Brookwood Loans
Date: Tue, 04/27/2010 - 00:07
Is there anything that can be done about Brookwood Loans. My husband has a 3 year $2500.00 loan he has been paying on for over a year, never missing a payment and the balance has actually gone up. It's now over $2600.00. He was let go from his job this past Friday (4/23). We live in Massachusetts.
It's my understanding that these are funded through Meta Bank an
It's my understanding that these are funded through Meta Bank and are legal loans. With a 96% APR, it's pretty obvious why the amount due has gone up! They're likely only putting his payments toward interest.
My suggestion is to call the company and explain your situation. They may allow you to miss a couple of payments without penalty, as long as you contact them before you're delinquent.