I am still being charged the same interest as if I had not reduced my principal.
Consumer Complaints & Reviews
I have made about $1600 in special principal reduction payments since June 2001, all of which have been misapplied as "additional normal payments" by Citifinancial. I have called the customer service line 6 times to get the payments appplied properly and been told every time that a request was put through and that it would be corrected, but it has not been.
We have had ongoing problems with our second mortgage loan with Citifinancial since they took over from Associates Home Equity Services. They have continually lost documents, put payments through the wrong checking accounts, causing checks not to clear, for which I was charged by my bank for nsf fees, they have inappropriately red-flagged my loan, making it impossible for me to send payment in form of a check, therefore I am forced to use the just-in-time service which costs me an additional ten dollars each month.
Furthermore, they have admitted to me that the computer system which they are using at this time, has many "bugs" and much of the information is inaccurate, however, they also tell me that my account has been showing as 1 month past due for almost a year, which is untrue to my knowledge. I have had many instances of documents that were sent to the company being lost, and failure of documentation when I have spoken to different representatives over the past months to attempt to clear up these issues. Furthermore, when I have made payments to them, the payments have at times taken over forty days to clear my checking account. I have to believe that if in fact that they are showing that my account is behind, that it is due to improper or very slow processing of my account for whatever reason.
One other minor concern is that I am receiving phone calls at hours like 10:00 PM from Citifinancial, asking why they haven't received payment, but when I tell them that the payment was made by check, they tell me that due to a red flag on the account, they won't adknowledge it as payment and they will send the check back to me. I was never informed that I couldn't send a check by mail to make payment on my account. We have a child with heart and lung disease, and we really can't afford to have these problems emotionally, or financially.
