I had two credit cards through US Bank since approximately 1999 and during that time they both averaged a 10 to 12.5% interest. I had always made timely payments , and always paid more than minimum every month, usualy paying them anywhere from $300 to $600 a month payments on each account. I used the cards regulary to help with my business. In 2005 when the economy started taking a down turn I went to basicly making the minimum payments and quit using the cards , I tried to keep up but there was a couple months in the time period in late 2005 that they didnot receive my payment on time , as in maybe a week late or so. They instantly raised my interest on my cards up to over 22% and a month or two after that it was over 27%. They told me the only way it would come down was to make the payments on time for 6 months in a row then it might. The interest made the balance escalade upwards and I could not keep up. I had not even been using the cards and the balances was multiplying quickly. then in February of 2007 I , being a used car dealer was purchasing two vehicles from another dealer over the internet and found out after the fact that the whole deal was a fraud , and i was taken for $44,000 all of which was out of my vehicle floorplan through my local bank. I was then required to start paying that amount back, even though the individual was arrested and in jail and had stole over $6,000,000 in the past year from other individuals, he had no way of reimbursing his victims, and has not as of this day. I do have all the info. on this as it went to the U.S. supreme court in portsmouth New Hampshire.
I then was required to make payments on $44,000 @ 9.5% interest in a time period of 3 years, they then tied up all my property as collateral wether they need it or not and I had to make timely payments as it was my local bank and they were my financing acency that I operated my business off of. I was in the middle of building a house at the time adn they closed my construction loan and I was force to go ahead and move in it even thoiugh it was unfinished and is still unfinished today 3 years after the fact. I tried to let US bank know that it was impossible to keep up with any payments but it was turned over to the collection agency of Cohen McNeil and Pappas and taken to court. I didn't fight it as I told them I knew i owed them , but the interest was unreasonable as it was doubling the amount and I had always made payments on time, the amounts went from around $36,000 total to over $80,000 with interest and attorneys fees. I also got behind on my state and federal income taxes and was trying to keep caught up . I am a victim of a crime that was not my fault and now I am having to pay unreasonable interest that I can't afford as I am still paying for someone elses crime, living in a unfinished house with my wife and three kids, and can't refinance my home aor even my dealership as my bamk has everything tied up as collateral and it cannot be used. This means that for the past 3 years it has been hell trying to pay any bills and my interest just keeps adding up because my payments to them ar only $500 a month and interest is accumulating at over 27% and the amount is over $80,000. What can I do , I have equity but can't get a loan, they have me where they want me and until I can refinance my home they are going to keep adding intertest. I told them I was more than willing to make them payments on what the balance was , which was around $36,000 and then make them a baloon payment when I was able to get my refinancing done , which hopefull after this year I will start getting caught back up and be able to get that done. I just know that teh interest be charged to me is unreal and I will get nowhere. This is such a long drawn out story that it is very hard to give all detail in writing.
