MBNA - Bank Of America RIP-OFF FIXED RATE FIXED TERM LOANS WILMINGTON Delaware

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 varible 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.

Aug. 2001 MBNA had been sending us letters offering us a Disappearing Debt 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 option and called 1-800-892-8349, talked to Shandra Scherer and she guaranteed this was a fixed rate and a fixed term. Shandra confirmed with Diane Mears on the 15,000 loan at $289 at 72 months.

8-11-01 Called again and Shandra said loan approved 15,000 fixed rate and term, Disappearing Debt Loan.

10-2001 First payment 289.00 at 10.99% fixed

9-2002 Called and said rate would change to 9.9% fixed at $242 per month.

11-2002 Rate changed from 10.99% to 9.99% fixed

12-2003 Bill not correct. Payment 27/72 called 12-19-03, Darlene Guinn and Jay Shield, Supervisor, said don't worry they guarantee payments would work out after 72 months.

1-2004 Bill not correct. Payment 28/72, 1-17-04 called and asked about loan. Isabelle Uiznicky said she also guaranteed loan would balance out in 72 months.

3-2004 Bill not correct. Payment 30/72, 3-13-04, Called talked to Leslie Mayer said loan had been changed to variable rate but would balance out. I asked what was going on and she said don't worry it would balance out.

5-2004 Bill again not correct. Payment 35/72, Called again no name given.

12-2005 Called, Carl Moore said loan was a variable rate, I told him of the original agreement, and he transferred me to credit person, Barbabra Schreck (Senior Credit Advisor). She said loan was a variable rate, said it would take 36 months not 21 months to pay off, can not help, said MBNA has never sent letters out to people for loans. I asked if there was anyone I could talk to, she said, IT STOPS HERE!!!, I HAVE THE FINAL WORD!!! She said I could write a customer advocate, she said she could only look at my account back two years. Said she would put account on a 10.99% fixed rate now. That was all she would do.

12-2006 Bill getting way out of hand. Called 12-29-06, customer service, 1-800-892-8349 (0)Talked to account manager Chris Friel said at 244.00 it would be 22 months to be paid off not 8 months. He said in Dec. 2005 loan should have been put back at 10.99% fixed rate; he said he would change credit for the past year and could only go back 2 years and look at our account. Chris gave me the number to their credit service, 1-866-315-8264, Erica Smith (Ext. 51459). She said loan had been variable since 2004, they have never guarateed a fixed rate and it did not matter who I had talked to over the years, she said she had worked there 8 years and they had never offered fixed rates and I should have been knowledgeable enough to have read the fine print. The paperwork and persons I talked with did not matter to her. (This person was very unreasonable and did not want to hear what I had to say)

What can I do?
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 alway 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 their 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.

UPDATE
2-2007 Received statement 65/72, it shows a 10.99% rate and a credit back to 12-2005 when I was told there was nothing they could do but would change the account to 10.99%. I had asked about this when I talked to Chris Friel on 12-2006 he went back to 12-2005 and changed this like Barbra Schreck said she would do, but had not done.

2-17-07 I have a appointment with a lawyer on Thursday and have received paper work from the Attorney General. I guess we will see where this will lead.

Rotenberry
Bluefield, West Virginia
U.S.A.

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