We have had an Equity Line of credit since 2001. The original lender was Guaranty Bank. Eventually they were bought out by M&I Bank and it has been one night mare after another. They refuse to report our account accurately or give us credit toward the principle unless we make a demand of them to do so.
Originally the Equity Line was taken at a rate of 6.99 with varying interest rates, this changes. However, we are never sent the bills in time before we have to make a payment so we often have to guess at the amount. If our guess is wrong we are penalized, if it is 1 day late we are reported late. We were told at one point we had 30 days to pay. Then we have automatic generated late fees, and systematic generated late fees even when we have paid on time and so our account always shows late almost every month.in out of 7029.11 we made in payments this last year with the exception of one payment that the Lender demanded be paid on the principle we were given credit on the principle for exactly 93.00.
They are allowed to do anything they want, apply our payments anyway they wish, and report us anyway they want to and we can do absolutely nothing about it.
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