- Report: #95355
Complaint Review: MBNA America - Wilmington Delaware
-
Author Confirmed
Why?
MBNA America
P.O. BOX 15137 Wilmington, 19886-5137 Delaware, U.S.A.
Phone:
800-896-3698
Web:
N/A
Categories:
Business Rating:
(0)
Tell us has your experience with this business or person been good?
MBNA America ripoff Outrageous rate increase after signing on with a fixed rate, They sent my wife a letter stating due to her good credit she was pre-approved for a set amount with a fixed rate. All were lies just used to sucker consumers in. Wilmington Delaware
After MBNA America in 2001 sent my wife a letter stating pre-approval for a set amount ($25,000) with a fixed interest rate (9.99%) we deciding to consolidate some debts. We had another credit card from MBNA which we kept the balanced paid off.
By early 2002 they jumped the rate without notice to 19.99% stating that my wife's credit rating had changed. This was all false so I contacted them and they agreed to drop the rate to 10.99% even though we signed on at a lower fixed rate.
In August of 2003 they increased the rates again to 19.99% stating that we were not paying off the loan fast enough. We were never late on a payment and received no correspondence earlier stating this concern. I again told them this was outrageous and could not afford the payments. We had budgeted around the original agreement on what we could afford.
They agreed to return to the 10.99% rate. They did but only after two months of the higher rate. I refused to pay the extra money incurred during those two months and only sent them what I normally would have paid them plus a little extra.
I'm still doing this almost 12 months later and they are hitting me with a $39.00 late fee every month. Funny they haven't gone up on my rates since then. Probably because the late fee goes into some other pocket that's not accounted for.
I have not decided what to do but I'm getting close to retirement and getting more stubborn with age when I'm done wrong. I know that in the state of Texas that my wages can't be garnished due to this type of bad debt nor can a lien be put against my home.
Don't get me wrong, all my life I have paid my debts even during the worst times. It was a blessing to find this web site to let me know I'm not out there alone when it comes to these rip-offs.
It gives me strength to stick to my decisions.
Kris
Dayton, Texas
U.S.A.
By early 2002 they jumped the rate without notice to 19.99% stating that my wife's credit rating had changed. This was all false so I contacted them and they agreed to drop the rate to 10.99% even though we signed on at a lower fixed rate.
In August of 2003 they increased the rates again to 19.99% stating that we were not paying off the loan fast enough. We were never late on a payment and received no correspondence earlier stating this concern. I again told them this was outrageous and could not afford the payments. We had budgeted around the original agreement on what we could afford.
They agreed to return to the 10.99% rate. They did but only after two months of the higher rate. I refused to pay the extra money incurred during those two months and only sent them what I normally would have paid them plus a little extra.
I'm still doing this almost 12 months later and they are hitting me with a $39.00 late fee every month. Funny they haven't gone up on my rates since then. Probably because the late fee goes into some other pocket that's not accounted for.
I have not decided what to do but I'm getting close to retirement and getting more stubborn with age when I'm done wrong. I know that in the state of Texas that my wages can't be garnished due to this type of bad debt nor can a lien be put against my home.
Don't get me wrong, all my life I have paid my debts even during the worst times. It was a blessing to find this web site to let me know I'm not out there alone when it comes to these rip-offs.
It gives me strength to stick to my decisions.
Kris
Dayton, Texas
U.S.A.
2 Updates & Rebuttals
Shemonika
Alorton,Illinois,
U.S.A.
MBNA finally helped me
#2Consumer Comment
Thu, February 17, 2005
I have been calling MBNA for the past 3 months trying to get my APR lowered since I have been a customer for 5 years. My original APR was 11.99%, but when they made changed to the variable APR back in October, it increased my rates to 23%. I was never late, but according to them, I was late on another bill (I pay my bills on time). I have since gotten that negative item removed from my credit report. I negotiated my APR from 23% to 18% since I have good credit. I only owe them $3000. I WILL PAY THIS AMOUNT OFF AND THEN NOT USE THIS CARD ANYMORE, I WILL USE MY AT&T CARD THAT HAS AN APR OF 13.99%. With MBNA to reduce any rates, you must call them almost everyday and ask to speak with the supervisor ( they have the authority to approve it quicker). Finally, I got my rate reduced.
Kris
Dayton,Texas,
U.S.A.
Settled Account
#3Author of original report
Fri, January 28, 2005
After asking MBNA to send me a copy of my wife's contract through registered mail twice with no results I stopped making payments. I waited three months before I returned their calls. The first offer was to knock off all of the late charges. I wouldn't agree to it because they refused to also remove the past amounts generated by the unjust higher interest rates. Several months passed until I was contacted by a MBNA rep. wanting to set up a lower interest rate with a fixed payoff in five years. I agreed but the deal fell through when I refused to let them draft my checking account. They then offered to settle for half the amount. I agreed knowing that it would damage my credit rating but I was getting tired of dealing with them. I sent a check for the amount agreed upon and they sent me my 1099 C form. All I want now is for the ones that come up with these scams to screw the little guys is to rot in Hell when their times come.
