Springleaf American GeneralHousehold Finance Paying equity loan-balance never goes down-just keeps rising Evansville IN
We borrowed $9000 in 1997 against the equity in our house through Household Finance Company(HFC). We have paid between $257 and $500 a month on a contious basis. Balance is now up over $14000.
Om Sep of 2013 Springleaf purchased our account from HFC- and again I pay over the min amount and have been for over 15 years and balance never goes down-just keeps creeping up.
The minimum payment is $257 and at the norm I pay $330 every month, which means I over pay. This company swears up and down that I short paid by less than $14.00 and reported me to the credit bureau. Remember, I over pay so I would not run into this issue.
This company will not talk to me reasonably, they say to pay this off I will need $11000. Remember, this was originally a $9000 loan and payments have been made for over 15 years and the balance has never gone down. My "real" mortgage has decreased by over $50000 in the last 15 years and this equity loan keeps going up. What is wrong with that picture.
These companies are all legalized thieves and extornists. This is wrong for anyone to have to go through. At this rate the house will be paid off and we will probably owe $50000 on a $9000 loan.
We have paid this loan off 5 fives times over, in fact since this loan we have purchased and paid off 3 new auto loans, a bike loan and our mortgage balance has come down considerably. This is a racket, scheme, whatever you want to call it and it should be illegal!!!!!! We could never get away with this.
1 Updates & Rebuttals
TJack
Woodbridge,Virginia,
Equity payments for 18 yrs-balance never goes down!
#2Author of original report
Thu, July 10, 2014
We borrowed $9000 in 1997 against the equity in our house through Household Finance Company(HFC). We have paid between $257 and $500 a month on a contious basis. Balance is now up over $14000.
Om Sep of 2013 Springleaf purchased our account from HFC- and again I pay over the min amount and have been for over 15 years and balance never goes down-just keeps creeping up.
The minimum payment is $257 and at the norm I pay $330 every month, which means I over pay. This company swears up and down that I short paid by less than $14.00 and reported me to the credit bureau. Remember, I over pay so I would not run into this issue. We have paid in excess of $40,000 on a $9000 loan.
This company will not talk to me reasonably, they say to pay this off I will need $11000. Remember, this was originally a $9000 loan and payments have been made for over 15 years and the balance has never gone down. My "real" mortgage has decreased by over $50000 in the last 15 years and this equity loan keeps going up. What is wrong with that picture.
These companies are all legalized thieves and extornists. This is wrong for anyone to have to go through. At this rate the house will be paid off and we will probably owe $50000 on a $9000 loan.
We have paid this loan off 5 fives times over, in fact since this loan we have purchased and paid off 3 new auto loans, a bike loan and our mortgage balance has come down considerably. This is a racket, scheme, whatever you want to call it and it should be illegal!!!!!! We could never get away with this.