- Report: #1344607
Complaint Review: Easy Pay Financing - Nationwide
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Easy Pay Financing
Nationwide, USA
Web:
easypayfinancing.com
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Easy Pay Financing Highway Robbery Nationwide
I have a very poor credit rating and heard of a furniture company that has easy finance options for those with bad credit. I was approved for $1500 and purchased a sectional sofa and love seat for $935. I had the option of paying the balance interest free in 90 days but was unable to do so. My payments began at $177/month with hopes of paying it off in 12 months. I missed one payment and was contacted by Easy Pay Financing to make other arrangements that were more affordable for me, so I arranged at $100/month.
After making 5 straight payments I reviewed my account to discover an interest rate of 189% and payments (not one cent) going towards the principle. I called Easy Pay Finance to inform that I could no longer pay at an arrangement like that. I was told the payments towards the interest would cap off after 15 pays of $100 and then my payments would go towards the principle. So get this: $534 already paid + $100×15 more interest payments + my remaining principle balance of $902 = $2936! Furniture quality is horrible as well. Made from pressed saw dust. I can move it easily with a few fingers! Ok that's an exaggeration but you get the idea.
That's how consumers with poor credit are taken advantage of and are treated. When contacting Easy Pay Financing, I was given two options, settle today at $1200 (mind you I've already paid $534) or they will mark my account as a refusal to pay which will ruin my credit even more. I agreed to continue making the $100/month payment at least for January but told the manager I cannot and will not continue on this track with none of the payment going towards the principle balance. I guess I will soon take another ding on my credit. Highway Robbery! SedsMama Las Vegas
1 Updates & Rebuttals
Jim
USAYou Haven't The Slightest Clue of What You're Talking About! Quite Funny, Really!
#2Consumer Comment
Wed, December 21, 2016
Funny, funny, funny! What you're whining, wailing, jumping up and down about is a very simple accounting principle which has been around for centuries!!! (Hang on, I'm laughing too hard to continue!)..Ok, back at it. Car loans, furniture loans, home loans, credit card loans are ALL this way! Its called "AMORTIZATION"! Look it up! Another funny part is this: You signed a contract to make payments for a specific time period. Early payments are first applied to interest and as time goes on, more and more goes to principle. Whenever you make all the payments for that specific amount of time, all the interest and all the principle are paid down to zero. In the end, it doesn't matter! Yes sir, it looks like you'll need to come up with some other phoney excuse to try to defame them. Thanks for the laughs!
