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Complaint / review / scam report
Tower Loan
We took out a $2,000 loan in July 2006. Our payments we...

Complaint / review text:
We took out a $2,000 loan in July 2006. Our payments were $159 a month for 24 months. We were having trouble some months making our payment so they suggested we come in and refinance the $1,200 we owed to get our payments down. I believe it was summer of 2008, we refinanced, our payments got down to $119 for 21 months every month.

I pay $120 prior to refinancing they turned us over to a collection company last May. I called them to see how much we still owed so we could get it paid off because it should have been 1-2 months and it should have been paid in full. Natasha told me she didn't know what we owed and that I had to call the collection office. I did and they told me we owed $1,799, yet they are charging up 54% interest.

Last year, in May, after I called to find out the balance due and I figured at that time, we had paid them over $8,800 and I was told we still owed almost $1,800 more. I called back Natasha and asked her what their computer showed my balance was and she said they showed we owed only a little over $365, we were told that since it was turned over to collections, the loan starts all over again.

It was turned over to Schwarzkopf Law Offices. So, for 6 years we've been paying approximately 5 times what we borrowed at this time and we still have a long way to go. My son’s girlfriend went through the same thing. We both also received repeated calls from them about when we'd be in to make our payment when it wasn't due for 10-14 days. I would receive repeated calls while I was at work, which I got laid off from last April 7th. I feel they are taking advantage. We were given paperwork stating the payment, how long the loan was for and the amount that would be paid at the end of the loan and we were never told we'd be charged 54% or we would never had gotten the loan from them, they still have my car title after 6 years.

Contact information:
Author: Contact with Author

Offender: Tower Loan

Country: USA
Site: www.towerloan.com

Category: Business & Finance

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