https://judicialethic.com/ Stay informed. Stay ethical. Sat, 24 Feb 2024 17:33:56 +0000 hourly 1 https://wordpress.org/?v=6.5.3 https://judicialethic.com/netcredit-lawsuit-understanding-the-legal-proceedings-and-potential-resolutions/#comment-105 Sat, 24 Feb 2024 17:33:56 +0000 https://judicialethic.com/?p=33#comment-105 NetCredit and all companies like this should be banned. With their commercials depicting families dancing around, they should actually show them in a desperate unsustainable cycle of debt ready to commit suicide. This is worse and higher than any loan sharking out there and hurting people on such a profound level.
On the line of credit, there is no interest perse. It is a bi-weekly fee assessed. The bi-weekly payment makes no impact on the fee assessed; this is constant.
For example: Cash advance is $2,750.00. Proceeds are $2,475.00. They immediately add $140 bringing your balance to $2,890.00.
Each biweekly statement a fee of $140 is assessed with a minimum payment of around $200, the fees go down $5 per month from there taking no consideration of the decrease in balance. The fees continue to accrue: month 1 – $140×2 $280.00, month 2 – $135×2 $270.00, month 3 – $130×2 $260.00 month 4 – $125×2 $250.00 and so on.
From 11/16/23 to 2/15/2024, if you make minimum payments, the “fees” assessed are $1,185.00 and the payoff amount on 2/24/2024 is $2,476.39. The payment schedule goes into 2027.
How can a company continue to operate and have celebratory commercials here in the US when all they serve to do is long term financial damage to people and families that cannot afford this?
Can nothing be done? Really? I’ve seen lawsuits against companies for ALOT LESS!!!! What a Shame.

]]> https://judicialethic.com/netcredit-lawsuit-understanding-the-legal-proceedings-and-potential-resolutions/#comment-100 Sun, 18 Feb 2024 22:09:22 +0000 https://judicialethic.com/?p=33#comment-100 What is the current status of the lawsuit? I was a customer.

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