Direct Merchant Bank ripoff harassment, deceptive practices How can you make the payments they set forth and not make headway on the debt? Internet
I got their card over 10 years ago because I needed one and I worked at the bank (different name at the time) and got a low interest rate. Years later and financial problems and I was behind on payments and over the limit.
I closed the account and started making payments. Over the years I've probably paid the amount of the debt ($1,800.00) many many times over and yet the amount never seems to go down. They call me every day, several times a day and on weekends just after 8am (can use them as an alarm clock).
When I call they set me up on payments and I make the payments for a time and yet, the balance is a lot higher than it was years ago. How can you make the payments they set forth and not make headway on the debt? They never tell you that the payments they are asking you to make aren't enough to cover even the amount of the extra fees and other charges (very deceitful and deceptive).
Also, I had something on there called Charge Guard, which I know I never signed up for and never do on any card. But no one could tell me how to stop it; it wasn't them and they weren't responsible for it, so I'm getting charged $20 a month on a closed account.
Well, last rep I spoke to again gave me a payment plan and after he laid it out I asked again if this will start my balance go down and he admitted no it wouldn't, I'd have to make larger payments to cover all the extra fees and such they charge.
I'm investigating what I can do and who I can approach at their company to write this account off. Since they've received from me at least 5 times the amount but possibly a lot more than that, and it doesn't make sense to make payments anymore for something that has been closed 10+ years, especially since the balance doesn't go down.
Any ideas please feel free to write me by using the rebuttal box, as I'm formulating a letter to the company on a resolution to this matter and filing suit is definitely something that I would consider or would like to be included on.
Stuart
La Palma, California
U.S.A.
1 Updates & Rebuttals
Cheryl
Charlotte,North Carolina,
U.S.A.
Possible Solution to Credit Card Rip Off
#2Consumer Suggestion
Wed, August 20, 2003
I have a suggestion.
My son's friend "Jeremy" racked up some credit card debt (over $1500) with, let's call them "XYZ Credit". He consulted an attorney who specializes in credit restoration, and what the attorney did was essentially this: he called XYZ and said Jeremy was unable to pay the balance of the card. He further stated that he was about to file bankruptcy, and XYZ had two choices: either get embroiled in a long, drawn out bankruptcy case where the judge was likely to grant the creditors a few cents on the dollar, or settle right now for a greatly reduced pay-off amount with no further interest applied. It worked! XYZ took the money and ran. The remaining balance was reduced to something that Jeremy was able to pay off in a few months. The attorney charged him $250.00. Of course, he didn't file for bankruptcy--that was a bluff. Now I'm finding out that there are lawyers who specialize in negotiating credit card debt, and they do this for people all the time.
Frankly, I think what Jeremy did was shameful. He got the card knowing full well he didn't need the debt, and then proceeded to buy all sorts of new, shiny toys, and then weaseled out of it. Hardly a responsible thing to do. Let's not forget: sometimes it's the consumer ripping off the credit card company, and we all pay for that!
I believe your case, however, is entirely a different matter. Enough is enough! They have probably profited more than their fair share at this point, and I think it's perfectly fair that you should be able to get out from under them.
Consult an attorney, one who specializes in this sort of thing, and see what he can do for you. He may even be able to keep it off your credit report. His fee will be worth it if it saves you another ten years of making payments to these barracudas.
I do want to add one thing though: be VERY VERY VERY VERY CAREFUL!!!! There are a lot of disreputable lawyers out there who are just waiting to take advantage of people like you. I've also heard suspicous things about those so-called non-profit debt counsellors.
Get everything in writing, in advance, before you give them one penny, including a realistic estimate of what you can expect them to do for you, and find out how this will affect your credit rating (your most important asset).
Good luck!