Bank of America Complaint - Hardship program a joke?
I recently lost my employment in the housing industry as a direct result of the bad investment strategies of this countries leading financial institutions. I had a 7,000 dollar debt with Bank of America credit card and always made my payments on time. I called customer service after talking with a family member who had enrolled in their hardship program and got their interest rate lowered to 3% fixed for 5 years. This family member had the exact same circumstances as I do yet BoA refused to put me on the program telling me that because I could no longer afford to make my minimum payment that I didn't qualify for the program IF I COULD MAKE THE DAMN PAYMENT I WOULDNT NEED THE PROGRAM I would pay the payment as I always have. If these programs are not designed to help people who can't make their payments due to job loss (caused by the same banks) who are they for? I believe this is all a tactic used to raise peoples rates and rack up fees for customers who have fallen on financial hardship not to help them fulfill their obligations to the bank. I believe this because the representative I talked with told me that I should just pay what I could even if it dosnt meet the minimum due so I asked him how that would help me since it will only cause my balance to go up exponentially by way of late fees underpayment fees interest hikes and the like. The bottom *king line is that we the taxpaying public bailed out these a$$holes they took billions of dollars in TARP money from us at near 0% interest turned it over at about 4% profit by loaning it back to the government in the form of buying treasury bonds and selling the US gov. the risky investments they werent willing to keep and at a profit yet when its time for them to help their customers the same people whos money bailed them out they say *&^ck you. I have read the Fair Debt collection Act and understand that in my situation I have nothing for them to take from me to satisfy my debt so I considering defaulting on it totally I tried several times to work out a FAIR solution with them and settle my debt and they are unwilling to work with me in my opinion because they figure ill end up rackin up a bunch of fees and interest rate hikes and they will make a killing off of me but in reality what they are goin to get is absolutely nothing on top of wasting their own money trying to collect on this debt!If crap like this had happened at a different time in history these people would be dragged into the street and hung from a high tree for the whole town to see what happens to crooked people and I for one long for those good ole days!
More Reviews on Bank of America: