Monterrey Financial — Charging more than 50% interest on timeshare
We purchased a timeshare in 2007 which had a 7 year payoff schedule. The prinicipal balance at that time was 10, 967.56. After paying almost 15, 000.00 in payments, they are saying our payoff is still 7, 359.24. We printed off our payment schedule, and they reversed the columns and we were paying over 50 percent interest monthly. We did cut our payments down due to change of job, but this should not account for the double interest. I attempted to call them, with no answer. I will be changing my bank account to a different account so they can no longer charge me. The original interest rate was never over 100%, which is what we would pay if we continue with the balance they say we owe. Our last payment should have been this year in July, based on our contract. I will be sending a copy of all of the payment history as well as my original contract to the Better Business Bureau in California and Washington, as well as the Attorney General's in both states.