Bank of America Informative - BIG BANKS NEED TO FOLLOW RULES TOO.
FLORIDA -- I have a big beef with Bank of America. Since they are all BIG AND POwERFUL, they don't feel that Rules and regulations pertain to them. We
Have a couple accounts with them. They hold our Mortgage and thank God we don;t owe too much more on that because I can't wait to be free of their clutches. We also have a Credit card with them. WEll the end of 05 the BIG 3 banks decided to DOUBLE their minimum payments. WE didn't sigh up for that. Whey can credit card companies change the rules on us but won't work with us after we ask them for help because we can't pay? We told them in 05 that this account was a real burden, we had a very good credit rating and had been with the bank for years. Didn't matter. WEll we went on paying our Double payments for about 7 months, mind you they had become more of a CAR payment than a credit card payment by this point. We werent' charging on the card only BOA was with their finance charges and other fees. WE went to them last June and said we really needed help. Please lower our payment or our interest rate at least for a short time so we could get caught up a bit. They wouldn't even talk to us. They said we weren't late they couldn't help us. The next bill we couldn't pay, We went back to them to try to make arrantements. They wouldn't give us a break. They told us to go to Credit counselors. That is what we did. We set the account with Credit/Debt Management Counselors giving them power of attorney and That is supposed to shut down collection calls etc. WEll Bank of America ignored the Power of attorney and continued to call for 2-3 months. Mind you the Credit counselors we have set up a trust fund to pay Bank of America but they didn't even make contact to get some money and start payments. Bank of America hands the account off to collection Attorneys, which I have another complaint to entere here about. These Attorneys/Collection Agency also ignored the POA (power of Attorney) and Cease and Desist orders for months now. They are listed with our Credit counselors but have never made contact or an offer to settle the account and use the funds that were set up to pay the debt. They want all of nothing and now that bankruptcy laws have changed the consumer is getting screwed royally. We did what we were supposed to. WE aren't asking for a clean slate. Our once spotless credit is now trashed and we want to pay a reasonable amount of this debt. Both Bank of America and their Collection agencies have broken many rules under the Fair Credit Practices act. They continued to make harassing phone calls months after they were told in writing and by phone to stop, They haven't made any attempt to work or even speak with the credit counselors and they are supposed to. Their Collection agency has even more violations including threats. There are complaints all over the web regarding them and their attorneys but no one seems to be able to do anything because of the size and power they have.
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