Complaint Review: Fairbanks Capital Corp.

Our original loan was with First Franklin who sold it equicredit, a subsudiary of Bank of America, who sold it to the crooks at Fairbanks. In the three years we have had this loan, all payments have ben timely made. Fairbanks takes their time to process your payment, misapplies the monies to an incorrect account and then sends a default letter. It seems every month I am calling them t straigten out some misappropriation of money. In November 2002 we began a refinance.

However, Fairbanks misapplied our November and Decembers payments. I received calls from their collection unit who say the monies and acted like they would take care of the problem. Three weeks later I call the customer service department and they tell me that the collection department didn't forward the correction of the misapplied moneies. We start again. They finally fix the problem but them transfer to much money, causing a shortage for different months. It was crazy. During this time, our refinance loan fell out the process, because whi;le Fairbanks was taking forever to fix their mistake, they were quick to report to the credit agencies that we were late on our payments. Was this a nightmare! Finally the problem is fixed, or so the account information on ther website says it's fixed. I printed out the pages for my prtection. Previously out insurance agent had to fax them 6 separate times our proof of homeowners insurance. My agent siad to me, "who is your lender?" How many times do I have to send this proof! I thought I'd have to fly to Salt Lake City to take of that mistake. It wasn't until the applied the "forced-placed" insurance that they finally said they received the copy of our policy. Hopefully, in the nxt week the refinace will finally be complete and I will be rid of Fairbanks. I will be back to file complaints with the feds the state of california and to contact the attorney who filed a class action in California. These crooks have to be stopped!!!

J
Sacramento, California
U.S.A.