Complaint Review: MBNA America

I thought I was alone until I discovered your website and read the ripoff story regarding MBNA. I, too, am a victim. I took a loan out for 48 months at 16.99% a while back.

On Saturday, 5/18/02, I received an Amendment to my account which stated, somewhat like the other story, my APR would be 25.98% effective June 2002. I couldn't believe this that they can just arbitrarally change a loan rate which was an agreement.

Besides, isn't there a old law, which seems to have disappeared, against scalping? Unlike the other gentleman, I do not have the $9,634 to pay them off. They put a note: This amendment will increase the number of months required to pay off your existing balance by 14 months (@$280 per month).

Do you know how much more that puts into their pockets. I either pay up or file bankruptcy! Thanks for this opportunity to unload.

Ann
Chatsworth, California