Wow, I've been reading all of these reports and it is hard to believe this bank gets away with it. First of all I went through a divorce, and I was drowning in payments to creditors. I called a consolidation co, as I didn't want my credit ruined with bankruptcy.
The company nogotiated my interest with four debtors, and Fifth Third was one. It was a credit card account with a balance of $990.00. My interest was nogotiated a little different for each debtor but averaged around 8%. The payment for Fifth Third was only a small portion of the actual monthly payment ($32.00). After about 3 months into it, I missed one payment. I called the consolidation co, they said I can make it up the next month. So I did, and continued to make the payments as scheduled thereafter. When finances were better, I began paying $70 a month to Fifth Third (instead of $32) because I noticed the balances were all going down except for Fifth Third.
This past week I received a paper statement from Fifth Third showing my balance at $1,011.90. I cannot fathom how it is possible when the original balance (over a year ago) was $990. There has been absolutely no charges made on the account whatsoever. I see on the statement that the interest rate is 24.99%.
It all resulted from one missed payment (that I more than made up for) so they raised my interest rate to the max allowable. Talking with the consolidation co, they have no authority with the Fifth Third policies. So I am stuck with this bill that will never get paid off unless I cough up the entire balance. I am not done with them yet though. I may be at fault for missing a payment 9 months ago, but their business ethics are very poor.
To top it off, I received a phone call from my ex husband who I gave our house in the divorce. He has not refinanced it yet to get my name off the mortgage (which is another story)—But, in all of the years we lived there, our payments were always on time. During the divorce my ex got behind two payments, and they allowed him to make the regular payments until he got his taxes back and he paid it all up to date if Feb (I saw proof of this).
This past week he received a letter from Fifth Third which informed him that the mortgage loan was "modified" apparently extened to 37 years (from 25) and that he would SAVE $18 a month? They told him that we signed for this! We in no way signed for anything of this nature. We are divorced, I haven't darkened Fifth Third's doorway for over a year.
My ex is flabberghasted, and I can't believe it either. He has all of our paperwork from the original loan, and all of the payment recipts to take in and dispute it. When my ex asked the Fifth Third representative how this could happen without our consent, they said they have our signatures on the papers. He argued it is impossible, neither of us signed for anything! Beside all of that... To modify the loan from 25 to 37 years (which I have never heard of before) would only drop his payment $18?? They must have figured in a hefty interest rate without consent too!
They were supposed to get back to him today after saying they would check into it further, and he heard nothing. So, he is going to call back tomorrow. What a nightmare!
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