• Report: #337657

Complaint Review: Sovereign Bank

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  • Submitted: Fri, June 06, 2008
  • Updated: Fri, June 06, 2008

  • Reported By:Uxbridge Massachusetts
Sovereign Bank
Reading, Pennsylvania U.S.A.
  • Phone: 877-768-2265
  • Web:
  • Category: Banks

Sovereign Bank collections practices are harrassing, threatening and personel extremely rude. Reading Pennsylvania

*Consumer Suggestion: I suggest

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Anyone considering doing business with Sovereign Bank should rethink their decision. Approximately two years ago I co-signed an auto loan for my son which was paid on time all the time up until recently when the company he worked for was closed down and then again when he made a judgment error in accepting a job that did not work out. I phoned the bank before the payment was even considered late to inform them he had found a job and what his plans were to catch up the loan. With todays economy one would think banks would be very willing to compromise instead of being stuck with a unpaid loans. Not Sovereign. About two weeks after I spoke to this person, I returned a collections phone call and spoke to a "Vanessa". This girl was so rude and continuously threatening (only one payment behind mind you) that I hung up the phone on her. Sovereign has called my home every day and sometimes twice a day since I explained the situation. I contacted them again and was told that calling me every day even after I spoke to the collections department was "standard practice" and was "in my contract". I will NEVER do business with Sovereign Bank again and am trying to refinance the auto loan with someone else. I hope none of you who do business with them ever runs into money trouble.

Lisa
Uxbridge, Massachusetts
U.S.A.

This report was posted on Ripoff Report on 06/06/2008 07:17 AM and is a permanent record located here: http://www.ripoffreport.com/r/Sovereign-Bank/Reading-Pennsylvania-19612/Sovereign-Bank-collections-practices-are-harrassing-threatening-and-personel-extremely-ru-337657. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
0Author 1Consumer 0Employee/Owner
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#1 Consumer Suggestion

I suggest

AUTHOR: Robert - (U.S.A.)

you catch up the payments on the auto loan for your son.

You co-signed on the loan and it will be YOUR CREDIT SCORE that will take the "delinquent" hit as well as your son. You can always "extract" repayment from your son when he is better able to catch up. Further, if you allow your credit score to get trashed, other credit lines you have may attempt to raise your interest rates (on current credit cards) on credit accounts because you're no longer as "credit worthy" as you were and they'll hit you with a default rate that's about 30%. Is it really worth the headache you'll go through because of this?

This is secured credit. As long as you're delinquent they can report it as such to the CRAs about YOU and they are free to come and repo the car. If that happens, it'll cost you MORE-it always does. If they repo it, they will sell it at AUCTION and YOU will still be responsible for any shortfall still on the loan, as well as repo fees and so forth.

I understand your frustration, but this is what happens when you co-sign on any credit for anyone and they fall behind on payments. At least they TOLD you about it. Some companies won't bother and they way you discover it is when you're served a summons for civil court.

If I were in your shoes, I'd catch up the payments and have a chat with my son. If necessary, he needs to find a temporary second job to get himself through this without causing HARM to YOU. Another alternative would be for him to sell the car (he'll need their permission to do so) and then get an older used car that he can afford with his current income.

Good luck.
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