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Being Talked to Like a Dog

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  • 09-12-2011, 01:59 PM
    solaremp
    Being Talked to Like a Dog
    My question involves collection proceedings in the State of: South Carolina
    Hi,
    My wife and I borrowed money from One Main Financial about 3 months ago. We used our vehicle as collateral. We became 14 days late on the payment. I went in the office to tell them that I would pay within the next 2 weeks and they started shouting at me. They were saying things like, "you never intended on paying us, and, we see where you borrowed more money after us". About 3 days after that office visit, we received a letter of denial in the mail from the same company. They evidently tried to refinance the original loan. The letter has a loan reference # on it. They called my wife and ask about the payment today and my wife asked them who gave them the authorization to refinance the original loan. They told her that I had verbally agreed to it. I had not! Besides that, my wife is the primary borrower, shouldn’t she & I have had to sign some loan papers or something? We received a right to cure letter, (it was left on the porch by UPS), 2 days after the denial letter. It gives us 20 days to catch up the payments. This is my daughters last year in college. We have to pay $500.00 a month for 4 months, and thats just this semester. We were not anticipating this. Her student loans are maxed and we have to get through this last year to get her Bachlors degree. These people have been down right nasty to me. I dont want to go back in the office for fear of being screamed at. Last time, I told them that I was going to try and pay but, If I couldnt, I would surrender the car. I would bring it to them. I was informed by the manager at that time that, " we are not in the f%#$ing used car buisness". I am going to have to back in tomorrow. They are now calling my wife at work and harrassing her. What should I do? Did they have right to try and refinance our loan without our approval? Should I go in and ask to see the loan application with the reference# of the denial letter we recieved?.
  • 09-12-2011, 02:03 PM
    flyingron
    Re: Being Talked to Like a Dog
    There's no legal obligation that lenders be polite to those who are behind on their payments. Yes, it would be nice if everybody conducted themselves professionally and politely.
    I can't explain the refi denial, but that makes little difference to the fact that you are in default and yes they much would much rather you PAY what you owe rather than dumping the collateral on them.
  • 09-12-2011, 02:09 PM
    solaremp
    Re: Being Talked to Like a Dog
    But what if I cant? Cant I surrender the Property? Volutary repo
  • 09-12-2011, 02:11 PM
    flyingron
    Re: Being Talked to Like a Dog
    There's no obligation on their part to accept a voluntary repo.
    Further, by not paying you're racking up additional finance charges and collection charges that will be tacked on to what you owe.
    When they do ultimately repo your car and they sell it for less than what is now owed, they will still hound you for the deficiency.
  • 09-12-2011, 02:18 PM
    solaremp
    Re: Being Talked to Like a Dog
    They said the deficiency would be put on my house by way of a lean. My credit score is 406 and I have 28 more years to pay on my house.
  • 09-12-2011, 02:35 PM
    flyingron
    Re: Being Talked to Like a Dog
    They would need to take you to court to get a judgement to get a lien on the house and even then it's not going to be very easy for them to perfect.
  • 09-12-2011, 02:55 PM
    solaremp
    Re: Being Talked to Like a Dog
    Can I go to jail? The manager said he would have the sherriff come pick me up. I believe im going there tomorrow with the camcorder part of my droid recording and in my shirt pocket. SC Law says they cannot threaten me with arrest or cuss at me.
  • 09-12-2011, 02:58 PM
    flyingron
    Re: Being Talked to Like a Dog
    No you can not go to jail. In fact, it is illegal for them to threaten these things to you.
    contact http://www.scconsumer.gov/
  • 09-13-2011, 06:01 AM
    Spinstopshere
    Re: Being Talked to Like a Dog
    "We became 14 days late on the payment. I went in the office to tell them that I would pay within the next 2 weeks and they started shouting at me."

    Two weeks late and all this went down because of your visit? IMO it would've been better not to have even stopped in. Yes, you will pay additional fees etc for being late but no one is going to repo a car for being two weeks late, or thirty in your case, being as you will have not have funds available for two more weeks. The whole refi smells fishy to me, sounds as if the Bank is trying to hide or keep delinquent loans to a minimum. If they determine collecting on the full amount is doubtful, they must reserve the portion they deem uncollectable on their books. Banks or finance companies don't like to maintain criticized (internal bank term) loans in their portfolio.

    However, I suspect One Merit is non-prime lender anyway am I correct? A title loan? The are in the business of providing higher risk loans. Refinancing your loan without your permission is a violation on their part unless you are in default. Have you read the terms of your loan agreement? If you are technically in default they can restructure the loan. Consumer loan rules are treated differently from commercial credit. They are not always required to have you sign a new note as a consumer unlike for commercial debt. Two weeks seems a little early to be re structuring a loan. Gets back to going in there in the first place although taking initiative on your part was the right thing to do.
  • 09-13-2011, 07:13 AM
    solaremp
    Re: Being Talked to Like a Dog
    Spinstopshere,
    I believe you are right about being a non-prime lender. They just changed their name to One-Main-Financial. They used to be called Citi Financial. I went in to try to set up a payment date. I didnt get that far before I had 2 very angry women yelling at me. I do know one of them said something about having the payment in before the end of the month or she would lose her bonus or month end something.

    Quote:

    Quoting flyingron
    View Post
    No you can not go to jail. In fact, it is illegal for them to threaten these things to you.
    contact http://www.scconsumer.gov/

    flyingron, thank you for that link. there is a lot of info on that site. I want everyone to know that reads this thread that, I am not or was not trying to get out of paying the monies we owe. I borrowed it and fully intended to pay it back. We found out this morning that it gets worse. The plumbing company my wife works for gave her a choice of a $4 an hour paycut or short term layoff, (due to lack of service calls), with something called slow pay unemployment. I told her to take the paycut. I would rather her have a job with less money than take the chance she wont be called back to work. I am literallyworried about going back into the finance company! I want to work something out with them but the manager there is, "do you have our payment? no, why not? I dont care if your wife got a paycut and oh, I see where you borrowed money after you took a loan out with us". That last part really, has already happened. The last time I went in there they had pulled our credit again and was naming off things we took loans out for and told me that I could have paid them with the money we borrowed. What they dont realize is, the loans are for my Daughters last year of college and god help me, she is going to finish this year!!!
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