My Mother and I took out a home equity line of credit on our home in December for $76,000; we went to Bank One who had just merged with J.P. Morgan Chase bank to ask for financial advice, I had been banking with Bank One / J.P. Morgan Chase for 22 years, the advice that was given to me by — who was the bank manager at that time and & the financial adviser for Chase was to take out a home equity line of credit for $70 - 75,000, pay off all my bills of around $33,000, cut up credit cards and keep the rest of the loan in my account in case I needed it.
Chase then told me the remainder of the loan would be available in checks that would be sent to me a few days after the loan closed.
I took their advice and was approved for a home equity line of credit. We closed December 23rd and my payments were to start around Feb. 13th, I took the advice given to me and paid off all my bills with intentions of receiving checks with the remaining balance of around $40,000.
I started calling Chase around the middle of Jan. And even more around the first of Feb. I asked them where I was to send my loan payments, how much were the payments, where were the checks for the remaining balance and what address was I to mail the payments to.
The first time I called I was directed to Margrette Thompson whom I left several messages with, I spoke with a woman who works under her who told me "Not to worry they were late in getting all the information out to us because of the Chase/Bank One merge", "and that we should give it a couple more weeks, if we didn't hear anything by then to call back" made sense to me so I waited for another week, I called again on Feb. 20th, this time the woman who answered told me "THEY COULD NOT FIND THE ACCOUNT AND WAS I SURE I HAD THE RIGHT BANK", I hung up and called back and still the same thing, they had no record of this account, I then asked for more phone numbers and called everyday leaving messages, faxing documents, and speaking with anyone and everyone I could, still no help.
I went to my local branch to speak with the new branch manager, who was rude, obnoxious and belittled me by telling me she had no idea what I was talking about. I showed her all my paper work and she acted like she did not have the time of day for me.
I called Chase around the first of May to ask them what address they had, this was the only question I could think of that I had not asked, they had the wrong address, they had taken out a loan on someone else's home and had been sending my blank checks to someone else, at least this is what they told me.
As soon as I alerted Chase about the wrong address THEIR first communication TO ME about this loan was a foreclosure letter that I received a few days later. I then called them AGAIN and told them that I needed to make payments and I needed them to send me the blank checks, she agreed and hung up, two days later I got a letter telling me that the loan was closed and no more funds were to be dispersed due to payments not being made.
I called Chase AGAIN right away and they directed me to someone else, and they kept directing me to someone else until I finally spoke with someone who then told me that Chase could no longer help me. I faxed so many people with chase that they knew me by name, yet I received nothing but promises.
We caught the loan up but in the mean time I had 3 or 4 thousand in insufficient funds, due to promises made by chase telling me the funds would be available,
Chase apologized, admitted they were wrong. Falsely emphasized promises for months
They had pushed me around to everyone and anyone and put me off since the beginning of Feb. The time that I spent on trying to contact Chase to ask them if they would please take a payment has taken time and energy, it has diminished me physically, mentally, financially, and emotionally, I have been kind and considerate believing the whole time that Chase would do what's right so now I have decided to take matters into my own hands.
I took out this loan because I had a small business that required around 4 thousand in capitol to keep it running, to take care of my eleven-year-old mentally challenged twins, and to get rid of my old car and buy a new one. Since I closed out my credit cards and had no funds or credit available I was not able to pay for inventory and lost my business, Lost my car and finally pawned all my valuables, everything started to spiral downward including insufficient funds which still today I can not get caught up on.
I have a list of people I spoke, emailed, and faxed letters to. I never thought it would go so far that I would have to take everyone's name down.
Jayne
Phoenix, Arizona
U.S.A.
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