Household Finance ripoff high interest/never pay off loan Jacksonville Florida
I received an unsolicited check from HFC in the amount of $7000.00 right after I purchased my home. I thought it was a good thing since I had a lot of repairs in mind to do to my home. I did not notice that the interest rate was for 28%. I've been making payments of $180.00 per month for 4 years now and have never been late but guess what my balance is? over $8000!.
They charge almost all of my payment to interest then at the end of the year I have to pay an annual fee. somehow this made the balance go up not down because they have some underhanded way of calculating interest. This s**t has stressed me to no end. I called them and asked them since I have been paying so long will they consider reducing my interest rate and she said sure as long as I allow them to put a lean on my home! I declined that.
I am refinancing my home with the main objective of paying off this d**n loan! I hate HFC and I surely wouldn't advise anyone to take a loan out with them. Your balance never decreases no matter how many years you pay on the account.
Jacki
jacksonville, Florida
U.S.A.
1 Updates & Rebuttals
Angela
Houston,Texas,
U.S.A.
I FEEL YOUR PAIN...
#2Consumer Comment
Sun, August 21, 2005
Jacki,
I also got the "check in the mail" and ended up with a loan for $10,000.00. After paying $300 a month for 7 months my balance INCREASED to $10,300.00! What HFC calls a monthly statement is a joke. They intentionally send you misleading statements that do not show you how your payment is being applied (obviously, its mostly to interest/fees). The online payment center does not indicate how your payments are being applied - it just give you a phony balance that never seems to decrease.
I used every resource that I had to send them $10,000.00 a couple weeks ago and will be making a final payment on Thursday in order to close this so called account.
The moral of the story is this: IF YOU GET A CHECK IN THE MAIL FROM HFC (HOUSEHOLD FINANCE) DO NOT CASH IT - YOU'LL SPEND THE REST OF YOUR LIFE TRYING TO PAY OFF THIS DEBT.
BEWARE - HFC IS THE LEADER OF PREDATORY LENDERS!