There is a definite problem with these collection agencies with overcharging, and transferring your account, so, you'll never payoff the loan. They never send you a principal and interest statement showing the monies that have previously been collected. They also count on you being illiterate and without any knowledge of how principle and interest is calculated. They assume you don't know what your present balance is. What I don't understand is why do each agency keep going back to the original date of the Promissory Note. Money has been collected from each one, and the balance should show after being updated the actual balance left, and not something re-calculated 10 years ago; when the new agency never had any connection at that time. These collection agencies are being outrageous, and they really need to be monitored closely.
There is a definite problem with these collection agencies with overcharging, and transferring your account, so, you'll never payoff the loan. They never send you a principal and interest statement showing the monies that have previously been collected. They also count on you being illiterate and without any knowledge of how principle and interest is calculated. They assume you don't know what your present balance is. What I don't understand is why do each agency keep going back to the original date of the Promissory Note. Money has been collected from each one, and the balance should show after being updated the actual balance left, and not something re-calculated 10 years ago; when the new agency never had any connection at that time. These collection agencies are being outrageous, and they really need to be monitored closely.