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A question for you message board lawyers: I received an offer from WaMu to transfer balances at 2.99% with a 3% balance transfer fee and a maximum of $50. I ran the numbers and it penciled out. So, I transfered three balances then at 10.99, 14.99 and 18.99%.
I was happy as was reasonable considering my overall level of debt.
Two weeks ago, I received a letter stating that based on a "risk assessment," my WaMu rate was being increased to 24%. Bear in mind, I have never been as much as a single day late with a payment; not with WaMu and not with any other creditor.
So, I'm worse off than I was and I'm out the transfer fee.
When I called, I was treatly coldly and told flatly that they had the right. I asked for a copy of the agreement from which they derive the "right," but I have received nothing.
Opinions?
@Anonymous wrote:A question for you message board lawyers: I received an offer from WaMu to transfer balances at 2.99% with a 3% balance transfer fee and a maximum of $50. I ran the numbers and it penciled out. So, I transfered three balances then at 10.99, 14.99 and 18.99%.
I was happy as was reasonable considering my overall level of debt.
Two weeks ago, I received a letter stating that based on a "risk assessment," my WaMu rate was being increased to 24%. Bear in mind, I have never been as much as a single day late with a payment; not with WaMu and not with any other creditor.
So, I'm worse off than I was and I'm out the transfer fee.
When I called, I was treatly coldly and told flatly that they had the right. I asked for a copy of the agreement from which they derive the "right," but I have received nothing.
Opinions?
Do you have a copy of the initial agreement & terms for the balance transfer? You should have been presented with the full terms before officially agreeing to the transfer, so it seems you may have access to these terms.... check very carefully and see what may be mentioned about the ability to alter the rates.
Lucky1 -
You never say how long ago you did the transfers nor what the original terms of the offer were. I often receive the same offer via "convenience" checks and it usually only for a 3 month "introductory" period at which the interest rate will reset to pretty much whatever rate they want to charge you.
This also means that closing your account to avoid the jacked up rate is not an option to keep you at the short introductory rate.