Laura
Palatine,#2Consumer Suggestion
Wed, January 19, 2005
Peggy - Sorry to year you are struggling with this company. You are most surely correct about paying via Western Union Quick Collect. They require it on all forebearance agreements but it is so worth the fee. Just a thought regarding your credit. Have you initiated an investigation by the credit bureaus? It's free. You just need to contact them. If SPS cannot prove that you are behind on your payments or that they have a legitimate reason to be reporting a foreclosure it should be removed. The bureaus will contact you with the result of their investigation. And...you can do this on the internet in most cases. I have a couple of questions for you. You say you contacted the Lender (Bank One) directly for a renegotiation of the loan. Can you give contact info and more details regarding this? We have only been dealing with the servicer (SPS). Don't feel alone - our loan's interest rate is at 11.25%. If you have been paying your loan promptly for 2 years you definitely should look into a company who does hard-to-place loans. There are many and you can find them on the Internet. You might try Lending Tree (you can explain your situation) and reach them on the Internet. Or do a search. I am sure you will turn up some direct Lenders. Since you have a substantial payment history that is current you should be able to get out of your horrible interest rate. Good luck in your search. Laura P.S. Fairbanks changed their name shortly after the nationwide class action suit was filed. I am extremely disappointed to see there are new cases with victims of the same scenarios even though the Court ordered them to enter into an Agreement to protect the consumers whose loans they service. It was supposed to protect against predatory lending.