Bank Of America Bait and Switch Baltimore Maryland Internet

I once got a 2nd mortgage and on an addendum in the paperwork, there was a box checked agreeing to the insurance. After signing all the paperwork, I happened to flip through and see it. I immediately told them I don't want it and why was it on the paperwork when I didn't agree to it. They said they automatically add it. I was told to go ahead and leave it as it is, and they will cancel it.

I told them, no. Re-print it and I will sign the new paperwork. They kept me in the office for an additional 2 hours stating that was how long it was taking to re-print everything. Bull! They kept telling me I could cancel it at anytime, so why was I wasting my time waiting. The paper did state that I could cancel it.

Anyway, to make a long story short, I think they automatically put it in and you have to catch it for them to take it out. However, be aware that it is on a separate addendum. Go into the bank to see if they have that separate addendum that they neglected to give you. It should tell you how to cancel it.

Quoting a line from a previous post: "I challenge you that the Anti Christ may very well be an entire industry". yeah, I can dig that. My thoughts exactly. You've identified the wrong people, however. I have suspected for years the source will be (is) car dealers and their salesmen.

You're all a bunch of idiots with egos the size of NYC. I'm tired of wasting my time with the likes of all of you. Is this how you try to help? By judging, criticizing? None of you know what the hell you're talking about. And from what I am reading it seems you're typing with one hand and beating off with the other. Good luck, because I can't imagine anyone would want to be around any of you.

And by the way - don't believe me about the deal I made? I'd be more than happy to send you a copy of the new agreement. Of course you won't ask for it because you know I'll make you look like the a*s you are.

I was willing and trying to help.

Many folks get caught by the fine print of loan contracts. I needed more info from you to try to asses your situation. In particular, I was was very curious about how you came to learn of this loan offering and what papers you might of signed as part of the "loan process."

Instead of clarifying information from you, we get "end of the world anti-christ" drivel.

Now all of a sudden, you seem to have solved the delima yourself, proclaiming that you didn't really need any help at all. (if true - good for you.) I posted how loan terms are negotiable and now, suddenly, you've utilized your financial genuis to renegotiate a $25K loan from 24% APR to 6%, with Bank of America no less! Frankly, after reading your postings I don't believe it.

I honestly try to help folks with credit issues and I don't appreciate it when it appears I have been taken in by a "funny looking" ROR.

You made this report on 11/03/07, but wait a minute! Didn't you post the following rebuttal on ROR # 281420 on 11/05/07?

http://www.ripoffreport.com/reports/0/281/RipOff0281420.htm#266354

Quote: ""Anyone here who thinks they need credit cards or loans are insane. What do you think people did before credit cards. . . before loans? I can tell you right now you don't need them. How can I say that? Because I don't own a credit card and I haven't borrowed money in more than 20 years, however, I have been able to buy a house, a car, travelled the world, and I am now ready to purchase my real dream, an airplane.

Don't let anyone tell you that you need credit cards and loans to live in this world. They are the exact people who are leading this country to ruin by spending massive amounts of money they don't have. Any fool can do that, but the true financial wizard is the one who can do it with out the plastic.

You want to know how to do it? Big suggestion, enroll in Financial Peace University. And do us all a favor and cut up those credit cards. You're giving our country a bad reputation.""

Your ROR does not appear to be a genuine request for assistance. Either this report by you is bogus, or your rebuttal on ROR #281420 is bogus, or perhaps both are bogus.

The only thing you did do is suck me into your drivel. You get a "tip-o-the-hat" for that!

You ripped yourself off by signing a contract that you did not FULLY read AND understand.

If there was no signed contract, there is no loan.

FYI..Credit protection Plans are voluntary and can be cancelled in writing at any time. It is a violation of federal law to require it as a condition of getting a loan.

Simply make a written request to cancel the "protection". Do this by certified mail, return reciept requested. Be sure to put the certified# on the letter itself and keep a copy for your records.

While waiting on that confirmation, simply deduct that amount from your payment, and mark the payment coupon "credit protection plan DECLINED" and initial it or sign it.

very simple.

In response to all the "constructive" criticism regarding my recent loan with BOA, I think many of you may have missed the point. You all want to harp on the percentage rate, the miscalculation for 5 years v. 8 years ( I was extremely angry at the time I got my first bill), but the bottom line is I was mislead and you all missed that point.

According to my loan statement (which some of you think I never got one or even looked at) my monthly payment is to be $588.00/ month. I know what this translates to in percentage - its in the agreement. This is a short term loan to be paid off by year end and unfortunately the only one I could get at the time. It was an emergency loan.

