[Blf]

First I am in Texas.I have been with a loan company for quite awhile,giving my title as collateral.November 10,2004 I refinanced the loan,with payment due on Dec.10th.I was late,and called them to notify them.Jan.3rd,2005 I went in to make my payment(3wks late)cash in hand,including late fees.The loan company refused my cash payment.They said the only way they could accept payment was if I had the next mths payment also(1wk away).I didn't have both payments,so they still refused my cash.The only other option they gave me was to refinance again(allready pd 1mth that was lost)I refused,they said it was the only option since I was late.I pointed out on the contract it stated if I was late then I would have to make the payment plus late fees.The contract didn't state,you have to refinance.After several minutes of getting nowhere,and they holding my title,I gave into them.Even as signing the new contract I protested,saying I didn't like being forced to refinace a loan I didn't want refinanced.The manager said well if you don't like it pay us off!April I lost my job couldn't make April 3rds payment.I called them asking to refinance since I was late,almost 1mth late.They refused,when before they made me refinace due to being late.I asked the balance,when it seemed to high I started going over reciepts.I borrowed $400.,payback was $544.00.Jan when I refinanced I paid $64.00,Feb.the reciept showed the original $544.00.I even called the corporate offices stating they made me refinance and are now refusing,they didn't credit me a payment.Corporate offices did nothing.Yesterday,2mths late now,I called the loan company again.Stated if they made me refinace this loan in Jan being 3wks late,why are they not allowing me now.They said,we didn't force you,we gave you an option.I also brought up the fact I had reciepts and they didn't credit me Jan.payment.That if they were going to deny me refinancing now then they needed to go back to when they made me refinance and credit me that money.That they needed to get this resolved.They ignored me,told me if I brought in $128.that day they would stop repossession.I told them if they didn't want to resolve this issue and credit me the money I would just call Austin,the commission.They were going to give me yesterday to bring in the money or repossess my vehicle(for $300 owed)Thier offices closes at 5pm.Well around 3pm I was pulling out of my driveway when I saw a wrecker.I left stopped at a store.When I got out of the store the wrecker was pulling up.I got in my truck and one guy came pounding on my window,I left.The commission in Austin that governs the loan companys is sending me a complaint form.They also took the loan companys information,number.In the meantime,I am not home,neither is my vehicle.Im just wondering,is it legal to force someone to refinace a loan,then refuse them?Also how is it possible for them to refuse to review the loan due to them omitting a payment(I have proof,reciepts from them)then try repossession?I have never heard of a company refusing a cash payment,plus late fees,or forcing someone to refinace...any advice?

[aaron]

A lender doesn't have to lend to you (provided their reasons for declining to do business with you are lawful). It sounds like you didn't comply with the terms of the initial refinance, by failing to make timely payments before the loan closed, and had additional problems with payment which made them decide that you were too high of a risk.

Your best approach is probably to find a different lender, and to pay off the first lender.

If you made payments which were not properly credited to your account, the lender should credit them once they have proof of payment (whether from their own records or from yours).

[Blf]

True they can deny me refinancing...but according to them in Jan.if your over 10 days late on the payment you Have to refinance..thats the excuse they gave me and made me refinance(which I lost one payment,plus they charged me another 10.00)..Now according to my contract if im late and they allow me more time(which they agreed to over the phone)that I will pay the additional interest.Which I had cash in hand for the payment,interest and any/all late fees.No where on the contract did it state if your late you have to refinance.I pointed this out in Jan.when they wouldn't accept my payment and made me refinance.They still gave me no other option..deny me refinancing yes,but refuse to take my payment and make me refinace?To tell me since I was over 10 days late you have to refinance,then tell me I cant refinance?