- Report: #1119337
Complaint Review: One Main Financial - Crowley Louisiana
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One Main Financial
Crowley, 70526 Louisiana, USA
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One Main Financial Citi Financial wanting to pay off loan but after 8 yrs of payments the pay off is still the same as the amount i borrowed Crowley Louisiana
Eight yrs ago I borrowed $47000.00 to add on to my house that was paid for free and clear. I only used my house as colateral for the loan. i am now in the process of selling my house and this finance company is trying to say that they have a mortgage on my house, well i asked what would be the pay-off on the loan if I were to go pay them off and after 8 years of paying $250 a month, first 2 years paying $406 a month, they tell me the pay-off is $46400.00!! Only $600 less than what i borrowed 8 yrs before, so they tell me I,ve been paying only interest for 8 years!! RIP-OFF, I refuse to pay these crooks any more than $20,000, and thats being generous! I will take this to court!!!!!
1 Updates & Rebuttals
Robert
Irvine,California,
The court may differ on your generosity
#2Consumer Comment
Thu, January 30, 2014
First to help you out with a misconception.
I only used my house as colateral for the loan. i am now in the process of selling my house and this finance company is trying to say that they have a mortgage on my house
- Yes when you use your house as colateral..that IS a mortgage.
Now onto your loan. You don't give any information such as Interest Rate or Length of the loan, but $250/month seems quite low for a shorter term loan. Just running some quick numbers and taking some guesses even with a traditional fiixed rate loan you would need a long term mortgage(30 years) and with an average Interest rate of about 5% it gives you a payment around $250/month. But after 10 years you are still going to have a balance of around 27-30K...so offering them a "generous" 20K amount you may find them not really jumping up for joy and accepting.
As for the "Interest Only" loan, when you got the loan all of these terms were defined in the documents you signed.
