Reviews

I've had a Car Loan with TelComm Credit Union since Dec of 2020. Recently I reached out to TelComm asking if they had any thing in place to help out their customers that our struggling? They informed me they do not. They email me every other day and They call me EVERYDAY (while I am at work), Sometimes 2-3 times, when I have told them the best time to reach me. I noticed on a payment receipt that my payment went to 3 things: "Old Interest", "Principle", and "New Interest". This didn't make sense, Why am I paying interest when my loan payment includes the **** interest rate, So I replied to the email asking about the Old and New Interest? This is the RESPONSE I got: "It is on a flat rate. 'But your loan accrues about $5.90/day interest. So over a 30 day period you pay roughly around $177 in interest each month depending on the balance. And your balance isnt decreasing very fast due to it running behind." MY REPLY: I just want to make sure that I am Understanding the charges and fees that get applied to my loan. So going off what your previous email said, the loan has a **** interest rate that I pay monthly with my payment. Right? But then, I ALSO get charged a DAILY INTEREST rate on my balance. Is this correct? If so, then what you are telling me is that I am basically getting charged DOUBLE INTEREST. I also asked for a Charge of $1700.00 that was added to the end of my loan to be removed. This was a charge for Insurance that was added and removed in the same day. Asked with Covid and the Cost of the Economy affecting everyone in the ****** as a lender, you don't have any types of relief efforts to help your customers? REPLY: We do not have any type of relief programs to offer at this time. Due to your account constantly running behind, interest and late fees come out of your payment each month. Then told me I could take my loan elsewhere and that they are reviewing my acct for repossession. Never answered my question on the interest or the charge removal