MBNA has changed my fixed rate, fixed term loan. They are making us pay many more months than agreed on. They have changed us from a fixed rate to a varible rate; we have always paid our payments two weeks early and have never missed a payment or have never used the checks they have sent us.
Aug. 2001 MBNA had been sending us letters offering us a Disappearing Debt Loan. This Gold-Option Loan was a fixed rate, fixed term loan and the loan would be paid off in 72 months. We used the phone option and called 1-800-892-8349, talked to Shandra Scherer and she guaranteed this was a fixed rate and a fixed term. Shandra confirmed with Diane Mears on the 15,000 loan at $289 at 72 months.
8-11-01 Called again and Shandra said loan approved 15,000 fixed rate and term, Disappearing Debt Loan.
10 First payment 289.00 at 10.99% fixed
9 Called and said rate would change to 9.9% fixed at $242 per month.
11 Rate changed from 10.99% to 9.99% fixed
12 Bill not correct. Payment 27/72 called 12-19-03, Darlene Guinn and Jay Shield, Supervisor, said don't worry they guarantee payments would work out after 72 months.
1 Bill not correct. Payment 28/72,1-17-04 called and asked about loan. Isabelle Uiznicky said she also guaranteed loan would balance out in 72 months.
3 Bill not correct. Payment 30/72,3-13-04, Called talked to Leslie Mayer said loan had been changed to variable rate but would balance out. I asked what was going on and she said don't worry it would balance out.
5 Bill again not correct. Payment 35/72, Called again no name given.
12 Called, Carl Moore said loan was a variable rate, I told him of the original agreement, and he transferred me to credit person, Barbabra Schreck (Senior Credit Advisor). She said loan was a variable rate, said it would take 36 months not 21 months to pay off, can not help, said MBNA has never sent letters out to people for loans. I asked if there was anyone I could talk to, she said, IT STOPS HERE!!! I have the final word!!! She said I could write a customer advocate, she said she could only look at my account back two years. Said she would put account on a 10.99% fixed rate now. That was all she would do.
12 Bill getting way out of hand. Called 12-29-06, customer service, 1-800-892-8349 (0) Talked to account manager Chris Friel said at 244.00 it would be 22 months to be paid off not 8 months. He said in Dec. 2005 loan should have been put back at 10.99% fixed rate; he said he would change credit for the past year and could only go back 2 years and look at our account. Chris gave me the number to their credit service, 1-866-315-8264, Erica Smith (Ext. 51459). She said loan had been variable since they have never guarateed a fixed rate and it did not matter who I had talked to over the years, she said she had worked there 8 years and they had never offered fixed rates and I should have been knowledgeable enough to have read the fine print. The paperwork and persons I talked with did not matter to her. (This person was very unreasonable and did not want to hear what I had to say)
What can I do?
MBNA has changed my fixed rate, fixed term loan. They are making us pay many more months than agreed on. They have changed us from a fixed rate to a variable rate, we have alway paid our payments two weeks early and have never missed a payment or have never used the checks they have sent us.
MBNA has me at the end of my rope. What ever happened to taking people at their word? I guess your word or hand shake means nothing any more to the big company that can throw you around like a rag doll and dip deep into your pocket and take what does not belong to them.
UPDATE
2 Received statement 65/72, it shows a 10.99% rate and a credit back to 12 when I was told there was nothing they could do but would change the account to 10.99%. I had asked about this when I talked to Chris Friel on 12 he went back to 12 and changed this like Barbra Schreck said she would do, but had not done.
2-17-07 I have a appointment with a lawyer on Thursday and have received paper work from the Attorney General. I guess we will see where this will lead.
Rotenberry
Bluefield, West Virginia
U.S.A.
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