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How to dispute credit card fees that were not disclosed by loan officer?*

This has been a nightmare already. Here are the facts: I applied for personal loan for to consolidate my credit card debt. I called to check the status my loan I applied for. Telephone loan agrent twerp was incompent: First, he approved me for a lower amount because he didn't see the reason for the loan Then, I got approved for a higher amount Then the twerp told me that my other credit card balances would be transfer over to my new loan; however the didn't tell me that credit card balance transfer fees would be imposed. Shoot I could have paid them off myself with the money transferred into my account. A chat Customer Service agent told me those fees were explained in my terms of agreement. What term of agreements? Neither that phone twerp explained those fees nor I yet received those terms of in writing. The service agent admitted to all of that. I want those fees credited to my acount and I'll be dang it use on more debt. The loan I got was an unsecured loan.

Answers:

1) The transfer fees were from the credit card companies, not the debt consolidation. Most cards do charge transfer fees, that is between you and your credit card company, not the consolidating agency. And when they said "terms of agreement", they are refering to your credit card agreements, not the loan agreement.

2) You can't get these fees reversed. These fees are coming from your credit card, not your loan consolidator. When you agreed to have a credit card with this specific bank, you agreed when you signed the credit card application that you agree to the fees that were disclosed. If you did not get these documents when you signed up, which is very rare, you will not be able to dispute these fees. These fees are very common on balance transfers. Main reason why they do this so they don't lose interest profits off you. So you got to deal with it and continue to pay off your credit card debt.

3) Take my advice and just do not fight it. your time, health ,and happiness worth more. alot of banks are ripping people out legally and in day light. from bad check fee, to ATM fee,to bad loans fee...etc see what the country are facing now due to sub-prime-loans issue. and thank you god their stocks prices are almost in the ground this a good lesson --do not trust loan officer any more. save your money --cash is the king.

4) These fees were not charged by the loan company rather by the credit card companies. How was the "twwerp" to know that your credity cards charge this kind of fee ? I have three credit cards and NONE of them chage for a balance transfer fee. Yes you are right that it would have been easier to just buy the amounts from your bank. THe loan company most likely did not trust that the funds would go to the cards. THe only way to ensure that is transfers. THe fees will not be credited as they were charged by your credit card company not the loan company. You should have know the terms of your credit card agreements.

5) If the fees did not come from the credit cards but from your new lender, I believe you should continue to dispute them. Call again and ask for a manager and explain exactly what you have said here. Be polite - tell them just what you said here - that you would have paid them off yourself to save the fees. It is logical and it sounds like they know the fees weren't properly disclosed so perhaps a supervisor will be able to help you. I doubt that a regular rep has the authority to do that. Be persistent but do not get angry or swear. Good luck to you.

6) Credit cards charge transfer fees if you take the funds from the credit card to pay another debt. They do not charge transfer fees when you pay them. Those fees definitely were charged by your new loan. You can continue to dispute them but you will probably lose the battle. When you applied, did you read all the fine print? Do you have a copy of your application? Read thru it very closely. You will probably discover that those transfer fees are buried some where in that fine print.

7) If they did fail to advise you of any fees or terms (either by phone or by mail) then you have a right to dispute this and request a refund. However, that same twerp probably won't do a thing. So here is who you contact to file a complaint. Report the credit card issuer to the Comptroller of the Currency. Phone number is 202-874-4700. Report the company to your state's attorney general's office. You can find links to your state's AG website at naag.org. Your state might allow you to file a complaint online. This is probably the most effective complaint to make as it is the attorney general's who have filed most of the lawsuits against credit card companies. For example, it was the California AG who sued Providian and forced them to pay the largest judgment against a credit card company ever. Report the company to the Better Business Bureau. Submit your case for dispute resolution online at www.bbb.org. Report the company to banking regulators. Their mailing address is Division of Credit Practices, Bureau of Consumer Protection, Federal Trade Commission, Washington, D.C. 20580 or file a complaint online at www.ftc.gov. Hope this answers your question. LEGAL DISCLAIMER: The advice contained herein is for informational purposes only. It is not to be construed as Legal Counsel nor Legal Advice.

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