Credit Ed Credit Education Don't Educate you take money from you weekly Internet
I while back I was strapped for cash and company known as Credit Ed contacted me about a 200.00 loan. She stated in the phone conversation that I could repay the loan back in increments of 89.00 until the total loan was completed. After a while I noticed they will take 89.00 out of your account all the time past the amount of 289.00. When I called and asked why and about a refund the Supervisor Fran told me that I had to either pay them 89.00 a week until I call them and pay them 289.00 all at one time to stop the service and I told her I could pay the whole 289.00 next week and she laughed and said sure but we are still debiting 89.00 out of your account this week. Apparently you are paying 89.00 a week for a 2 minute video on how to handle your finances. They don't tell you that until they have taken a pretty hefty amount of money. Now I am stuck paying them all this money and they said that if I don't then it will go to collections and there will be either charges filed for a court case or it will go onto my credit report. Thanks Credit Ed for showing me how to handle my finances now I can barely pay my cell phone bill and rent. Thanks Fran for all that you have taken from me. To the public, please don't do business with these people they will rip you off and not have a care in the world about it.
4 Updates & Rebuttals
Queenjah314
MELBOURNE,Florida,
USA
Listen to the actual conversation
#5Consumer Comment
Fri, August 21, 2015
So this morning I got a phone call from them. What they clearly say a million and one times is that they are there to help you with your credit. They charge $79 each paycheck UNLESS you call within 2 days they take out the money to give them back the $200 that they loaned you to help your credit and the $79 for your services. I was on the phone with her for over 20 minutes and she told me numerous times how this works. They will continue to take that until you say hey no I'd like to just pay this amount and your done. When it comes to anything with loans, my bank, I tend to make sure I have all the facts and ducks in a row.
Dave
Parma ,Ohio,
Curious
#5Consumer Comment
Tue, September 02, 2014
So if you don't call them and pay off the $200 loan how many payments of $79 do they take out total? Is it 5, 6 or do they just keep debiting indefinitely until the principal is paid in the lump sum?
NotNewToThis2014
Washington,Dist of Columbia,
This is taking advantage of people at its best
#5Consumer Comment
Tue, July 01, 2014
Honest people trying to make a living? wow. Just because you put the DISCLOSURE out there for people to see does not make it right.
Lets do the numbers, say you are in a bind and really need this $200 loan (which is sad because these people need financial assistance), you would not be able to pay this $289 loan + fee back for another six weeks. so for 5 weeks I pay $89.00 per week which balances out to $445.00 and then another $89.00 when the loan is repaid with $200.00 for a grand total of $534.00.
$534.00 for a 6 week $200 loan, that's highway robbery! Loan sharks don't charge that much! Basically feeding on people in need, thats sad and it sickens me to hear you stand up for this nonsense not even apologizing to the author for the lack of caring she received from Fran during her experience. Yes you may overlook some things when you are looking for help, especially money help and loan traps like these are called.
255% interest rate????? wow!
upride1133
alahol,Alabama,
Author did not pay attention
#5UPDATE EX-employee responds
Wed, April 02, 2014
You sir obviously did not listen to the CSR that set up your account. I know this because I use to work at the company you speak of. We read from a script. At the end of the process the CSR has to read a disclosure. In the disclosure the CSR states "You can cancel at anytime by returning your $200 along with the $89 fee. to do so you must call in two business days prior to your next sceduled due date. If you do not call in to cancel we will assume you wish to continue on with credited and will debit your account for $89 every week until you call in to cancel". So now anyone that reads this complaint knows the truth. Which is, the author of this story was so concerned about getting his/her measly $200 they were not even paying attention to the most IMPORTANT part of the process which is the DISCLOSURE. I call this fault on the author. Feel free to ask any questions about the company. They are honest people just trying to make a living.