McCoy vs. Chase Manhattan Bank
by AllenX
Mcoy accused Chase Manhattan Bank of violating the Truth in Lending Act by increasing interest rates retroactively to the beginning of his payment cycle after his account was closed after a late payment to Chase or another creditor. McCoy vs. Chase Manhattan Bank is going to be heard at the Supreme Court sometime after October. McCoy filed his suit since the bank raised his rate of interest after he fell behind on a payment. McCoy claims he did not get any writing before the interest on his credit card raised in compliance with the Truth in Lending Act; Chase claims they weren't required to notify him since it was in his original contract. McCoy's stance is that any person should be informed before an increase in rates, especially when people are living off unsecured loans more and more. ************* Interesting information. I should like to keep up with how this turns out. Many other people claim not to have been given notice by Chase that there rates were being raised, and I believe them! |
