We recently noticed that our 20.99% apr with wamu had risen to 33%! This came about the same time we saw an increase in our minimum payment as well.

We called wamu for am explanation and were told that "the gov't" authorized the min. pymnt increases to help customers pay off credit card debt faster. When asked why the apr was increased, the representative to this thieving company said she couldn't release that info over the phone, we'd have to request it in writing.

My question to anyone who has a clue is... how can you be expected to pay off a credit card if they are allowed to increase your payment minimum-but also increase your apr??? all this does is make you pay more for something you didn't buy! Can this actually be legal???

I think everyone should refuse to pay anything if this happens to them, times are hard enough without the gov't allowing companies to rip off excellent costomers!!!


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1. Written by wamublues, on 20-08-2008 17:21

We did a re-fi with wamu, a "1month MTA option arm." The contract says, in effect, that our monthly payment can never go up more than $90. per year. It also says that, although the final balance may be higher than the original one, it will never be more than 110% of the original balance. We had read that as being in our favor. Last week, they wrote, saying that because our balance is now at more than 110%, our monthly payment will go up $1,000. Isn't this contrary to the promise not to raise it more than $90. per year? They never answer the phone and never answer letters -any ideas on what to do?

Comments on WAMU raised interest/min.pymnt 4 no reason

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