We have had problems with Vanderbilt since February. This is when they began charging us fraudlent interest rates.in 2004 I reported my suspicions about Vanderbilt to the Federal Trade Commission.
It was absolutely amazing how quick Vanderbilt was to resolve our issues after that. Nothing motivates them like the FEDS breathing down their neck.
According to the FTC, although we also signed an arbitration agreement, I am in a position to file a lawsuit against Vanderbilt in both NC State Courts as well as Federal Court. You see the Arbitration Agreement only applies to the terms of the contract. Once they began breaking state and federal law by committing FRAUD as well as other offenses they pplaced themselves in a position to be sued.
I unfortunately live in a small town and have currently been unable to find an attorney prepared to take my case.in the response letter I received from the FTC they sited numerous federal statutes that they feel may have been violated by Vanderbilt as well as the fact that these statutes may entitle to actual damages, penalty damages, and attorney fees.
I just wanted to let everyone out there know that they are not prevent from suing this company simply because they signed an Arbitration Agreement.
I also want to tell anyone with an adjustable rate loan with Vanderbilt to really investigate the rates that Vanderbilt has applied to your account because I am 100% sure that the fraud they committed against me has been committed against all.
The Vanderbilt worker that finally resolved my complaint had the job title: Compliance Specialist. She also sent me two $10.00 Walmart gift cards for the three years of trouble I have had trying to convince them that it is illegal to charge fraudulent interest rates. Needless to say I never used them. I was much more impressed by the Dollar amounts the FTC told me I may be entitled to.
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