Fairbanks Capital Corp
Bogus Insurance Charges and Late Fees Inflated the Payoff Amount

Fairbanks Capital Corp - Aka Equi Credit ripoff, fraudulent, bogus late charges, fraudulent insurance charges and bogus fees Jacksonville Florida...

About 3 years ago my husband and I got a mortgage through Equi Credit but without an escrow account. At our one year anniversary our billing statement was showing a charge for insurance of over $400 because they said we didn't have any insurance. We notified our insurance broker three different times over that second year of the fax for equi credit (which every time was a different fax number) and Equi Credits excuse was they had changed offices and this would all get straightened out.

We were then notified that Fairbanks Capital purchased our mortgage and we would receive future billings from them. Of course the first one was late and we argued about the late charges, which were supposedly dropped. We also argued about the bogus insurance charges and we are still arguing about them.

We sent in extra money on our mortgage for the principle, only to have it applied to the bogus insurance charges. We have since applied for an equity loan with a reputable bank and wanted a payoff statement. Our payoff statement is more than the original loan with all the bogus charges they have added. We paid our March statement on 3/8 which is payable until the 15th but it wasn't posted until 3/28.

We sent our April payment which was posted on 4/1/03 but they showed it as a partial payment to the principle and the rest of the money just seemed to vanish. Yesterday we received our April statement. The statement was dated 4/11 and we received it on the 18th showing our payment amount had suddenly increased.

We also received another letter stating our April payment was late and we needed to send it with late charges. We received a third letter stating that we needed to prove we had insurance or they will buy us insurance and charge us. We are very interested in a class action suit and plan to pursue this with the State of Illinois Insurance Commission, The State of Illinois Attorney General, the Illinois States Attorneys Office, the Better Business Bureau and possibly the United States Post Office. United We Stand, and we need to teach these rip off artist a lesson. We are open for any help or comments.

Company: Fairbanks Capital Corp
Country: USA
State: Florida
City: Jacksonville
Address: 10401 Deerwood Park Blvd

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