What is the name of your state? Pennsylvania
My husband and I recently conctacted a local finance co. to get a small home equity loan. The lady told us that we qualified for the loan, however, doing it that way we wouldn't have the money in time to complete our project (building a deck). She suggested that we take out a personal loan at 24.99% interest and said that before the payment on that loan came due we could roll it over into the home equity loan at 14.99%. We repeatedly inquired about the possibility of getting stuck with this 24.99% and she repeatedly assured us we were already approved. We signed the personal loan papers. Built the deck, and wouldn't you know that she called and said she couldn't write the loan. They have since pulled our credit twice without authorization. Each time they deny us it is for a different reason. Most recent was "too much activity on your credit report" (all activity came from them). I called the institutions district manger 6 times only to be told every time "he is on a conference call" He never returned my call. I located him today and was told (very loudly, and rudly) "Deidre did everything right" "You signed the papers for the personal loan, sorry for your luck". My husband and I are now stuck with $389.00 monthly payments. And as the District Manager had no problem admitting, "there is nothing I can do". I have filed a complaint with the Attorney General's office as well as the PA Banking Commission. Because they have pulled our credit a total of 3 times in a two week span it has significantly dropped our score so we can not even re-fi this loan with another company. Should I continue to fight this or just pay the $389.00 for a few months, re-fi with someone else and forget the whole thing? By the way, does anyone know of any company that would overlook this issue on our credit report and write the home equity loan to pay it off?
My husband and I recently conctacted a local finance co. to get a small home equity loan. The lady told us that we qualified for the loan, however, doing it that way we wouldn't have the money in time to complete our project (building a deck). She suggested that we take out a personal loan at 24.99% interest and said that before the payment on that loan came due we could roll it over into the home equity loan at 14.99%. We repeatedly inquired about the possibility of getting stuck with this 24.99% and she repeatedly assured us we were already approved. We signed the personal loan papers. Built the deck, and wouldn't you know that she called and said she couldn't write the loan. They have since pulled our credit twice without authorization. Each time they deny us it is for a different reason. Most recent was "too much activity on your credit report" (all activity came from them). I called the institutions district manger 6 times only to be told every time "he is on a conference call" He never returned my call. I located him today and was told (very loudly, and rudly) "Deidre did everything right" "You signed the papers for the personal loan, sorry for your luck". My husband and I are now stuck with $389.00 monthly payments. And as the District Manager had no problem admitting, "there is nothing I can do". I have filed a complaint with the Attorney General's office as well as the PA Banking Commission. Because they have pulled our credit a total of 3 times in a two week span it has significantly dropped our score so we can not even re-fi this loan with another company. Should I continue to fight this or just pay the $389.00 for a few months, re-fi with someone else and forget the whole thing? By the way, does anyone know of any company that would overlook this issue on our credit report and write the home equity loan to pay it off?
Last edited: