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Santander Bank / vicious and unprincipled

1 Winchester, MA, United States Review updated:

Santander is attenpting to close a sba3 business line of credit we have had with sovereign bank for years. They called the credit line, giving us 2 weeks to pay $47, 000 or sign a new document which cancels the existing line of credit and replaces it with a fixed loan with impossible terms, multiple arbitrary default scenarios, and three provisions that essentially have us begging santander to allow us to take the new loan, promising them that if they decide to default us they can take anything or everything we own, and that we cannot file a complaint, ask for trial by jury, or bring the matter to legal authorities.in essence, they are announcing their attempt to collaterize every asset we have, declare default immediately due to ridiculous payment terms (reduce the balance by 60% immediately), then attach and liquidate anything they choose to, all with no recourse by us to have any legal protection, nor any commitment from them to even pay us the difference between what they liquidate and the amount due. Essentially, this is piracy and rape. Do not enter into relationships with santander or any of its owned branches.

I might mention here that we maintain checking and savings accounts with $20, 000+ balance and have automatic payment run by them to pay the credit line, so obviously this is not due to any concerns they might have about us being "credit-worthy" to continue the loan.

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Comments

  • Cj
      8th of Oct, 2010
    0 Votes

    www.debtorboards.com
    check out SBA.gov
    dont trust them, Santander, they are a muscle type collection agency.
    I recommend debtorboards.com they have helped me extensively.
    Remember onr thing...Collection Agencies DO NOT like going to court It cuts into their profit.

    Good Luck

  • Rm
      9th of Dec, 2011
    0 Votes

    I get multiple calls from Santander daily. The problem I have with them is that I turned in my
    vehicle when I could not make the payments, I assume they sold the vehicle and got something for it. They keep calling at all times of day using different fake phone numbers, or "unknown" numbers. They want to collect all of the loan amount. I have not talked to them all of this time. I thought I had a good working relationship with Citi Financial until Santander took over.

  • Cj
      30th of Jan, 2012
    0 Votes

    There is a class action lawsuit in process by a lawyer Gary Green, Little Rock, AR.

    You might want to check this out AND if you chase Santanders name you will find out the penalty they received for being friends with Bernie Madoff.
    Santander can't find anyone to do repos in my area...I guess the repo people like being paid and Santander picks up vehicles 3 days after repo, even if you have the money you won't get the car back.
    Side note...anything that is in the repoed auto is STILL YOURS and this is made plain by the Federal Government and 50 States as well as DC.
    The finance company has NO RIGHTS to your property. Some states allow a reasonable fee, mostly $50.00, but Santander is known to throw out everything in repos.

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