- Report: #1307411
Complaint Review: Merrick Bank - Nationwide
Reported By:
PLawrence -
Grand Junction, Colorado, USA
Submitted:
Updated:
-
Author Confirmed
Why?
Merrick Bank
Nationwide, USA
Web:
www.merrickbank.com
Categories:
Business Rating:
(0)
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Merrick Bank I send in a payment every month. When Merrick changed the amount from $35 to $39 with no notice then all of a sudden I am reported as missing payments Nationwide
I have made monthly payments to Merrick Bank on my credit card. At one time last year I used their assistance program because I had a garnishment on a different bill. I was paying monthly and have with the exception on March of this year. I shredded this card in April of last year knowing that I needed to get out of debt. At that time the balance was a little over $400 for a $500 card limit. In October 2015 Merrick changed my minimum payment from $35 ro $39 with no notice. I continued to send in $35 as was all I could financially afford. I was not using the card and was expecting the card balance to be lowering. When I went online to check the balance in February I discovered that the min has been changed and I was being cahrged late fees as well as interest fees on the full balance - not just the prinicple.
I called Merrick Bank and asked what I could do to remedy this situation. I was told I was behind over $100 and needed to make payment in full. When I advised them that I did not have that amount then I was told basically that there was nothing they could do but continue to charge me more than I was paying and it would go against me. I asked if there was anything or any assistance I could get with this account - again I was basically laughed at. In March I did not send in a payment.
I realized that by not sending in a payment out of anger I was simply hurting myself. So I started sending payments again with what I could afford - $25 to $35.00 a month. My balance is now well over $600 and only rising. I am getting calls 3-4 times a week from Merrick Bank and had to tell them to stop calling my job as it was interferring with my work.
I was notified this morning that my credit score had changed and when I pulled it up it has on there that Merrick Bank has been listed as missing the last 9 months in payments!!! Even though they are receiving money every single month with the exception of one month - March. Not only am I being charged with late fees of $37.00 late fee but also 29.95% interest on interest charges!
How is this legal? How can a person get out of debt with this company when they continue to charge me more every month than I am able to pay? When I asked this company for assistance such as what I had before when things were tight I was told there was nothing they could do except continue to have their computer call and leave me on hold until a representative was able to get on line with me. Why should I stay on hold when a computer calls my cell phone? Shouldn't a real live person be the one to call me?
2 Updates & Rebuttals
Thanks for laughing at me
#2Author of original report
Tue, May 24, 2016
Since this seems to be something that you only find humor in then I will not use this site again. While I was seeking advice I received a slap in the face with a title of "Give Us a Break"
Thanks but no thanks - I will go somewhere else.
Robert
Irvine,California,
USA
Give us a break...
#3Consumer Comment
Tue, May 24, 2016
You could not have written this report with a serious face. Because if there is one person to blame for this it is you and the actions you have taken.
First of all you never received any notice that your minimum payment changed? Really so I guess those monthly statements you receive either by e-mail or regular mail were just blank and said pay what ever you want?
Just how did you pay them? If you used their web site did you just happen to miss the section right on the page that said what your minimum is?
But the real kicker in this is that you are somehow in shock that they reported you as missing payments when you admit you failed to pay them "out of anger" and in later months paid only what you could afford.
So let me help you out. You made a legal agreement to pay at least the required MIMIMUM payment each and every month. Not, what you could afford, not what you felt like paying, not what you think you should pay...but what THEY require as the minimum payment. Anything short of that you have not met the terms and are in default. Yes, even if you were $1 short you are still not making the required payment.
Now, let me tell you a few other things. Eventually(probably within 6 months) unless you are able to get current or work out some sort of arrangement with them your account will be "Charged Off". Once it is charged off it will be closed, you will have a charge-off on your credit that will not be removed for 7 years. You will then be turned over to a collection agency.
Under the Fair Debt Collection Practices Act(FDCPA) you can tell the collection agency to stop calling you, but that does not make the debt go away. If you try to work out a payment arrangement with them be sure to get it in writing. However, don't expect them to be nice. Most want to have it paid back in 1-2 payments...very rarely do they let it go more than 12 months. So if you owe something like $1200, don't expect them to accept $25...they may want $100 before they even talk to you.
Oh and before you say anything, yes this would happen with any credit card and yes it is not only legal..a company is REQUIRED by law to take these actions.
Sorry if this isn't what you want to hear, but these are the realities when you screw around with your credit.
