- Report: #265003
Complaint Review: MBNA Bank America - Wilmington Delaware
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MBNA Bank America
1100 North King Street Wilmington, 19884 Delaware, U.S.A.
Phone:
800-841-4000
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MBNA Bank America Theives, Con-Artists, Predatory Lenders, Ruining My Credit Wilmington Delaware
This theiving company ruined my credit before I even knew what it meant to have credit. As a senior in high school, I purchased a gateway computer with a $1,900 loan through MBNA Bank of America. The computer cost about $1,500. I was working at the time and payments were easy to make. However, a couple of years into the loan I fell ill with depression, anxiety disorder and minor agoraphobia and was unable to keep up with the payments because I was out of work and still in treatment.
Although, I informed MBNA of the situation I was in, they refused to try to work with me, increased my interest rate to nearly 50% and added fees that made it impossible for me to catch up.
Over the years, I kept trying to pay the account off. The total amount of the payments I actually made add up to just over $1900 but because of the ridiculous interest rates and fees, the amount that MBNA said I owed was about $3,000 more. I offered them a settlement when I finally came to the realization that no matter what I did, I would never be able to repay the loan.
The loan went to collection. I went to CCCS in Knoxville, TN about the loan situation when I got no response to my settlement letter and was told that by that time the best thing I could do was to wait a couple of years for the amount to be removed from my credit report. We didn't know at the time but in order to keep the item on my credit report, every few months MBNA would open the account and close it again. Because they keep doing that the item is scheduled to stay on my report until 2010, IF they don't open it again.
A couple of years ago, MBNA sold the account to a collection agency who has added another $4,000 making the total collection amount $8,474.00. A charge of $8,474 for a loan that was $1,900, more than 4 times the original amount, does that seem fair or reasonable to you? If I had been loaned this money from a private individual and they did this same thing, the person could go to jail for loan sharking.
Now I have a collection item for the $8,474 on my credit report as well as the $4,537 that MBNA still refuses to remove from my report even though they acknowledge that they have sold the account to collection and that the account was closed over 7 years ago.
I have got to fight this but I don't know who to turn to for help. I recognize that I made some horrible decisions when I was younger with regard to my credit because I didn't understand its importance back then but this is ridiculous and it should be illegal.
La Vonna
Knoxville, Tennessee
U.S.A.
Although, I informed MBNA of the situation I was in, they refused to try to work with me, increased my interest rate to nearly 50% and added fees that made it impossible for me to catch up.
Over the years, I kept trying to pay the account off. The total amount of the payments I actually made add up to just over $1900 but because of the ridiculous interest rates and fees, the amount that MBNA said I owed was about $3,000 more. I offered them a settlement when I finally came to the realization that no matter what I did, I would never be able to repay the loan.
The loan went to collection. I went to CCCS in Knoxville, TN about the loan situation when I got no response to my settlement letter and was told that by that time the best thing I could do was to wait a couple of years for the amount to be removed from my credit report. We didn't know at the time but in order to keep the item on my credit report, every few months MBNA would open the account and close it again. Because they keep doing that the item is scheduled to stay on my report until 2010, IF they don't open it again.
A couple of years ago, MBNA sold the account to a collection agency who has added another $4,000 making the total collection amount $8,474.00. A charge of $8,474 for a loan that was $1,900, more than 4 times the original amount, does that seem fair or reasonable to you? If I had been loaned this money from a private individual and they did this same thing, the person could go to jail for loan sharking.
Now I have a collection item for the $8,474 on my credit report as well as the $4,537 that MBNA still refuses to remove from my report even though they acknowledge that they have sold the account to collection and that the account was closed over 7 years ago.
I have got to fight this but I don't know who to turn to for help. I recognize that I made some horrible decisions when I was younger with regard to my credit because I didn't understand its importance back then but this is ridiculous and it should be illegal.
La Vonna
Knoxville, Tennessee
U.S.A.
5 Updates & Rebuttals
Allan
Lakeland,Florida,
U.S.A.
Credit Report
#2Consumer Suggestion
Sun, August 05, 2007
Get a form fron all 3 credit agencies. Fill out and send back to contest this charge. They have to move it are prove it. If you can't get it off first time do it every month until it is cleared off. If it goes back on do this over again ,keep informed about your credit report, know what is going on with it. You need to take charge of your credid report. Look at it every month or so. good luck, Allan Investigative reporter
Lhamer
Knoxville,Tennessee,
U.S.A.
RE: FYI
#3Author of original report
Sat, August 04, 2007
I don't really know what "openning and closing" means either. It's just the terminology the lady at the credit bureau told me when I asked about why the info was still on my report. Maybe they are doing what you said and posting new payments or charges and then closing the account again. I don't know, but I have recently disputed the items on my report and years ago I sent them letters about it and I never seem to get any response. Any suggestions?
Lhamer
Knoxville,Tennessee,
U.S.A.
RE: FYI
#4Author of original report
Sat, August 04, 2007
I don't really know what "openning and closing" means either. It's just the terminology the lady at the credit bureau told me when I asked about why the info was still on my report. Maybe they are doing what you said and posting new payments or charges and then closing the account again. I don't know, but I have recently disputed the items on my report and years ago I sent them letters about it and I never seem to get any response. Any suggestions?
Lhamer
Knoxville,Tennessee,
U.S.A.
RE: FYI
#5Author of original report
Sat, August 04, 2007
I don't really know what "openning and closing" means either. It's just the terminology the lady at the credit bureau told me when I asked about why the info was still on my report. Maybe they are doing what you said and posting new payments or charges and then closing the account again. I don't know, but I have recently disputed the items on my report and years ago I sent them letters about it and I never seem to get any response. Any suggestions?
John
Louisville,Kentucky,
U.S.A.
FYI
#6Consumer Comment
Fri, August 03, 2007
every few months MBNA would open the account and close it again. Because they keep doing that the item is scheduled to stay on my report until 2010, IF they don't open it again. ============== Negative info can only stay seven years on your credit report...STARTING at the date that you first became delinquent and never became current. I'm not sure exactly what was meant by "open the account and close" the account...but it sounds illegal. Companies cannot restart the clock on the 7 year reporting cycle by "opening and closing" the account. Collection agencies are notorious for posting bogus payments to restart the clock.
