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Review 11/21/2011
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Smart Payment Plan, might sound great: have your payments come out by your payday & pay down your loan faster!
However, they neglect to mention that the one time fee is actually reoccurring & you end up paying more for their service than you would if you were to use your bank's online banking. For example, I pay 60 dollars a month to use their service which is an overpayment of 720 dollars a year. I have a five year loan which they say I'll pay off sooner (4 months early) so that's 56 months which then brings my total to 3,360,00 dollars more than I would've paid if I had just gone online, clicked pay now every two weeks. I'm sorry but if I had an extra 3 grand it would've gone towards my down payment, not to someone's pocket. This is supposed to be cheaper & easier bologna!
I couldn't believe that they were going to be charging me an extra 60 dollars a month just to use their system. It's a complete sham. It was easy to cancel them though, or so they made it seem.
They say that they will refund my money by next Monday, they can't give me a confirmation number that this request has been entered into their system & the cancellation email just tells me how I can reinstate their service. This feels very suspicious. Every other institution has been able to give me a confirmation number, or the check number. They say I will have to wait until Monday so I will be checking my bank account to see if they actually return my funds. I don't know how it is legal for them to debit an account when they don't have the loan information in which to apply payment.
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