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Our loan's APR just went up 4% as a result of "challenging economic times..."

We pay our bill on time, in full (and whatever extra we have) every single month; never missed a payment, never been late.

When I called the loan center, I was told that due to the large number of delinquent loans they are currently servicing and the rising cost to fund their personal loans, they were being forced to raise APRs on their current customers.

Has anyone else had this happen? Was there anyone you were able to contact to prevent it? This is such a frustrating situation...it's going to take us (we estimate) another full year to pay off our loan if we don't significantly increase our monthly payment.

 
MammaMiaMA

Asked by MammaMiaMA at 8:28 PM on Dec. 15, 2008 in Politics & Current Events

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This question is closed.
Answers (8)
  • You had a flexible rate loan then. That was in the paperwork when you signed the loan papers that it could increase, and because of the economic times it has. If you really do all of those things, you should be able to refi with no problem.
    Fiveofakind2

    Answer by Fiveofakind2 at 8:30 PM on Dec. 15, 2008

  • Should I call then and try to speak with a manager? The representative that I spoke with seemed convinced she couldn't do anything for me. It is a regional bank, so they aren't one of the larger financial institutions...do you happen to know if that makes a difference?

    I've got complete records of all our payments and went through everything this evening to double-check; nothing was ever late or not paid...erg. Just frustrating.
    MammaMiaMA

    Answer by MammaMiaMA at 8:35 PM on Dec. 15, 2008

  • Totally! It is in their best interest to refi if you are a good customer! :)

    Good luck
    Fiveofakind2

    Answer by Fiveofakind2 at 8:37 PM on Dec. 15, 2008

  • Is this a mortgage or credit card? If it is a mortgage, you can refi, if it is a creditcard/line of credit then you will have to deal with it.
    Anonymous

    Answer by Anonymous at 8:38 PM on Dec. 15, 2008

  • Nope, that is not true. Ours just went up and we got it knocked right back down. (not trying to be argumentative - here at least)
    Fiveofakind2

    Answer by Fiveofakind2 at 8:40 PM on Dec. 15, 2008

  • No...this is a personal loan that we used to purchase our car three years ago.
    MammaMiaMA

    Answer by MammaMiaMA at 8:42 PM on Dec. 15, 2008

  • It can't hurt to ask. The worst result in asking is that nothing will change.
    Imaginaryfriend

    Answer by Imaginaryfriend at 8:58 PM on Dec. 15, 2008

  • sucks to have an adjustable rate loan. maybe try fixed rate next time.
    Anonymous

    Answer by Anonymous at 9:13 PM on Dec. 15, 2008

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