Like the previous writer, I too decided to consolate my credit card bills and have MBNA pay them off with their "descending" loan.in over two years of paying a monthly bill of over $600, I was finding my balance was still close to the orginal amount of the loan. The interest payment was way too high! I took out a second mortgage at a low interest rate to pay off this bill. When the bill came in April with a May due date, I paid the total amount due BEFORE the due date.
In May I received a bill for $227.77 for interest due. When I wrote them to say that I paid the bill off in plenty of time, they responded that interest accrues daily and the amount due on the bill was NOT the payoff figure!!! I sent two letters and made one very long phone call, each time stating that I had been a valued customer for over 12 years and had paid thousands of dollars in interest (what a fool I am!) and this is how they treat me! Their pat answer was if I don't pay it my credit will be ruined. Sounds like a threat from a loanshark!
Irene
Sarasota, Florida
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