Household Finance Mortgage Co last month made arrangements to pay the 3600 they said behind on mortgage... did that got a call today saying i owe over 2200 beause they charge 40.00 a day late fee i have had this happen over the last year and can not get ahead i have paid them so much in late fees told the guy am paying 500 weekly and he said that does not help because yu will be charged late fee i dont know what to do Ripoff Merritt Island Florida
this company is a rip off....they charge late fee of 40.00a day and when you make arrangements they still charge late fee they said i was behind over 3600.00 last month they took out of my acct weekly 800.00 and now called today saying i owed over 2000 and i said the women told me i would be fine after the pmt arrangements and now they are telling me that it was due on 1st and charging me 40.00 late fee ever though i am paying weekly does not help per the rep i will be charged a late fee.. i have paid so much in late fees etc...last year did the same thing just a domino effect i dont know what to do
help please
Trisha
titusville, Florida
U.S.A.
1 Updates & Rebuttals
Nikki
Coconut Creek,Florida,
U.S.A.
Read about Simple Interest
#2Consumer Suggestion
Sat, April 14, 2007
HFC usually does simple interest loans. I have a 2nd with them and am trying to learn about them. I have them taking my payments out of my bank account 3 days early every month.
In a simple interest loan, interest is figured daily rather than monthly with a regular loan. This mean that if your payment is due on the 1st, and you pay on the 3rd, 2 days of "late" interest is tacked onto your loan. Do this for many months, and it adds up. And many people do not realize that even being two days late every month can negatively affect them.
Do an internet search for Simple Interest mortgages and read about them.
I'm very sorry about your dilemma. The loan documents do not explain how they work, other than stating it is a simple interest loan. People don't really know it doesn't mean a regular, monthly traditional loan because they don't know to look for those two words, "simple interest".