MTE Financial Made me payback almost triple amount borrowed ripoff Internet
i took a loan for $300.00 i have paid out over 360.00 to date. The company insists that I still owe 360.00. I tried to call them and work out some kind of payment arrangement. They said that I can only get a payment arrangement if my account falls into collections the only way my account can go into collections is if I fail to make a payment and if I do that then I am charged an overdraft fee from my bank and then I owe the company for a returned fee which then works out to double the payments.
I have tried to reach someone to discuss this situation and I get no help the company says that all the complaints I have read about are from people who have not paid their fees and are upset. The company then tells me all the money I ahave paid to date is nothing but finance fees. So the way this works out is your paying triple the amount borrowed which I feel is entirely unfair and when you call all you get is a recording I sent an e-mail and threatened to stop payment and then someone called me but couldn't help.
Gale
Kutztown, Pennsylvania
U.S.A.
1 Updates & Rebuttals
Thomas
Anderson,South Carolina,
U.S.A.
You accepted a "payday-type" loan and now you pay for it.... Can you spell 'Loan Shark"?
#2Consumer Comment
Fri, June 15, 2007
Didn't you read the terms & conditions and see the horrible interest rate? You did not, correct?
If your interest is 'simple interest', i.e. you pay interest only on your outstanding balance, why can't you make double payments which would greatly reduce you total repayment?
Letting your account go into collections will not help you at all. In fact you will be even worse off- there will be all sorts of additional fees.
Pay it off and NEVER make this mistake again. next time READ and RESEARCH what you are considering BEFORE you do ANYTHING. If you do not understand something, then do not proceed. You must take care of you. Nobody else will.