MBNA America - Bank Of America, rip-off fixed rate fixed term loans Wilmington Delaware

Aug. 2001 MBNA had been sending us letters offering us a Disappearing Dept Loan. This Gold-Option loan was a fixed rate, fixed term loan and the loan would be paid off in 72 months.

We used the phone method option and called 1-800-892-8349, talked to Shandra Scherer and she guaranteed this was a fixed rate and fixed term. Shandra confirmed with Diane Mears on the 15,000 loan at $289 at 72 months.

12-2003 called Darlene Guinn and Jay Shield, Supervisor, said don't worry they guarantee payments would work out.

1-2004 called Isabelle Uiznicky said she also guaranteed loan would balance out after 72 months.

3-2004 called talked to Leslie Mayer said loan had been changed to a variable but would balance out.

12-2005 called, Carl Moore said loan was a variable rate, I told him of the original agreement and he tranferred me to a credit person. Barbra Schreck (Senior Credit Adviser) She said loan was a variable rate, said it would take 36 months not 21 months to pay off, can not help, said MBNA had never sent out letters to people for loans. I asked if there was anyone elsie I could talk to she said, It stops here, I have the final word. She said I could write a customer advocate. Barbra said she could only look back two years at my account put would put my account at 10.99% fixed now.

12-2006 Called customer service,1-800-892-8349 (0), talked to account manger Chris Friel said it would take 22 months not 8 months to repay my loan. He said in Dec. 2005 loan was not changed to 10.99% fixed. Chris gave me the number to their credit service, 1-866-315-8264, Erica Smith (Ext. 51459). She said loan has been variable since 2004, they have never guaranteed a fixed rate and I should have been knowledgeable enough to have read the fine print. She said the paperwork and persons I had talked with did not matter to her.

MBNA has changed my fixed rate, fixed term loan. They are making us pay many more months than agreed on. They have changed us from a fixed rate to a variable rate, we have always paid our payments two weeks early and have never missed a payment or have never used the checks they have sent us.

MBNA has me at the end of my rope, What ever happened to taking people at there word? I guess your word or hand shake means nothing any more to the big company that can throw you around like a rag doll and dip deep into your pocket and take what does not belong to them.

Jerry
bluefield, West Virginia
U.S.A.