HELOC loans. What can I do?

[Nicole Pierce]

Hi. I am wondering if its possible to changed a HELOC loan as in terms of the payment. It's 1% now even though the agreed upon payment was to be interest only. I got shocked when I opened the letter I recieved and was told I owed $200 even though the bank and I had agreed to interest only. I never would have signed if I had known it was the 1% and now since its past the so many days to cancel I can't cancel. I honestly feel like I was duped in so many ways. Was so excited to finally get ahead and maybe do some remodeling and now I cant even use the HELOC for what I want because of the payment. I was told it would be interest only and its not. So frustrated. What can I do?

And for me everywhere I have looked and talked to another lender even told me that during the draw period it should only be interest only and then after that it will be principal as well. The bill I got says that the principal is $131 and the interest is $54.

The person I talked to knew I wanted the interest only payments etc and the loan is for 20 or 30 years I believe. I feel like its too late now to have them switch to interest only because I didn't cancel within their time period to cancel. I honestly feel like I was duped and tricked. I did this to pay off some debt and remodel my home but now I just have another bill and not even able to use the money for anything now so it's just sitting there.

The loan was for like $58,000 balance is like $19,000.

I keep reading how all HELOC loans should be interest only until the draw period is over.

I talked to someone who wasnt the person who helped with it and just told me that it says 1% on our contract. I looked and below where it says "The Minimum payment is: 1% of your accounts principal outstanding balance on the last day of the billing cycle or $50.00 or the accrued finance charges;whichever is greater.

I feel like I'm screwed now. It was such a hassle to get this loan done in the first place and I feel like they wont do anything to change it because I had expicitly discussed with them that I wanted interest only.

I don't know what to do. What can I do? I feel like I'm going to lose my home and I have two young children to care for.

Contacted them and they just said they dont know what happened and they would look into it but telling me to pay the bill since its due soon and then telling to me advance the amount of the principal from my loan to my bank account. How does that even help me?