What I was shocked about was the fact that none of you mentioned the $750.00 "transaction" fee and only 1 mentioned the so called credit shield insurance provision that added and extra $249.00. Neither one of these are in my loan agreement.

I thought this was a site designed to help people who feel they have been wronged, but I guess it's just nothing more than a site for those who feel the need to act as though they are far superior to the person with the problem.

You all failed to do your job - to help. And in your fervor to judge and prove just how smart you are, you missed the real reason I was pissed. $750 transaction fee and $ 249 in credit insurance - neither of which is in my loan agreement.

And just so you know, I called BOA today and not only did I get the transaction fee and creditshield waived. I got a new rate of 6.3%

Beat that smart guys!

As I read all these comments, I am led to believe that most of the people commenting think they know all about the banking industry and they themselves will never be ripped off. I can assure you you will be ripped off at some point.

The banks are smarter than any of you are. In fact, I bet you've already been ripped off and don't even know it yet.

Face facts people, borrowing money in not the answer. Debt is not the answer. Consumer debt is at an all time high. Something is going to have to give somewhere.

Do yourselves a favor - reduce and eliminate your debt and be sympathetic to those who have gotten caught up in this "get your cash the same day" mentallity.

From the comments I read, I know none of you are experts in this field. If you were experts in money management, you wouldn't need a loan and you wouldn't be dealing with the likes of a person like me.

You see, it is my job to get you to sign on the dotted line and believe me I will promise you whatever you want to get that. Think you can't ripped off? Try me sometime - although I think you have already.

NOW it's all clear to me...

""If you take out a line of credit today, regardless of the payback amount they say it will be, the banks always come up with a 96 month plan. That's five years.""

Lack of mathmetical skills. 96 months is EIGHT (8) years, not five! Now I can see why you agreed to 24% APR. You probably thought it was only 10%.

Actually, the terms of any loan are negotiable. The length of the loan
applicable fees, and the APR can be negotiated.

Even if the loan were at 60 months (5 years) it comes to about 14% APR - which appears to be more reasonable - but still too high for me - I wouldn't agree to that either.

I'm still wondering how you were offered this loan and what your loan documents say about interest rate, length of term, and fees. I guess we won't be seeing an answer.

This is a freakin' TENTY-FOUR PERCENT (24%) loan. Have you lost your mind? How on earth could someone do a 24% loan?

You could take an advance on a credit card at a better rate.

I suggest you march right down to BOA and tell them you're not paying the loan back at it's current terms. Offer them $10 a week for the next few years, if they turn it down, tough toenails to them. You probably don't have anything of any value and probably won't buy a house judging by how stupid you were to take a 24% loan.

Good luck.

Some thoughts to keep in mind regarding the tactics of Banks and Credit entities such as Bank Of America.

If you take out a line of credit today, regardless of the payback amount they say it will be, the banks always come up with a 96 month plan. That's five years.

According to many (I'm not one to believe this myself) the world is to end in 2012-that's 5 years from now - the Apocalypse as predicted in Revelations by John. Also in John there is a line . .. "and he came riding in on white horse and his name was Death."

Everyone is looking for the Anti Christ as an individual - I challenge you that the Anti Christ may very well be an entire industry - the banking industry. Their "wonderful and life saving" lines of credit and loans come in "white" envelopes don't they? Something to think about.

I don't know for a fact, but I would guess there would be something in small print, maybe a box checked that indicated you agreed to pay the Credit Protection Plan. It's not an uncommon thing for them to do and not verbally disclose this with you. If there is something like that; then you are probably stuck for this and it appears there is little you can do about it.

""I was told that I would have $25,000.00 transfered into my bank account and that my repayment schedule would be $588.00 per month for 96 months. I was fine with this agreement.""

Based on the above, without any additional fees applied to the loan, the APR works out to 24%!!!

Why would you agree to that???

How did you come to apply for this loan? Did you receive something in the mail or a phone call offering this loan?

Do you have any written loan documents that you signed? If so, what do the written documents say about APR and fees? With a written contract, anything said is hogwash. ONLY what is on paper is what the contract is. A written contract that is "verbally ammended" is usually not recognized by the courts as being ammended. Most (if not all) courts will not recognize a verbal change to a written contract.

Suggestion for the future. NEVER accept a loan from anyplace that puts the money in your hands (or bank account) before you receive a written loan contract that you must sign!

I quess I don't understand how you obtained this loan. All the loans I've had in the past shared two common steps. I applied for the loan by filling out a loan application and submitting it to the lender. The lender would then provide me with a written load contract with all the terms, fees and so forth documented. At that point I would read all the loan documents and either agree to the terms and sign the loan contract or I would refuse the loan.