Nationwide Biweekly Administration, Inc Complaint: Settlement process and costs

#1697589 15 Dec 2015

Mortgage Conventional adjustable mortgage (ARM)

Complaint #1697589 submitted on 12/15/2015 relating to Nationwide Biweekly Administration, Inc. Complaint relates to Mortgage Conventional adjustable mortgage (ARM) - Settlement process and costs .

Complaint was submitted via Web and sent to the company on Tuesday 15th December 2015.

Narrative (may be redacted).

Dear Sir I purchased my home in XXXX XXXX CA. in XX/XX/2015 XX/XX/XXXX after making my mortgage payment I signed up with Nationwide after being told I would be paying my house off much sooner and even reducing the interest on my loan. I was told that my only cost would be {$3.00} after each debit payment.
After signing on with Nationwide I received some information however did NOT receive a copy of our agreement.
XX/XX/XXXX I received an e-mail from Nationwide stating that they were being force out of business, and would no longer be making my bank payments after XX/XX/XXXX. At this time I have an excess of {$700.00} that had been withdrawn from my bank account.
I called Nationwide this morning and after over an hour of waiting I was finally able to talk with a real person.
I was told that I would not be receiving a refund that my {$700.00} was a Setup fee.
I ask the lady that I spoke with to send me a copy of our agreement, since I had never received one, which she did comply with.
Even though I was told that my only costs were the {$3.00} bi-weekly fees associated with the bi-weekly withdraws from my account.
As you can see from the agreement that was sent to me this morning, there is a Setup fee which for me is {$700.00}.
It also shows that no moneys extra will be paid to my principal balance.
Now tell me, why would anyone ever agree to this?
I am hoping that you will be able to help me or at least help me contact someone who can.
I am XXXX years old and can not afford to lose this money.

Older American

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