Crescent Bank And Trust sent a fax to my employer indicating that I was late for a payment Also,my loan was extended without my permission!! New Orleans Louisiana
My loan with Cresent Bank and Trust originated in NewOrleans, La. I was displaced due to Hurricane Katrina Aug 2005 and HAVE had nothing but problems with this bank since the move to Virginia Beach , Va. They have made numerous harrassing phone calls to my employer. They also went as far as sending a fax to my employer notifying me that my payment was due. My manager called me into a meeting about this and I was so embrassed. I felt as if my rights were violated. They also came to my friends home taking picutres of the car after I had called to get an extention on my loan. After talking with the manager about this, who was rude and unprofessional, She explained to me that they could come and take my car even if the payment is a day late if they chose too. My loan with Cresent Bank and Trust was suppose to be paid off this month according to my contract agreement. For some apparent reason after talking with my account rep she said that the payoff date wasnt until Sept 2009. My loan was unvoluntary extended without my permission. I personally think this bank needs to be SHUT DOWN!!! Very unprofessional represenatives and managers. Here are a list of people that I have come in contact with since my loan in 2004. Patrice Lucas was my account manager when I lived in NewOrleans. She was very unprofessional. She was always talking while I was giving her my account information. I have a returned check on file because she put the wrong checking account number in the system. It was her fault and they still have yet to correct it in there system. Zakia Baker is now my account manager out of Virginia Beach, Va. She is also rude, unprofessional and so is her manager. I am in the process of taking legal action against this bank. They are Crooks and need to be put out of BUSINESS.
Shawanda evans
Virginia Beach, Virginia
U.S.A.
3 Updates & Rebuttals
Ashley
Springfield,Missouri,
U.S.A.
Yes and no
#4Consumer Suggestion
Tue, May 19, 2009
the talking to others about your debt is for bill collectors. Not the original creditor.
Benthefinanceguy
Buffalo,New York,
U.S.A.
Debt can probably be discharged
#4Consumer Comment
Tue, May 19, 2009
You didn't post the specifics of your loan, so it is possible that the loan was "extended" in the sense that you are making extra payments to cover late fees or penalties, which may very well be legitimate. The one big problem I see here is that they called your employer. This is a huge no-no. How did they get the number? If they talked to someone other than you about your debt, you may have legal grounds to have the debt discharged.
Ashley
Springfield,Missouri,
U.S.A.
Why your contract was extended
#4Consumer Suggestion
Tue, May 19, 2009
Its due to being late and the way interest is calculated:
If your payment is due on the 1st, and you pay on the 2nd, you have to pay extra interest for being 1 day late. There is no grace period. If you pay on the 10th, you have to pay extra interest for 10 days. 10 days late may seem just fine, it's not like you are 30 days late, but in a simple interest loan, 10 days late can be problematic.
Let me give you a rough example. These loans can be difficult to figure out, but here goes. Say your payment is $500 per month, and in the beginning of your loan, $420 goes toward interest and $80 goes to principal. This is if you pay the loan on time. Since $420 goes towards interest, that amt divided by 30 days = $14 per day. If you are 10 days late, that is 10 extra days worth of interest = $140. When you make the $500 payment, the $420 goes towards interest for the month, plus the $80, which was supposed to go towards principal, now goes towards that $140 extra interest you have to pay. So the month you were 10 days late, NO MONEY went towards principal and you are, in fact, still $60 in the hole for late interest. Next month, if you make the payment ontime, around $420 goes to interest for that month, $60 goes towards the extra interest from last month, and the rest goes towards principal. Do this enough times and you may end up not paying any money towards the principal for months.
So what happens is everytime you are late you owe more interest on the loan. This money will get tacked on the end of the loan extending your loan a number of months to pay off this excess interest you accrued for being late.