watchingfromafar
Gold Member
- Aug 6, 2017
- 5,445
- 1,311
- 140
I got a load to consolidate my debts.
I had the account set up on autopay and did not look at the account thinking I would pay it off in time.
A year later I checked the loan balance and found that the principle I owed had doubled.
It turns out that the minimum payment did not even cover the interest being charged for that month.
I think this is fraudulent lending.
Congress should make it unlawful for a lender to create a payment plan that does not even cover the interest charged for that payment period.
what do you think-?
-
I had the account set up on autopay and did not look at the account thinking I would pay it off in time.
A year later I checked the loan balance and found that the principle I owed had doubled.
It turns out that the minimum payment did not even cover the interest being charged for that month.
I think this is fraudulent lending.
Congress should make it unlawful for a lender to create a payment plan that does not even cover the interest charged for that payment period.
what do you think-?
-