I was wondering if anyone here has got themselves into what they call "bargain loans" from banks that had jumped on consumers who were not able to afford homes but wanted to get out of debt by sending out invitations for loans through the mail?
Yes I am one of them who had received them, and yes I took advantage of it to pay off old debt. Yes I took advantage of one or two to get out from under all the old debt I had. But one of the banks, Merchant bank, who sold out to Bank of America has a really high interest rate.
They gave me a loan for $30,000 at an interest rate of 18.99% and the payment each month is $700.00. When I got the loan I complained about the interest rate. The loan officer stated, wait 6 months, pay on your account, and will drop the rate. It's been 6 months now and my recent call for a drop in the interest rate was denied. I've got the loan paid down to around $29,000 now. Still I can't get them to reduce the rate.
My fico scores are good, but this doesn't matter right now. I don't know what I can do to get them to either drop the rate and work with me on the monthly payment.
I spoke to consumer credit and they speak of bankruptcy. That's "NOT" a solution I wish to do at this point.
Has anyone else received these "bargain loan" offers and is in this predicament?
