to know if I can legally hold all my money in a seperate account and wait until I am notified regarding the company I am going to have to deal with now and pay them instead of still getting ripped off my Conseco. Any comment would be appreciated regarding this matter.
Sandra
Candler,North Carolina,
U.S.A.
I feel I might as well have flushed it down the toilet I don't know who took my money
#6Consumer Comment
Thu, March 06, 2003
I thank everyone who responded to my report. I want to say I do not have a mortgage with Conseco only a home equity loan. I know from Washington Mutual who has my mortgage that Conseco would have to pay them off in order to take my home. My problem now is that Conseco has been sold.
I have received no notification from them and am still getting a bill for March payment to Conseco. My february statement as I stated had nothing applied to my principal and all $366.00 went for interest.
I feel I might as well have flushed it down the toilet I don't know who took my money. I do not feel we should send payments to Conseco since they are no longer in business.
I have called several lawyers in my area, but am still looking for one that deals with this issue. Some seem to feel it is too big a mess and not worth it.
I just need to know if I can legally hold all my money in a seperate account and wait until I am notified regarding the company I am going to have to deal with now and pay them instead of still getting ripped off my Conseco. Any comment would be appreciated regarding this matter.
Sandra
Candler,North Carolina,
U.S.A.
I feel I might as well have flushed it down the toilet I don't know who took my money
#6Consumer Comment
Thu, March 06, 2003
I thank everyone who responded to my report. I want to say I do not have a mortgage with Conseco only a home equity loan. I know from Washington Mutual who has my mortgage that Conseco would have to pay them off in order to take my home. My problem now is that Conseco has been sold.
I have received no notification from them and am still getting a bill for March payment to Conseco. My february statement as I stated had nothing applied to my principal and all $366.00 went for interest.
I feel I might as well have flushed it down the toilet I don't know who took my money. I do not feel we should send payments to Conseco since they are no longer in business.
I have called several lawyers in my area, but am still looking for one that deals with this issue. Some seem to feel it is too big a mess and not worth it.
I just need to know if I can legally hold all my money in a seperate account and wait until I am notified regarding the company I am going to have to deal with now and pay them instead of still getting ripped off my Conseco. Any comment would be appreciated regarding this matter.
Diana
Elmira,New York,
U.S.A.
Sandra
#6Consumer Suggestion
Thu, March 06, 2003
see web site www.msnbc.com/news/880982.asp, My husband and I went to a HUD morgage councelor, and she is the one that told us about predatory lenders (I had no idea that such a thing existed) I wrote a letter of what Consucko did to us (equity stripping) to our State Banking Deptartment, also contact your state general attorney's office,
Tammy
Lowville,New York,
U.S.A.
lender engages in gross and illegal business practices
#6Consumer Comment
Wed, March 05, 2003
I am keeping all of my correspondence, all of my statements that I have recieved (only one so far) in a folder and I am making copies of everything. My husband cosigned for his brother for a mortgage and his brother let the trailer go into repo since he lost his job and could no longer afford the payments. By the time we got notified of the fact that he was over eight months late, we didn't have the money to get him caught. It was over 4.000 and they wanted 2900 right up front. We could not do it.
We asked them for an account history. They sent us an amortization schedule. I asked them for a billing statement. They sent me this billing statement with an amount owed on it and nothing else. I could not find any information on what went to interest, what the charges were, the rates on the charges and any kind of statement. I called them up and they told me that they were charging us daily compounded interest of 9% on the back payments. I got a copy of contract. Default terms state that late payment fees are to be accessed at no more than 5% per day or $15 a day whichever a less. They are charging us close to $60 a day. I am not going to argue with them now.
I am simply just collecting all the documents, doing my own calculations and then I will wait until they sell the trailer, if they do. We have a lawyer (JAG) who has seen this kind of shady business before and his passion is that he hates military getting screwed so he has advised us of our rights. Then I will have our Lawyer research the sale of the mobile home to make sure that COnseco Finance does not record on our bills a lower selling price so that they can pocket the difference. If they do that, it is grounds to set aside the contract for if the lender engages in gross and illegal business practices, you have the grounds to take it to arbitration (contract says arbitration first which is more expensive and Conseco does that in order to discourage people from fighting them) and if that does not work to court. I would rather pay court costs and fees and arbitration costs and fees than pay these scheisters if they are cheating me. We are screwed but I would rather be screwed in the system than have to pay them if they are illegal.
Make copies of everything. If they call you, tell them you have an important long distance call on the other line and it is important and get their number to call them back. Make sure you get their phone number and agents name. (Some in the collection department are notorious for using false names if they are engaging in illegal shakedown tactics. That way they don't lose the job). When you call them back, get your recorder going and don't curse or yell at them. Let them do all the talking....
Then send everything to the Federal Trade Commission with a complaint and copies of all correspondence. Plus, contact the better business bureau. Plus contact the Securities exchange commission. Then get a good attorney.
This company will hang itself sooner or later. Never fear.