I called the company and they told me there was nothing they could do. Like many others, Dan has found danger in the small print of a contract. And, based on the mail I get, he's not alone. More and more borrowers are finding surprises in their monthly bills. The first is that loan agreements are more complicated now.
Lenders realize that they can bury favorable terms into a contract.
Most potential borrowers will never even bother to read the fine print. If they're surprised later, it's just too bad. In Dan's case the loan agreement is written so that the minimum payment goes up as Dan's balance goes down. A tiered contract is perfectly legal. But the lender knew that most consumers think of the minimum monthly payment first.