My dental office wanted to perform mouth surgery on me. I should have known something was up when I was directed to the dental financial advisor.
Next thing I knew is that I was given a $1600 loan with a smile and a copay supposedly divided into monthly increments. What I did not know was that it had to be paid off completely in 18 months as a promotional agreement with the dental office. Of course I was not made aware of it prior to committing myself to the minimum payment that they had determined, which, by the way, was set up to go beyond the 'promotional' period to scam unsuspecting consumers. I sent my online payment regularly for more than 18 months.
The problem came when one month I had a $61 finance charge and the next month was more than $600, which naturally I had assumed was a mistake. NOT SO. The company policy was that if the amount had not been paid in full at the end of the promotion, the consumer would be hit with all of the finance charges of that period of all of the previous months. Not knowing this early enough to pay off the balance, I was caught off guard.
I could understand having a high interest rate tacked on the balance for future payments, but not for previous payments. Their customer service rep was unmoved by my concerns when I called. Instead, when I asked to speak with a supervisor, I was told by the supervisor that the charge stood and that "I should have read the terms more closely." The only suggestion given was for me "call this number to work out a repayment schedule." The number was to the company's Collection Agency. It is rather suspect when a credit company has a partnership with a Collection Agency.
This outragious practice of the company, unfortunately, caused a flurry of fees and had me with a payment plan that would calculate a payoff of more than twice the amount of the original loan. Mind you, I never charged anything else on that account, but I might as well have. At least I could then justify the penalty. Needless to say, that the dentist never got anymore of my business.
I am very angry.
I might just let the account become delinquent. My credit is in the tank anyway.
Monetary Loss: $1600.