Sheffield Financial - Shady Interest Collections, *** Customer Service
I purchased a 4 seat Kawasaki UTV and the loan was with Sheffield Financial. With over 11.75% interest (for a customer with a 779 credit score to boot), I decided to pay the over $18000.00 financed amount off in a few lum sum payments, rather than letting them get so much money in interest for a loan I didn't want to draw out for the full term.
I made two $5000.00 payments in a row and then another $2000 payment. Not looking at my previous statements, I had noticed that although I was paid ahead 3 years on the loan, they had taken almost $400.00 interest out of the $2000.00 payment, even though my statement clearly reads $1.72 daily interest accrues. They took 500% more interest out of my bulk payment than was due for 1 month at the current rate. My entire interest paid in 2013 was less than they took from my one principle payment.
Apparently you can't make principle payments?
They will be sued or audited after I receive my accounting. Rip off someone else you ***
Location: Ocala, Florida
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I also paid a lump sum. And noticed that the funds were applied to future months not applied to the principal.
I contacted via email (so that documentation was had) and explained business accounting 101 to them. I received a reply back. They do not take payments applied to the principal- they only apply the payment to future months. So according to Sheffield I do not need to make a payment until Nobember 2016, yet I receive a bill every month like clock work.
Even if I were to pay off the loan (Less then $800 now) they would still charge me the full interest as if I were making regular payments.
Oh well. Will not be doing business with them in the future.
file a complaint with the bbb in your area,l had a problem and it was fixed fast.they dont want any bad reports with the bbb,it doesnt come off that easy unless your happy with them fixing the problem
Sounds like to me you paid ahead and then stopped paying monthly payments? Only thing I can think of that makes sense