Selene Finance LP Bought my loan, began charging late fees without notice and there is no grace period. Exactly on the first, even though payday doesn't always fall on the first; otherwise, late fees. Houston Texas
Bank of America sold my loan to Selene Finance. Bank of America said I was with them through August 01, 2014; so I submitted payment. On August 29th, I received a letter from Selene Finance LP, stating they hadn't received my payment due on the first of August and I was being charged a late fee of $49.00. They also said my credit would be tarnished. That was the first notification of anything about my loan with Selene.
The 1st does not always fall on payday, Selene Finance does not allow a grace period of by the 12th or 16th. If it is not in by the 1st, another late fee applies. I know have another late fee because payday isn't until Friday. I live pay check to pay check and I have always paid my mortgage payment.
This isn't right and there should be a grace period of 30 days if a loan is sold between companies. The bad thing is the consumer gets caught in the middle of an overnight sale.