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Old 04-05-2012, 07:03 PM
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Default Bank of America rant

I get home this afternoon and get a message from an attorney at some place I never heard of, so I call him back. Apparently my credit card through my local bank was sold to Bank of America. I had missed a couple payments a few months back but have been paying them, in fact I just sent out a payment two weeks ago when it was due. Apparently my card and account has gone to collections, there is no payment plan, no nothing. The attorney, who I looked up online and double checked, could not even understand it since he did a credit check himself and my credit is very good. So either I pay up, or I go to court. If I go then I lose more money and the interest rate goes up. Back in 2008 this same thing happened when Citibank called in a personal loan that I had. I was making payments on it and the credit was good, very much like this. I don't want to sound like a conspiracy theorist, but that loan was called in only a few months before the 2008 economic troubles that led to the housing bubble collapse. So it makes me wonder what the heck is going on. So tomorrow I will call this guy back and settle up this debt that I have. He was very polite and told me that I was one of hundreds of people with this problem and many of these are getting called in. Granted I don't know if he was feeding me a line but it seems strange.
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Old 04-05-2012, 07:49 PM
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I get home this afternoon and get a message from an attorney at some place I never heard of, so I call him back. Apparently my credit card through my local bank was sold to Bank of America. I had missed a couple payments a few months back but have been paying them, in fact I just sent out a payment two weeks ago when it was due. Apparently my card and account has gone to collections, there is no payment plan, no nothing. The attorney, who I looked up online and double checked, could not even understand it since he did a credit check himself and my credit is very good. So either I pay up, or I go to court. If I go then I lose more money and the interest rate goes up. Back in 2008 this same thing happened when Citibank called in a personal loan that I had. I was making payments on it and the credit was good, very much like this. I don't want to sound like a conspiracy theorist, but that loan was called in only a few months before the 2008 economic troubles that led to the housing bubble collapse. So it makes me wonder what the heck is going on. So tomorrow I will call this guy back and settle up this debt that I have. He was very polite and told me that I was one of hundreds of people with this problem and many of these are getting called in. Granted I don't know if he was feeding me a line but it seems strange.
The Big Bank Barons slowed down the repo's last year so Congress didn't tune them up. They plan to go back to repo-ing like Banshee's this year. Ditto on credit cards according to the WSJ.
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Old 04-05-2012, 07:59 PM
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Well David I wish you luck with this but the best advice I can give you is to get out of debt. It's hard to do but when you are debt free you will have all kind of money but the best part is you are free. I don't know if you have ever heard of Dave Ramsey he is a radio talk show host and multi millionaire out of Nashville. Google his name and he will help. I have been in debt and went through what you and others are going through. The thing is you don't have to put up with all the **** people give you. I am retired and make less money but have more money to spend on what I want than ever. Don

PS I have nothing to do with Dave Ramsey.
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Old 04-05-2012, 08:14 PM
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Default My .02 will not make me popular...........

