MBNA Ripoff They promised a fixed APR then changed it after I became a customer So now I'm suing & need your help Wilmington Delaware
MBNA offered me 0% APR for 9 months then a fixed APR of 9.9% on the remaining balance on the phone (sales person). I agreed to do a balance transfer of $10K and a cash advanced of $5K. Then a few months after supposed fixed rat of 9.9% kicks in I get an agreement and a balance statement showing 19.9%! I called them but they claim that is mentioned on the monthly agreement. When I mentioned that the initial terms were verbal and that I didn't agree to let them change the terms, they said that they never agreed to such terms thus it's not enforceable. I said "that's not what we agreed to", and decided not to pay them what they asked, so they began making negative reports on my credit. The gull !
Not being one to sit back and be abused by a bully I decided to do something about it, and am now going through the process of suing MBNA for deceptive business practices on my own (David vs Goliath). It can be done but I need other readers to help me by contributing similar stories about how MBNA making them promises on the phone like "Oh your rate will never go up" only to have the rug pulled from under them after a few months. Your contribution will be very helpful as I will use it as evidence that MBNA is doing this on a systematic basis.
Thanks very much for your support. Together we can force these big corporations to play fair.
If I get enough feedback, I'll look into filing for class certification (bring in more plaintiffs into my claim).
Wish me luck !
Carl
Palos Verdes, California
U.S.A.
CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.
5 Updates & Rebuttals
Jim
Mission Viejo,California,
U.S.A.
Good Luck!!! There is a "universal default" clause in many credit card contracts.
#6Consumer Suggestion
Fri, December 10, 2004
I applaud you for your willingness to stand up for your rights. Unfortunately, I have already been through this. Your best effort is going to be to complain to your representatives in congress in Washington.
There is a "universal default" clause in many credit card contracts. This clause allows the company to throw you into default on your credit card for simply raising your FICO score through additional borrowing, or anything that might affect that score. This is a predatory lending tactic that is currently legal. You may also find in your agreement that you have agreed to mandatory arbitration, and waived your constitutional right to a fair trial. You have also agreed to refrain from organizing a class action suit. You could still file one, but the judge will dismiss it based on your contract. You may want to contact an attorney, and figure out how to proceed.
Go to frontline.org and view the report on the "Secret History of the Credit Card" and you'll see what I'm talking about. There are many other problems with credit card agreements, and practices. Also pick up a copy of the book, "Two-Income Trap" by Elizabeth Warren that discusses this issue. Ms. Warren is a law professor at Harvard University that participated in the "Consumer Bankruptcy Project, 2001" which exposed the widespread abuse of consumers by credit card companies. (her email address can be found there) The banking industry is one of the largest contributors to political campaigns and is extremely powerful. They introduce legislation regularly that makes their practices legal. Much of it gets passed under the guise that it is best for consumers. They currently are pushing through a "bankruptcy bill" H.R. 975 that is bad for consumers. It essentially makes credit cards non-dischargable in bankruptcy, among many other things that are devastating for American families. It even makes repaying credit cards as important as child support. Think how that will affect children! Write your congressman and oppose this bill and any bill introduced by the banking industry.
Jim
Mission Viejo,California,
U.S.A.
Good Luck!!! There is a "universal default" clause in many credit card contracts.
#6Consumer Suggestion
Fri, December 10, 2004
I applaud you for your willingness to stand up for your rights. Unfortunately, I have already been through this. Your best effort is going to be to complain to your representatives in congress in Washington.
There is a "universal default" clause in many credit card contracts. This clause allows the company to throw you into default on your credit card for simply raising your FICO score through additional borrowing, or anything that might affect that score. This is a predatory lending tactic that is currently legal. You may also find in your agreement that you have agreed to mandatory arbitration, and waived your constitutional right to a fair trial. You have also agreed to refrain from organizing a class action suit. You could still file one, but the judge will dismiss it based on your contract. You may want to contact an attorney, and figure out how to proceed.
Go to frontline.org and view the report on the "Secret History of the Credit Card" and you'll see what I'm talking about. There are many other problems with credit card agreements, and practices. Also pick up a copy of the book, "Two-Income Trap" by Elizabeth Warren that discusses this issue. Ms. Warren is a law professor at Harvard University that participated in the "Consumer Bankruptcy Project, 2001" which exposed the widespread abuse of consumers by credit card companies. (her email address can be found there) The banking industry is one of the largest contributors to political campaigns and is extremely powerful. They introduce legislation regularly that makes their practices legal. Much of it gets passed under the guise that it is best for consumers. They currently are pushing through a "bankruptcy bill" H.R. 975 that is bad for consumers. It essentially makes credit cards non-dischargable in bankruptcy, among many other things that are devastating for American families. It even makes repaying credit cards as important as child support. Think how that will affect children! Write your congressman and oppose this bill and any bill introduced by the banking industry.
