Citigroup (sharp practice?) What do you think?....
After seeing on the news the finacial trouble Citibank may be in regarding sub-prime loans, i thought i'd post an experience i had with Citifinance
(part of the Citigroup)
I have a loan with Citifinance to whom i already pay an extortionate interest rate. I took out out the loan when i was semi-desperate so thats my own
On the 2nd or 3rd of jan,two or three days ago, i recieved a call from one of their reps (the girl who originally sold me the loan) asking if i wanted
any more cash..?? (i don't consider myself to be a good risk) (and neither do a lot of other people
She said i could have another £2,500-£3,000 if i wanted it, tomorrow,in fact, this is when alarm bells started ringing in my head
just in case i had credit cards that wanted paying (cleared up) or bills after the xmas period.
So i asked some details.... interest rate,term of loan,monthly payments etc.
It was then that she informed me that this extra cash would be added to the loan that i already had with them and refinanced this time with an
interest rate of 22% apr
When i pointed out that i thought that this was a CRAZY IDEA because i pay a lower rate of interest on the loan that i already have with them, (never
missed a payment) and even my credit cards have a lower .APR She insisted that in my case she still thought it would be a good decision..?? i asked
why..?? and she said she just "DID"
i then reminded her that she called me!, not the other way round and that i didn't particually need the £3000.
thanks but, no thanks.
Am i right in thinking she was trying to turn me over? (rip me off?)
Is this kind of thing in the banking code of good practice?
Has anyone had similiar experiences?
Can anyone make me a better offer..??
(that one's a joke.)
p.s. thanks to Duzey,i wasn't sure if this was a rant.