I realize it is VERY HARD to live without credit cards. I have three and they all have a ZERO balance and I've been off work for two months. My cards have very small limits and I have never allowed them to up-the-limit. With the three of them together, I'd be lucky to get a first class airline ticket one way across the US. My point is that money should not be spent that is not in hand. My grandfather instilled this in me as a youngster. I work very hard at not allowing some unknown entity the power to make my financial decisions. I know the wife needs this and the kids need that and the car, house, boat, and yard need this, that, AND the other thing. If the money for these is not in hand, then it would seem that besides some unforeseen issue that can OCCASIONALLY happen, people are living outside their means. I know it is "the American way", but it is not smart in my opinion, (which is only important to me). I live in a small home that is very cheap in taxes and is relatively cheap to maintain. My job pays OK ,and I mean OK, not great or any stretch of the word better than that. These are choices I have made to have some form of personal choice in my finances. I'm sorry for people that get hugely penalized for doing nothing wrong with credit and just plain old mistakes that cost money and time. Make no mistake, they will get their money by any means they can use. Your best defense is to not let them in your life any more than is absolutely necessary. Again, I'm sorry for your misfortune, but use this as an extremely valuable lesson to get those things way under control if not gone. Best of luck to you.................
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Old 04-05-2012, 08:21 PM
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My Dad told me " You don't need General Motors & Bank of America, they need you." The wife & I have been fortunate enough to live on the pay as you go plan, not live now & pay forever.
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Old 04-05-2012, 08:32 PM
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David, very sorry to hear of your problem but very impressed with your open dialogue of this issue -- one big issue is that consumer credit lenders usually fail in transmitting the message that the commercial paper (i.e. loans, credit card lines of credit, etc) that they issue may be sold to a bigger fish (consolidator of credit loans, bigger bank, etc.). However, they also often fail to follow the letter of the law in seeking payment -- there is a federal Fair Debt Collection Practices Act and most states have corrolary laws that replicate those requirements.
My thought would be to negotiate with them with a payment plan that you can live with (I promise you that they would rather get paid, even if tardy, than go thru legal action). There are also negotiating tactics that you can use (usually the bank/credit card issuer fails to follow the letter of the law in pursuing collection and their are severe penalties for not following those rules, depending on the state.). Do not be afraid to tell them that you will agree to a rational payment plan -- but if they get horsey, you may need to call your family attorney and take actions against them for not following the rules -- bear in mind that I do not practice law in the state that you live in -- just trying to give you some generic guidance as a friend that you do have rights under state and federal law in most instances. So, hang in there, brother, and PM me if you need more specific guidance/help. You have my thoughts and prayers that this all ends well.
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Old 04-05-2012, 08:33 PM
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I had credit cards several times over the years. Took a good look at them and decided that actually saving money to pay for things I wanted was a much better idea. My lock-box doesn't care when I put in a payment, how much it is, or when I take it out.
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Old 04-05-2012, 08:36 PM
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Like the members said in above posts, you are a lot better off if you don't use credit cards. In this world we live in today you just almost can't do without one for some transactions. Just try to pay off the balance once a month and avoid interest.

When you get that paid off be sure to stay away from the bank you mentioned, not to mention any names.

_________
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Old 04-05-2012, 08:40 PM
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It sounds like to me your beef should be with your local bank. They are the ones who dumped your card. Two payments behind doesn't sound like "good credit" to me. Did you call your bank and discuss the delinquent payments with them prior to them making this move? Hope it all works out for you. My advice for you is to pay the card off, if you can, because Bank of America will drench you in charges.
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Old 04-05-2012, 09:18 PM
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Great, they sold your account to one of the biggest ANTI-GUN corporations in America.
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Old 04-05-2012, 10:26 PM
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Quote:
Originally Posted by StatesRightist View Post
The Big Bank Barons slowed down the repo's last year so Congress didn't tune them up. They plan to go back to repo-ing like Banshee's this year. Ditto on credit cards according to the WSJ.
Which WSJ article is that? The one dated 3 April entitled "Foreclosure ‘Starts’ Fall in February" says something a little different.

http://blogs.wsj.com/developments/20...ogle_news_blog

Last edited by LVSteve; 04-06-2012 at 01:30 AM.
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Old 04-05-2012, 11:08 PM
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DAVE,

be careful and proceed with caution. if you dont know this "lawyer" guy. dont just take his word for anything. it may be a scam. first call your local bank and verify your account and payment status.
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Old 04-06-2012, 11:29 AM
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You have received some very good recommendations, but the ones that recommend "get out of debt" are the best. Credit cards are necessary for buying things off the internet, but for convenience "only". If you aren't prepared to pay it in full when the bill arrives don't charge it. I have several credit cards, (my major use one with Bank of America). I have not paid a penny in interest or fee's in 20 years or more, and with the "points" i get a rebate of cash to use it. When I accumulate 12,000 points (one point for every dollar charged) I cash it in for $100 direct deposit to my checking account. Living debt free (exception for a home) is the way to go.
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Old 04-06-2012, 12:11 PM
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Quote:
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Which WSJ article is that? The one dated 3 April entitled "Foreclosure ‘Starts’ Fall in February" says something a little different.

Foreclosure ‘Starts’ Fall in February - Developments - WSJ
I'm sorry I didn't bookmark it in my case someone wants to nitpick me file.

