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Monday, July 20, 2009

Comments

Iola B. Francois

Consumers are actually abused daily? This is due to arbitration clauses and allowance of this abuse by such as ballooning payments, being imposed upon the consumer without the ramifications being explained (If there were any once the initial loan with interest has been paid in full). Without the consumer being informed and in possible dire straits, an informed choices are not made.

The payments and interest: made by consumers, in any form of money with personal property used as collateral, to the lender in exchange for loan of money, is being abused by lenders all over the US today.

Payments are set up to be made by: the consumer before he/she actually, is no longer obligated to make payments? Then, by these contracts of arbitration and ballooning payments in lieu of not taking what ever merchandise is used as collateral, et al should the consumer be unable to continue to pay regularly, after the initial or original loan is paid in full?

These loan companies locally: will offer the consumer a choice, non payment for a month and small amounts of money, in exchange for the consumers signature on, yet another contract? This action will start payments all over again, of the original loan, et al. Horrific to any consumer and then being threatened: regularly by the loan company with, jail or taking possession of the personal items the consumer used as collateral?
Continuous dialy calls of harrassment and being told this would continue until these payments are made.

I for one am getting on in years and disabled in status right now. Many issues have been taken advantage of by one particular loan company, before it was realized the amount of money being paid all over again, once my signature was on another contract of arbitration et al and the same with my daughter who was out of work for almost a year: with me paying her payments and being asked to make them by the loan company manager? I know for a fact that her loan would have been paid in full by now, if they had not told her she had to come in and sign yet another contract and now threaten her with jail, et al

All of these actions are daily and the US is already in financial straits> Yet some are allowed to continue to take advantage and scam to get money from those they feel are destitute in actuality. What could we do?

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