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Equitable Acceptance Corp. / Never ending loan

Minneapolis, MN, United States Review updated:
4.75
Contact information:

This finance company has a never ending loan(original loan amount of $1, 700.00)! I did not receive statement from Equitable for 2 months, finally found a number for them, (they did not have a website yet and were not listed in phone directory) called spoke to an employee who told me he personally had gone into my account info to fix something and by mistake it kicked me out of there mailing cycle is why I had not received statements, so finally got one! I paid the 2 months that I had not received the statements and the current payment due, it said to pay late payments, but I refused to pay late payments, (which were for $3.33 for each month late) here is the kicker, they charge me a finance charge of $29.00 on each of the late payments every single month and continually add that each month I refuse to pay those 2 late payments, my total balance increases each month instead of declining, even though I am making my faithful payments of $66.50 per month for my cookware! Please watch out for these companies and do not let them snare you into the trap of a life time loan payment for a mere set of cookware for $1, 700!!!
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Me
  15th of Jul, 2009
Agree Disagree +1 Votes
I have a similiar situation. I have been paying my payments on time everymonth, one month I made a online payment, the payment apparently did not post. A rep called me about the payment and advise they never recieved the payment I then advised her that I had made a payment on line However when you make a online payment there site does not provide you with a comformation number or a emial stateing payment received. The rep then advised there was a problem with the online site. I resent the payment and asked for a one time courtesy adjustment for a 10 dollar late fee they refused with no real explantion. I am not paying it, its about principle and I appaulded by the way I was talked to by the manager I spoke with and there lack of customer service. I to have incurred additional late fee's and finance charges as well that I refuse to pay. What can we do?
Ca
  17th of Aug, 2009
Agree Disagree -1 Votes
I completely understand. My husband and I were lied to by this company that had us go through Equitable. Every month (not even paying late) they charge me $29 for a finance charge. I pay my bill on time every month. The kicker is that they lied and said we had 1% interest rate and yet it is a 24% interest rate and they wont do anything about it when you call them and tell the that you were lied to. We are transferring our money on to a credit card that is 0%! Screw these people!!! It is a scam!!
Mi
  28th of Oct, 2009
Agree Disagree +1 Votes
I understand what everyone is going through. My husband and I purchase cookware through this company in 2004. They contacted me saying that I won a free Honeymoon but we had to come to a demostration in order to receive the trip. We did go and receive information on a trip that we never got. Before our first payment was due they was harrassing us . I receive two phone calls saying that your payment is due soon. We made our payments on time until they went up on our monthly payment. We stop making payments because we refuse to pay the late fees and service charges. They told me that my balance is more than what I purchase the cookware for. They are not there to help you payoff this loan . They are there to keep you in debt. We are trying to figure out how we can get rid of this company so we can have some peace.
24
  12th of Mar, 2010
Agree Disagree 0 Votes
My advice to EVERYONE... If you sign a legel binding contract ...YOU MIGHT WANT TO READ IT before you sign it. Everything you are complaining about is IN the Contract you sign. Why would you blame the company when you didn't take the time to ready something before you SIGN it.. I live by the rule 24 hour rule, take the contract home READ it and sleep on it, then Sign it if you agree with it if you DON"T then Don't sign it.. Pretty simple... Another thing.. The Dealers you talk to are not the company who your loan is through.. So they can tell you any thing to get you to sign the contract, Then you want to blame EAC for their lies.. Life lesson... Don't Sign anything with out reading it first... Finance charge on the acct is your interest...
Ss
  23rd of Jun, 2011
Agree Disagree +1 Votes
I totally agree with everyone. I to purchased the cookware & my first bill was higher than it initially was suposed to be. It has nothing to do with reading the contract b4 u sign it. Any responsible adult is gonna read something b4 they sign it. Hello!... The contract is misleading. It says one thing but u get a different thing. These people harass you, they call your job, your relatives whoever they can to embarras you. My boss had to tell this Matthew guy off because he kept calling my job which by the way is at a hospital... My advice to anybody out there... Yes there good pots but are they worth $2000?... No!!! So go elsewhere to buy u some nice pots & avoid all the drama frm these jerks!
Al
  11th of Jun, 2012
Agree Disagree +1 Votes
This company is full of crap we have paid on time for past 6 months and how much have we knocked off the original $1, 700?? A whole $33.!!! We are paying $29 every month of just finance charges!! The total due each month is only $37 so I will finally have this paid off before I am dead...maybe.They are awful and If you ever want to talk to the cookware company to complain about their product...good luck on that!! The pots don't work how they say and they never respond to anything you send them.
Re
  31st of Jan, 2017
Agree Disagree 0 Votes
DO NOT GO THROUGH THIS COMPANY THIS IS THE WORST COMPANY OF ALL TIMES. THEY HAVE TERRIBLE CUSTOMER SERVICE, THEY SAY THEY WILL CALL YOU BACK AND NEVER DO AND THEY LIVE TO RUIN YOUR CREDIT. IF YOU WANT TO HAVE A GOOD CREDIT, THEN DON'T GO THROUGH THIS COMPANY. THERE'S A POST HERE THAT SAYS "READ WHAT YOU SIGN" OKAY SO I DID AND I CANCELLED THEIR SERVICES RIGHT AWAY AFTER I REALIZED THEY WERE TRYING TO RUIN MY CREDIT (30 MINUTES AFTER SIGNING I CANCELLED) THEY STILL GOT INTO MY CREDIT AND NOW THEY WON'T SEND ME ANYTHING TO TAKE THEM OFF MY CREDIT REPORT, SO NOW THEY'RE IN MY INQUIRY, WHICH WILL LOOKS BAD IN MY CREDIT REPORT. THIS COMPANY IS TRYING TO TAKE YOUR HARDWORKING MONEY, SO PLEASE PEOPLE GO SOMEWHERE ELSE!
Mi
  22nd of Mar, 2017
Agree Disagree +1 Votes
I received a phone call about a student loan forgiveness program. I thought this company was on the up & up and was associated with the federal government. I fell right on into the trap and for a year I was having a fee deducted from my account each month. I final was told by my school that not to fall this sort of scam and had to start paying on my student loan. I was hurt and confused. I stopped payment to them, and the harrasment started. I was told they gave me a loan, I have not received one dollar from them personal but I am being told I did. I am still waiting to know where the money was sent. I have contacted a lawyer and letting them handle the issue I am not going to let them get away with this. Do not do any business with these people.
Kr
  4th of Apr, 2017
Agree Disagree +1 Votes
@Millie Tolliver I received a call just like that and got a loan here. What should I do now? I don't want to waist my money like that. I'm so lost, confused and scared.
La
  14th of Jul, 2017
Agree Disagree +1 Votes
I have been paying them for alost a year now, cause I thought they did my student loan consolidation. Instead of replying to my emails I get a phone call from one of their reps, she is an indian and I cant understand nothing she tells me. How do I get out of this night mare?
Ad
  24th of Feb, 2018
Agree Disagree 0 Votes
Hi guys!!

We are all together on this scam, we should try to do a lawsuit together. I was contacted and informed that I would do the loan consolidation and payments will be made to FAFSA directly as well, I paid for two years on time, until I found out I had that debt with equitable acceptance. We all need to work together and help each other to get rid of this debt from our credit, if you stop paying to them they will add fees, and more fees, I paid for two years on time and I owe 88% of the money they lend me. I think is many of us, and we can get out if we all work together. My email is iretaadriana@gmail.com

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