Feel free to Google 2012 foreclosure trends if you are unfamiliar with the concept, there's only about a thousand articles out there saying the same thing I did.
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Old 04-06-2012, 12:20 PM
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DAVE,

be careful and proceed with caution. if you dont know this "lawyer" guy. dont just take his word for anything. it may be a scam. first call your local bank and verify your account and payment status.
DING DING DING we have a winna.
I'll bet my 681 that this guy you talked to isn't a lawyer but a debt collector. I have yet to meet a national collections lawyer that will actually speak on the phone with me much less a mere mortal who actually owed the money. Call the bank. If someone calls you again tell them to put their demands in writing. NOBODY calls any loan over the phone (unless it's your local bank and the bank president who you know calls you up and tells you to make a %&^$ payment before he has to go tell the board )
Did I ever tell you how much I despise national banks and that I will travel miles and climb the highest tree to fight them??? STAY LOCAL whenever possible. Period!! End of sentence.
GET DEBT FREE NOW because it's gonna get worse.
Google the Fair Debt Law and read it-it's fairly short and quite simple. It is quite empowering.
Last thing is to get everything in writing!!!!!!!!!!!!! They lie through their teeth over the phone and unless you get a representation in wtiring-it's worthless.
Rant off.

GREAT NEWS HOWEVER-I just started up my big boat for the first time this season and the motor started right up I'm gonna go buy a lottery ticket after I finish cleaning her up
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Old 04-06-2012, 12:38 PM
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Didn't you have some boat and trailer/truck problems (nightmare) a year or two ago?

I helped a friend a couple of years ago...the calls or letters are from a "firm" not an actual lawyer (at least in his case). It' a smoke and mirrors approach to scare you into paying on their terms.
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Old 04-06-2012, 12:45 PM
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Quote:
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You have received some very good recommendations, but the ones that recommend "get out of debt" are the best. Credit cards are necessary for buying things off the internet, but for convenience "only". If you aren't prepared to pay it in full when the bill arrives don't charge it. I have several credit cards, (my major use one with Bank of America). I have not paid a penny in interest or fee's in 20 years or more, and with the "points" i get a rebate of cash to use it. When I accumulate 12,000 points (one point for every dollar charged) I cash it in for $100 direct deposit to my checking account. Living debt free (exception for a home) is the way to go.
This. Credit cards are a great convenience but they are not an excuse to buy something that you don't have money to pay for. Treat them like a debit card - if you don't have money in the bank, don't buy it.

Why not just use a debit card? Because credit cards are much better than debit cards in that you can dispute a bogus charge and get refunded, and the credit card company deals with the scammer. With a debit card you have no recourse, your money is gone.
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Old 04-06-2012, 03:23 PM
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Opinion piece in USAToday, Banks play fast and loose with credit card debt
on this very subject! It says BoA sold off debt, warning that the data might be incorrect!
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Old 04-06-2012, 03:35 PM
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I've had a credit card ever since my bank gave me a "student" MasterCard when I was in college. It had a $300 limit. There is nothing wrong with credit cards, just the way they are sometimes used.

I charge almost everything on my primary (VISA) charge card each month. This way I can keep a close watch (online) on what my wife and I are spending each month. I pay off my charge cards every month and never pay interest, so I don't know exactly, or really care, what the interest rates are.

I use my debit card only at my bank's ATM for deposits and withdrawals. I never use my debit card at a market or store. I had to put pressure on my wife so she would stop using the debt card the markets. She finally got it, you don't want to be entering your password/code at a market or store!

Good luck.
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Old 04-06-2012, 04:14 PM
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There are federal laws pertaining to fair debt collection, and they are posted on line. Just put in "fair debt collection" or something close to that, and you should get them. There is a list that summarizes these rules that is very helpful. I have never heard of an attorney calling about debt, so as suggested-go slow-Prov 3:5-6 is what I do. The threat to sue is probably all that it is in most cases-it is costly for them, and usually a net loss, as they can deduct bad debt from their taxes in many cases. Most of the time reading to the collection entity directly from the FTC guide lines I suggested takes care of it.
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Old 04-06-2012, 09:38 PM
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Agree wholeheartedly with the post above on paying off each month. My wife and I have done this for many years and use the air miles for effectively free travel (except for security fees) anywhere. Current miles are above 500k on one card we had had for 20 years. No interest payments at all on any. If we cannot afford it that month, we wait. Dave_n
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Old 04-06-2012, 10:41 PM
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Credit cards are a necessary evil. The companies are feeling the pinch, and dropping 'benefits' and increasing fees. I've had BP (Standard Oil or Amoco for you old guys!) since 1968. (Hmm, what does that make me?) They changed from a gas card to a Visa in 1995. In order to make the change palatable Amoco gave a 5% discount on gas. Over the years I'm sure I've gotten over $2,000 in gas-over $300 last year alone.
As of March it changed to some weird thing that I can't understand other than it is way less. Upshot is-no more going out of my way for a BP station.
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