Results 1 to 3 of 3
  1. #1
    Join Date
    Jul 2007
    Posts
    2

    Default Loan Principal Billing Error, But Lender Disagrees

    I need help. My fiance has a high interest car loan in which we are trying to sell to pay off and get something cheaper and better on gas.

    She has been making regular payments (never late) along with several extra payments when she could since November of 2004. The total amount financed was $20,156.00 at 13.89%. This is a simple-interest loan with no pre-payment penalty. When we called to get the principal balance the lender says it's over $15,000. We drew up an amortization chart and the principal should be just over $9,000. They disagree but when we ask for paperwork and evidence for where they are getting their numbers they say they will mail it or fax it but it never shows up. Meanwhile interest accumulates and I don't know what the proper avenues would be to get this handled. Speaking to a manager in this well-known lender's customer service department is worthless.

    From my research the Fair Credit Billing Act does not apply to installment loans. Is that correct?

    Please help! Any advice for how to handle this situation will be most appreciated. Thanks so much.

  2. #2
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,625

    Default Re: Loan Principal Billing Error, But Lender Disagrees

    Consumer laws are different in each state, which is why you were instructed to identify your state when you posted. See if your state attorney general's office has investiged (or is investigating) this lender's practices. You can check their complaint procedure as, if nothing else, a complaint may inspire the lender to send you the accounting.

  3. #3
    Join Date
    Jul 2007
    Posts
    2

    Default Re: Loan Principal Billing Error, But Lender Disagrees

    Sorry about that. I guess I was in a hurry when I was posting.

    I'm in North Carolina, the lender is based in Phoenix, AZ. Thanks for the reply.

    1. Sponsored Links
       

Similar Threads

  1. Debt Collectors: Doctor Won't Fix a Billing Error
    By LiveFree82 in forum Medical Debt
    Replies: 3
    Last Post: 06-21-2011, 04:14 AM
  2. Business Issues: Charged for an Outstanding Bill Due to Error of Billing Company
    By Dr Soder in forum Business Law
    Replies: 2
    Last Post: 01-26-2011, 11:11 PM
  3. Business Disputes: Check Rendered on Services Contract After a Billing Error
    By RedOne in forum Business Law
    Replies: 5
    Last Post: 10-23-2007, 11:48 AM
  4. Mortgages: Paying on the Principal of a Home loan
    By BlueCrystal in forum Real Estate Finance
    Replies: 2
    Last Post: 12-09-2006, 08:29 PM
  5. Mortgages: Lender's Clerical Error Increases Cost of Mortgage
    By Homeless in forum Real Estate Finance
    Replies: 2
    Last Post: 09-21-2005, 12:44 PM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
 
Forum Sponsor
Bankruptcy Lawyer
Recover From Your Debt. Free bankruptcy evaluation by a local attorney.




Untitled Document