Loan Payment Administration Nationwide Biweekly Administration Predatory and misleading solicitation as well as misrepresentation Xenia Ohio
12/2/2013
I'm not seeking any retribution against the company listed above so I'm not sure that I'm at a sight that posts reviews of businesses that conduct themselves as described above.
Tha being the case, I won't go into a lot of detail accept to say that in early April of this year, their shoddy marketing practices roped me into an arrangement to make bi-weekly mortgage payments to Wells Fargo through NBA's services.
Shortly thereafter, in "closing the barn door..." fashion, I contacted Wells Fargo and found out that they provide the same service without charging an administration fee.
When I contacted NBA to cancel their services, they informed me that I would relinquish my administration fee of $130. Because I had only made two payments using their service, they agreed to refund half of my registration fee.
I just received another solcitation letter from NBA. I notice they changed the wording to make it less deceptive. The letter now begins, "Wells Fargo Bank NA may not have made you aware of the option to setup a smaller biweeky program payment option for your mrtgage loan." On the envelope it now states that, "Loan Payment Administraion is not affiliated with the lender."
But there is still this, "Contct us if you want to change to the biweekly option..." "...If you decline the biweekly option, you will be asked to confirm to confirm that you understand that you are voluntartily waiving the interest savings and loan reduction achieved with the biweekly option.
At the bottom of the letter it states "...is not affiloiated with, connected or associated with, sponsored or approved by the lender listed above."
I'm guessing these changes were not voluntary.
3 Updates & Rebuttals
Mango
Minneapolis,Minnesota,
Nationwide BiWeekly Administration
#4General Comment
Tue, September 16, 2014
As most others have pointed out, this is company is predatory and misleading. One person commented their lender, unlike Wells Fargo, does not offer a bi-weekly payment option. I imagine you may not realize it, because it may not be called a bi-weekly option. Simply make an additional interest only payment anytime you have the extra money. Unless your original mortgage is with an unreputable company, this would be allowed. If you do on your own, the flexibility is much greater and you will not be paying this third party anything.
The so-called savings are greater if you don't give them a piece of it. It is especially easy when you make your mortgage payments online. If you get a tax refund, bonus, overtime pay, or anything else, just go online and apply some or all of it to your principle. It is really rewarding to watch your outstanding loan balance decline faster than the original amortization schedule.
I am sorry that anyone falls for this scam.
Biz Lady
South Chesterrfield,Virginia,
Research Is Important
#4Consumer Suggestion
Mon, July 28, 2014
I recevied a letter today from NBA and before I called them, I called my lender. Although the mortgage company could not provide specifics as to NBA's authenticity, they did advise such companies are available. I looked up the company's information with the BBB and found no complaints. I also have sent an email to the Ohio State Commission office to confirm the license and bonding information. Unlike Wells Fargo, my mortgage company does not offer a bi-weekly payment service, so this would prove to be a real benefit for my family. Calling the number on the letter may have proved helpful for you. The representative answered my questions. By the way, most loan information is public knowledge and can be requested by any person or company. It's business. I would suggest researching information before defaming the character of an organization online.
Regards,
disgruntled
Columbia,Missouri,
correction to my initial report
#4Author of original report
Tue, December 03, 2013
NBA charged me an administative fee of $275.00, not $130.00, as I originally wrote. When I cancelled they refunded $137.50.