Bank of America Consumer Loan Complaint

Bank of America Consumer loan department,

Installment loan Managing the loan or lease California

this is additional information concerning my complaint number -. My Names is - -. I did some research on my own and the loan I took out in - was a Bank of America Clean Sweep Loan, however this loan was done over the phone with a customer representative. The Loan was a one time deposit of $37000.00 dollars and the fixed rate of 15.9 % which came to payments of $660.00 for 72 months ( 6 years ). The representative was clear on the fixed rate. I understand those loans may have been advertised by Bank of America as variable rates through other advertising for these type loans. The deception here is the customer service rep closing the deal. I would never sign on for a variable rate loan, having already bought a house with fixed rated, my automobiles are fixed, he sold me on the fixed rate, the payment amount and the length of the loan. As I state before Bank of America has since discontinued these loans in - according to their customer representatives, to include calling them line of credits and credit cards. My most recent conversation with their representatives is that -, as in my


an explanation as to what may have happened. After an attempt to say I have more payments because I missed payments from the representative who knew nothing about these loans of programs, the supervisor acknowledged that I had never missed any payments. Her final answer was that I had a variable rate when I took out the loan, and that in - the loan was changed to a fixed rate of 15.9 % and the 60 month term started then. The 60 month term that is reflected on the document I submitted with claim -, that they provided to me. None of what I have been told had added up. First the loan has always been 15.9 %. To claim it went from a variable to fixed rated, and term starting two years after I have had the loan, is questionable. The supervisor telling me the 60 month term went into effect in - tells me they have not kept an accurate history of my account, like I said before I have paid over 90 months ( almost 8 years on this account ). In summary the Bank of America Clean Sweep Loan is what this started out as. This customer service rep presented this loan as fixed rate fixed payments. Bank of America has done modifications to this loan, in - and -. The customer reps and supervisors have made it clear they have not been able to articulate an accurate history of my account, that is either because the account history is incomplete, has too many modifications to articulate accurately or they are towing the party line and facilitating unethical practices for Bank of America.