Loan # ... 2528 Written on Sept 1, 2022
The people who work at DLC, Carson City NV, are kind. However, the policy for hardships and unforeseen circumstances is predatory in my opinion. I have been an A+ on time paying customer for years and have always paid on time.
I struggled to pay the full payment owed in August 2022. I paid $360. I told them I wil pay what I can afford in good faith. It means, the customer has all intent to pay and is trying in good faith to pay as much as they can while still trying to pay basic necessities like food, shelter, utilities, medical and transportation.
God forbid your transmission goes out or you have an family emergency! (Unforeseen circumstance). I told them I am at least three months upside down in my finances and can only pay what I can afford till I catch up. NO MERCY. I recently had moving expenses and family emergency and cost of living increases.
I paid $360 just 30 days ago then they assessed the interest at $595 same day according to their records. I printed it out from my online DLC account. Then when I tried to pay a good faith payment on line they reject it which I think is against loan laws. Now the online loan payment center is saying I owe a payment of $1,317.94. And it says that is due by the end of September 2022. WTH.. Now it says current interest due is $843.23! My loan agreement says $19.73 per day. 30 days x $19 is less than $600. That's still tremendous. I see my payment of $360 did not have counted for anything towards principle. I thought loan laws prohibited that also. It says last payment was on 08/01/2022. 30 days ago. It says I have back interest of $231.75... $360 + $231.75. You get $591.75.
I am showing good faith to pay which is required by me. I am doing what is right under my current circumstances. $658.97 is the payment on the loan agreement which "already includes the interest". DLC online is now saying I owe $1,317.94 on 09/30/2022 which is 30 days from today. I call that premeditated predatory practice. Interest compounded upon interest and expected to pay 30 days upfront?! Making it nearly impossible to catch up now. And then DLC goes on to say I owe an additional $992.90 in missed payments. WTH.. My last payment date was 08/01/2022.
Basically they are saying I owe $1,317.94 and I need to pay it in full or they wont accept my payment online. But yet the due date is not till 09/30/2022 according to the payment billing online. So how does DLC legally collect 30 days interest up front?! If I paid that amount today, I would be paying for future interest according to their due date. That does not match up with any loan laws I know of. It appears as premeditated and predatory in nature. I never had a problem paying on time for years past, and even as an A+ customer, they want to rip me off like that. I know my rights. You all should too! I also dont thing its legal to charge interest on interest. Because back interest according to them was $231.75 on 08/01/22 and payment with interest included for 09/2022 is $658.97.
According to DLC math, even if I paid a full payment $591.75 is interest and only $66.22 would go to principle. But 30 days ago I paid $360.00 which was even hard to afford as I struggle with this economy and increased prices and unforeseen circumstances. I should owe $298.97 which already included the interest in the total monthly payment owed. Because DLC shows $0 was paid to interest in August 2022. Keep in mind, $658.97 is my monthly payment which "already includes the interest!" But now DLC appears to compound interest upon interest! Because today is 09/01/2022 and the most I should owe on "DLC's own new due date of 09/30/2022 (The end of this month) is $890.72 and that includes the so-called back interest owed.
The reason I know something is very WRONG is that they are demanding "payment upfront" for a loan payment calculation based on a due date of 30 days from today! If I were to pay remaining owed from last required payment plus the regular payment even with total interest on both today it would be $1,189.69 which would bring me up to date to the determined DLC due date of September 30, 2022. That's with their interest. But DLC shows $1.317.94 due today, and thats not right, nor is compounded interest right. Its a premeditated amount to be "prepaid" 30 days in advance. And that's predatory lending. WHO PREPAYS interest?! And compounded at that?!
In addition, then shouldn't they show the next payment date as the 1st of November 2022? YES! Inasmuch as, my agreed upon payment due date has always been on my payday of the first of the month, and given one grace day. So there is another manipulation and shenanigan DLC is pulling off. They can now say that I am one day late and probably charge late fees on all future payments according to this new pay date "they made up" of the 30th. HOW IN THE H... does DLC think they can get away with all this? read more