The pick a payment loan allows you to select different payments each month, which is applied to the principle... At the time of the loan they required that the minimum payment be automatically deducted from our checking account twice a month - they failed to tell us that we were only making interest payments and/or give us a way of making higher payments through our automatic deductions that they required we have in place at the time of closing...

They were smart enough to realize that we would rely on the automatic deduction (out of sight out of mine) while forgetting about the higher payment options. Very deceptive, particularly when they require the automatic deduction at the time of closing “ after two years we have made no ground in paying this loan off.

Wachovia will not refinance nor will they way the 2% earlier refinance penalty, instead when I inquired about refinancing they suggested I modify the loan. When asked about a conventional loan, they stated that they could not help me, quote 'we follow the Sallie Mae guidelines “ one late payment and are not eligible for a refinance'

Rip-off yes, screwed without a doubt!