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Banks, Lenders Prey On The Public
I wonder, how many of you have (had problems) with your bank or credit card, or mortgage company? I've come to the conclusion we are all victims of a corrupt system that makes predatory lending and loan sharking legal. You can probably get a better deal with the mafiathan your local credit card company. Isn't 27 percent interest a little much, not to mention late fees on top of that, if you miss by a day? Do you think Hillary, Obama or McCain are going to do anything about that? I don't think so. Predatory lending and loan sharking by our financial institutions doesn't seem to be on their radar. In fact, those very same institutions are financing their campaigns, so I don't expect much help from them in this area, or anything else that affects the quality of life for me.
Right now, I'm being raked over the coals by my mortgage company. They are about to put my home into foreclosure for a problem they created and are responsible for. They put the wheels in motion and I have to figure out how to stop them. They're the ones with the big money and attorneys. They get to call the shots.
My problem started more than a year ago when my homeowner's policy was dropped because I filed two claims too close together, which is another joke. Why bother having insurance if you're penalized for using it?
This happens all the time, whether homeowner's, car or health insurance, meanwhile these companies are making profitshand over fist. It's obscene. Do you think Hillary, Obama or McCain are going to do something about that? I don't think so.
To make a long story short, I replaced the policy and ASC was notified.
However, after six months had gone by, I began receiving notices saying they didn't have proof of coverage and proceeded to bill me for their own policy at triple the cost. I made numerous attempts to resolve the matter with phone calls and letters, but it all seemed to go into a black hole and they continued to bill me. Even after talking to their reps and being assured the problem would be corrected in the next billing cycle, nothing ever changed. Every month, I was billed for stuff I couldn't even figure out.
Frustrated by the whole thing, I refused to pay the additional costs, and continued making my regular mortgage payments thinking they would eventually catch up, but they didn't and then started adding penalty charges on top of that. After more attempts at trying to resolve the matter failed, my filewent into collections. You know how that goes, calls every day and night, letters and billings weekly, continuous harassment. You would think it more cost effective to just resolve the matter than to have to pay people to harass? I don't get it. In this company, one hand does not know what the other is doing. Or, is it designed to be that way?
I finally thought I would be rid of them by refinancing my loan with another company, but no such luck because when my closing date was set and it came time for a payoff price, I was notified all these charges were included, and my payoff was now much higher than the original cost of a loan I had been paying for the last four years. It is either pay them off, or call off the closing. So now we fight!
This is yet another egregious affront to our civil liberties that we as citizens are powerless in. What are we to do? Where are the consumer advocates to protect us from wrongful actions by predatory institutions?
Where is the legislation to prevent such things from happening or to discourage these institutions from carrying on such practices? Why must my life be turned upside down to right a wrong that's been done to me?
What right do they have to destroy my credit? They tell me if I pay them off, my credit will be restored. Ha! What will it take to restore my rights, is what I want to know?
This to me is the real terrorism we face. It's not continents away. It's right here at home, in every facet of our lives. Every time someone does something destructive and we're powerless to do something about it, whether at the gas pump, health care, education or taxes. We're terrorized every single day and I don't think Clinton, Obama or McCain will change that. Once they get into office,it will be business as usual.
I'm stuck with this situation, and I don't know what to do, but I'm not going to take it lying down. I'm sure if this is being done to others, it could turn into a class action law suit and then they might think twice before trying it again.
Liz Arnone,
Brick
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