MorelCabin
Quilting Extraordinaire
We have one of those 50 month no payment to interest loans...not due for a long time BUT today I got a little "Notice of Account Change" in with it. A contract is really not a contract anymore is it?
They are upping the interest on any loans not paid in full by May 1st. So although my loan is still interest free for the next long time, when it does come due, the interest is going to be higher than the initial agreed apon interest. NOT that it matters in my case because they get paid off before due dates, BUT just awed how they can simply change things and if we were in a different postition it could potentially hurt us...these contracts are really one sided, be careful. I feel cheated, and will not deal with them again
Kind of makes me wonder if the banks can do this with mortgages...pay up now or your interest is going to be...xxx%....scary
They are upping the interest on any loans not paid in full by May 1st. So although my loan is still interest free for the next long time, when it does come due, the interest is going to be higher than the initial agreed apon interest. NOT that it matters in my case because they get paid off before due dates, BUT just awed how they can simply change things and if we were in a different postition it could potentially hurt us...these contracts are really one sided, be careful. I feel cheated, and will not deal with them again
Kind of makes me wonder if the banks can do this with mortgages...pay up now or your interest is going to be...xxx%....scary