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Robert's Comment on
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Main thread--Bank of America Complaints
State: Arizona Posted: 10/26/2009 Subject: Non-variable rate scam Comment: I also was a victim of the non-variable rate scam. In my view, the small print on the solicitation does not support BofA's case. It does not specify that any rate change, etc., will apply retroactively to existing balances. They claim they sent a longer list of terms and conditions after the loan agreement was made via phone, which specified that they could basically change any of the terms to whatever they wanted whenever they wanted, and apply them retroactively, but I never received any such thing, and I certainly would not have agreed to such terms. I have filed a mail fraud complaint with the U.S. Postal Service, a fraud complaint with the FTC, a complaint with the BBB, a complaint with the Federal Reserve, and complaints with the state attorney general both in my state and in Deleware. If you've also been a victim of this scam, please file these complaints as well--it's the only way something will be done. I don't think any court will uphold knowingly false statements in a socitation simply becuase the small print says "all of the above is a lie" or because they have some hidden list of terms and conditions they claim to have mailed after the deal has been secured based on the solicitation and info provided during the phone call (and which, in my case, I certainly did not receive). It's also very curious that their soliciation doesn't mention APR changes being applied to existing balances, but their actual notice of change does (it would seem the omission of this crucial fact from the solicitation is intended to mislead; especially since they all of a sudden recognize the importance of this when they send the actual notification of the change). If this gets to court, I hope the discovery phase reveals a trend of not mentioning applying changes retroactively to existing balances in solicitations, but then mentioning it in the actual change notifications. This would provide strong evidence of the intent to mislead/deceive/defraud in the solicitations. |
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