LOAN SHARKS VS. STUDENTS

Posted Fri February 13, 2004, by Scott D. written to MBNA

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I'm writing to alert you to a problem I've had with a credit card issued by you. My problem concerns finance charges. I hope by bringing this to your attention, the problem will be addressed. This incident has made me extremely upset.

Here's what happened: I have paid nearly $1,000 in interest and late charges on a computer that cost $1,600 approx 19 months ago. MBNA has made over 50 percent interest in 19 mos., and I still owe $1,600 for the Apple laptop computer. As Apple proudly states in this advertising, "this is a loan with benefits"; and the benefits are for the deep pockets at Apple and MBNA. They claim it's only going to cost $15 per mo. for a brand new computer but the reality is that this is theft by deception. MBNA is stealing money from students that have very limited means. they are taking advantage of them just to make a huge profit, and gouging consumer with exorbitant interest rates and other charges. Even worse, they are deceiving consumers into paying unfair late fees, higher interest rates, and concealing deceptive conditions in the small print.

Here's what I want you to do: Negotiate a settlement for 50% of current balance to pay off the loan in full.

In the future, I will likely avoid doing business with you. And I definitely won't recommend you to others.

I appreciate your taking the time to listen to my complaint. I hope it can be addressed.

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Re: LOAN SHARKS VS. STUDENTS by Kennen Palm Posted Wed February 21, 2007 @ 7:01 PM So, you don't pay your bill as you agreed and that is their fault? Reply