FCNB I believe I am being ripped off ripoff deception Portland Oregon
They told me that I could not get credit for a computer from Gateway, but the Intel people could fix me up with a Gateway. So they told me it would be about $2,000.00 and I would have to pay that amount every month. I have been late with about 3 or 4 payments but I always caught them up by paying extra. My concern is that since the year of 2000 my bill seems to be staying almost where it was when I first got the computer. In two years my bill has gone from 2000.00 to 1875.13. That is not a big drop as far as I am concerned. I did not know about this Finance charge of $39.75 nor that 25.99%revolving rate was attached to every month's payment.
I don't know much about how these interest rates run, but I feel like something is wrong. I feel as though I am never going to get this computer paid off and now it is not running as good as it was. I have constant shut downs on programs that I am working on or the monitor will blank out and I have to unplug it and then re plug it for it to start working again. I need help all the way around in this situation.
Rosita R.
Chester, Pennsylvania
1 Updates & Rebuttals
Sean
Portland,Oregon,
Finance charges
#2Consumer Suggestion
Tue, August 27, 2002
Unfortunately you were probably not part of a rip-off, but feel taken advantage of. What everyone needs to do before getting credit is look at the terms, and late fee charges.
Since you said you have been late on several payments, you can expect to pay late charge of at least $20.
With an original amount of $2000, at 25.99% APR, you are paying $40 a month in finance charges alone for the first year if you are making a minimum payment. The minimum payment alone will only take away roughly $5-10 from the principle given that you are paying the computer off in 5 years. My suggestion is you pay the computer at $100 a month, and cut out other needless expenses. The best you can do is get rid of high interest debt as soon as possible.
I went through the same finance problems when I was in college, and still haven't fully recovered.