I just burned more than 6K on a deferred interest offer from Credit Human
Just wanted to share my story so others are aware of this.
About 2 years ago i got solar panels where they sweetened the deal by offering me 0 payments for 2 years deal from credit human. I mentally made a note to pay off by May 2026. I did go into my online acct and paid 15K out of 22K and then was about to schedule the rest very soon and totally forgot about it for a month.
Again in my brain i was thinking i had about a month to do this, worst case i will pay interest in the remaining amount like a typical loan or credit card.
Guess what - have no idea on this type of deal and never done this kind of deal before and hardly opened the paper statements they sent once a month.
Last week when I logged in to pay off the remaining amount, to my surprise my outstanding amount showed 14K~ long story short, 22-15+7.5 (deferred interest for last 24 months) = 14.5K
I called and requested an explanation, the folks over there were nice and explained the whole thing and said my payment of 15K was late by a week or else I would have been looking at paying much less interest and I pleaded for days on can they at least waive interest on that.
After several back and forths and speaking to manager personally couple times, the Take it or Leave it deal was - 25% reduction of interest and I still pay the rest.
I requested multiple times on how I am a good customer and no default or bad credit history for 20 years and can they consider my 15K payment on time and how its confusing deal and all. Nothing worked and every day i delay this, i am paying interest.
again take it or leave it.
STAY AWAY from these kinds of deal structures or WRITE down the pay off date and pay up sooner