Citi
Loan rate raised from 8.25 to 14.95, no missed payments

Absolute theft

CITI sent me my monthly statement on Aug 15th, and when I opened it to pay, they had raised the interest on my loan from 8.25 to 14.95. I called customer service, and they informed me I had authorized this by not responding to their so-called letter of terms and conditions. When I told this customer service person that I received no such thing, I was told they did not make mistakes like that, and that with no response it was OK to do it. At that moment I totally lost my cool with this moron and said, "Why in the world would I let you raise my interest rate?"

I have not missed any payments ever in 37 years of paying bills, or been delinquent, and my credit score is better than 750, for which I received a sarcastic congratulations. I asked how in the world a company can get away with doing this and received the same response, "Because I authorized it." I said, "Let's wait a minute here. If someone raised your interest rate on a loan, would you just ignore it and not ask questions?"

There was no response, other than that she said she would put the rate back to the original number after I said I would find a lawyer who would sue them, which I still hope they do. Unfortunately, the government will probably bail this sorry company out again, and it will not mean a thing. Personally, I hope they go broke and every one of these losers goes to the unemployment line. Makes you wonder how many thousands of people have been done this way.

Company: Citi
Country: USA

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