- Report: #42870
Complaint Review: Conseco Finance - Rapid City South Dakota
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Conseco Finance
P.O. Box 6172 Rapid City, South Dakota, U.S.A.
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Conseco Finance ripoff business should not be allowed to go bankrupt Rapid City South Dakota
My heart goes out to everyone of you as we have been victims of Conseco too! Never ever get a "simple Interest" loan! Tell me how we can get mail from St. Louis usually the next day or with-in two days but....Conseco says it takes them seven to ten days to get your payment? I'll tell you how....they let our payment set in their mail room for several days past the last payment so that they can not only take your payment for all interest they can add another $10.00 or so a day for their so called ENC interest.
This never shows up on your payment statement. Call and ask for them to send you a copy of your full payment schedule and you will be amazed what you see. Now, you pay an extra $50.00 a month on principal thinking you can pay it off faster. Wrong!!! Your extra principal payment goes toward the ENC (Encurred Interest) for that month and then some. You are always in the hole. But you do not know this unless you know to ask for a copy of your history of payments. This is I have been told against the law.
A lender can not use your principal payment to pay interest owed. I am now filing a complant with of Department of Finance against Conseco.
I think every one that knows how to e-mail web pages should send this wonderful site to the Federal Trade Commission, their state Department of Finace, Bill O'Rilley, etc. Get the word out! I sent an e-mail to the bankruptcy court expression my opinion that Conseco should not be allowed to file bankrupt. My $26,000 mobile home is now worth nothing! I tried selling it but with all the dealers buying the repoed mobile homes for penny's on the dollar my mobile home is worthless.
Thanks for letting me vent....
Karen
Farmington, Missouri
U.S.A.
This never shows up on your payment statement. Call and ask for them to send you a copy of your full payment schedule and you will be amazed what you see. Now, you pay an extra $50.00 a month on principal thinking you can pay it off faster. Wrong!!! Your extra principal payment goes toward the ENC (Encurred Interest) for that month and then some. You are always in the hole. But you do not know this unless you know to ask for a copy of your history of payments. This is I have been told against the law.
A lender can not use your principal payment to pay interest owed. I am now filing a complant with of Department of Finance against Conseco.
I think every one that knows how to e-mail web pages should send this wonderful site to the Federal Trade Commission, their state Department of Finace, Bill O'Rilley, etc. Get the word out! I sent an e-mail to the bankruptcy court expression my opinion that Conseco should not be allowed to file bankrupt. My $26,000 mobile home is now worth nothing! I tried selling it but with all the dealers buying the repoed mobile homes for penny's on the dollar my mobile home is worthless.
Thanks for letting me vent....
Karen
Farmington, Missouri
U.S.A.
1 Updates & Rebuttals
Sandra
Candler,North Carolina,
U.S.A.
Conseco Finance Billing policies ..I have decided not to pay them another cent
#2Consumer Comment
Fri, January 31, 2003
I have already filed my own report regarding Conseco Finance company and update regarding their billing practices and rude and unlawful practices. I have delt with this company for two years going on three and have had it. I recently received my statement for tax purposes and again learned that after paying them $4,320.00 last year in payments I only had $453.84 applied toward the principal. I paid $3866.16 in interest. If this is not Predetory Lending I don't know what is. I have decided not to pay them another cent and I wish more would do that too. I want them to take me to court and let a judge see what they are doing. I only have a home equity loan with them and am told by my mortgage company, Washington Mutual they can not take my home before paying them off. I am willing to take that chance and take them on rather than give them any more of my hard earned money. I want also to try and have my payment go elsewhere and NOT TO CONSECO. Let's take them on and put them out of business.
