I feel I am being scammed by a company referred to as Equitable Acceptance. I have been paying on a $1300 loan fee cost since August of 2017. Surely, by now you would think this fee should be payed. To my surprise, this fee never goes down below $1200. When I review my statement, it showed my payments being made, however, there always seems to be an issue with the payment.
I am an educator and I only received my salary once a month. Therefore, I have scheduled my bills (including this one) to be paid at the beginning of the month. Unfortunately, it appears to me that I am being ridiculously penalized because I pay before the due date. I have never heard of such practice.
Just an example of what my statement looks like. My you my monthly payment is only $49/month, however, I usually pay $60/month.
Payments according to their statement:
8/26/17-Interest Due- 15.76 . Current bal 1392.
9/15/17-Payment Due-49.00 $1 late charge Current Bal 1392.
9/15/17-Payment receiv.-49.00 . current bal 1343
9/20/217 Pay return Adj. 49.00 $1 late charge current bal. 1392
9/26/17 . late fee $10 . current bal 1402.
9/26/17 Interest due 23.39 . current bal 1426.
Same experience for Sept., Nov. Dec. Jan. Feb, & March.
Mind you payments were made monthly- although the statement stated that payment returned- No payments were returned to my bank account. So I am still trying to figure out who received those payments.
I received a call in Feb. and I was told I needed to pay $255. to get my payments caught up. Paid that.
I am so frustrated with this company. At this point I need to know what can I do to have my loan moved?
Consumer Action Taken:
I have tried speaking with the company. NO RESOLVE. All they are trying to do is collect more money. I have been threatened with debtors collectors. At this point, I really do not care. I just request that someone please look into this company and their practices.
Date This Problem Happened: August 26, 2017
State You Live in: Alabama
Race/Ethnicity: Black or African American
Age Range: 51-65
Total Amount of Fee Paid: $1,377
Company Name: Equitable Acceptance
P.O. Box 27007
Minneapolis, Minnesota 55427
Company Telephone Number: 612-435-8917
Website of Company: equitableacceptance.com
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