Jim
Mission Viejo,California,
U.S.A.
Good Luck!!! There is a "universal default" clause in many credit card contracts.
#6Consumer Suggestion
Fri, December 10, 2004
I applaud you for your willingness to stand up for your rights. Unfortunately, I have already been through this. Your best effort is going to be to complain to your representatives in congress in Washington.
There is a "universal default" clause in many credit card contracts. This clause allows the company to throw you into default on your credit card for simply raising your FICO score through additional borrowing, or anything that might affect that score. This is a predatory lending tactic that is currently legal. You may also find in your agreement that you have agreed to mandatory arbitration, and waived your constitutional right to a fair trial. You have also agreed to refrain from organizing a class action suit. You could still file one, but the judge will dismiss it based on your contract. You may want to contact an attorney, and figure out how to proceed.
Go to frontline.org and view the report on the "Secret History of the Credit Card" and you'll see what I'm talking about. There are many other problems with credit card agreements, and practices. Also pick up a copy of the book, "Two-Income Trap" by Elizabeth Warren that discusses this issue. Ms. Warren is a law professor at Harvard University that participated in the "Consumer Bankruptcy Project, 2001" which exposed the widespread abuse of consumers by credit card companies. (her email address can be found there) The banking industry is one of the largest contributors to political campaigns and is extremely powerful. They introduce legislation regularly that makes their practices legal. Much of it gets passed under the guise that it is best for consumers. They currently are pushing through a "bankruptcy bill" H.R. 975 that is bad for consumers. It essentially makes credit cards non-dischargable in bankruptcy, among many other things that are devastating for American families. It even makes repaying credit cards as important as child support. Think how that will affect children! Write your congressman and oppose this bill and any bill introduced by the banking industry.
Jim
Mission Viejo,California,
U.S.A.
Good Luck!!! There is a "universal default" clause in many credit card contracts.
#6Consumer Suggestion
Fri, December 10, 2004
I applaud you for your willingness to stand up for your rights. Unfortunately, I have already been through this. Your best effort is going to be to complain to your representatives in congress in Washington.
There is a "universal default" clause in many credit card contracts. This clause allows the company to throw you into default on your credit card for simply raising your FICO score through additional borrowing, or anything that might affect that score. This is a predatory lending tactic that is currently legal. You may also find in your agreement that you have agreed to mandatory arbitration, and waived your constitutional right to a fair trial. You have also agreed to refrain from organizing a class action suit. You could still file one, but the judge will dismiss it based on your contract. You may want to contact an attorney, and figure out how to proceed.
Go to frontline.org and view the report on the "Secret History of the Credit Card" and you'll see what I'm talking about. There are many other problems with credit card agreements, and practices. Also pick up a copy of the book, "Two-Income Trap" by Elizabeth Warren that discusses this issue. Ms. Warren is a law professor at Harvard University that participated in the "Consumer Bankruptcy Project, 2001" which exposed the widespread abuse of consumers by credit card companies. (her email address can be found there) The banking industry is one of the largest contributors to political campaigns and is extremely powerful. They introduce legislation regularly that makes their practices legal. Much of it gets passed under the guise that it is best for consumers. They currently are pushing through a "bankruptcy bill" H.R. 975 that is bad for consumers. It essentially makes credit cards non-dischargable in bankruptcy, among many other things that are devastating for American families. It even makes repaying credit cards as important as child support. Think how that will affect children! Write your congressman and oppose this bill and any bill introduced by the banking industry.
Kitten
Pigeon Forge,Tennessee,
U.S.A.
We all should help
#6Consumer Comment
Mon, December 06, 2004
I can't go to California to help this person, but be willing to post a statement of the treatment as to interest rates that I have been abused with by MBNA. I can go to the court house and sware to a statement, have it notorized and send it to him along with documents.
All petitions that he can accumulate will help his case.
We all should help this person to get MBNA put out of business or at least help him to win his law suit.
I am not sure as to how to contact this person, but I am willing to help if I can.
I do wish you luck.