Q: Hi, I am making payments on a loan from a company called Lendmark. I believe that I am being overcharged and lied to.
I recently made two $1500 payments and was told on the phone that my remaining balance would be $246. I called back to make my final payment and was told that it is $301.91. I asked for a print out of my statement, which I did receive. I’m not sure I understand it fully but I believe I’ve been overcharged. Additionally, I missed a payment in the past and so I was set to go to court; however, I made my payment for that month and voided the court hearing. I am still being charged attorney fees. Do I still have to pay for that? I am convinced that I am being taken advantage of, but I’m not sure what’s going on. I’ve been told a million and one different things and nothing is consistent from the company. Everyone tells me something different. How do I go about handling this?
A:
The first place to start with any loan question is the loan paperwork.
Most loans have interest and clauses that the borrower agrees to pay for attorney fees if they "default" or miss a payment and the case gets sent to an attorney for collection. However, this must be in the paperwork to be charged. Also, most of the time payoff statements have a deadline and additional interest may accrue, so it is important to get a payoff statement in writing.
An attorney could sit down and go over bills, but it may not be cost effective to hire an attorney to do that.
While not legal advice, I hope you find the above helpful.
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