Loan — non-disclosure
In February, 2017 my husband and I took out a $30, 000 unsecured loan from MNBA (now Bank of America) at what I thought to be 13% which turned out to be 16%. In April, 2017 and after paying $16, 144 (approx.) on the loan, I asked for an additional $1, 000 to be deposited into our checking account. I was told at that time the loan would be recalculated which I assumed meant adding the $1, 000 and recalculating the payment. At no time was I told that the loan time would revert back to 84 months thereby, in my opinion, nullifying the 2 1/2 years worth of payments. It is now 2017 an I am just hearing this recalculation for the first time. The only reason I know is because I inquired as to my payoff date. I was informed it would be 84 months from the April, 2017. I am not a genious when it comes to money but even I know I would not have traded $1, 000 for $16, 144. I feel I have been defrauded. I never would have had the $1, 000 added. I don't want to skip out on any payments. I just want my loan timeline revised. At the end of this fiasco, I would have paid approximately $65, 000+ for a $30, 000 loan. Somehow that doesn't seem lawful to me.