I just want to email you to let you know how greed on the part of credit card companies and bank have affected our lives. First of all, in 2003 we had our home in Phx, AZ for sale. We moved to SD to be with ill parents while the AZ home was in escrow. The sale fell thru, and we ended up paying TWO house payments every month for an entire year. To be clear, we paid 850/month for our sd residence, and also paid 1120/month for an empty home in PHX. We tried to get Washington Mutual to work with us, but they would not, since we were "not late". We were trying to live on half the income we had while in phx, yet paying double the bills. Washington mutual would not accept a short sale of even one thousand dollars less than we owed. We incurred and extreme amount of debt for this year of hell. We somehow managed to keep our credit scores clear of any late remarks and finally dug our way to where we could see the light at the end of the tunnel.
Now several years later, we have been taken advantage of again, for our willingness to pay pay pay. We work extremely hard like most americans. We do not have new cars, new appliances, new anything. We do not have cable tv or video games for our kids. we just want to get out of debt.
In Dec 97, we had our last payment due to Bank of America. This card at one time had a 13.5K balance on it. We paid 202/mo on autopay for years. Dec97 the last amt due was 28 dollars. The amt did not come out as usual so it was 7 days late by the time i caught it (my dad was dying at that time, but i still caught the bill in time to calli it in)...Well, somehow they ended up reported it as 30 days late. Right that very month and a few months after, all our credit card companies started sending us optouts, rate increases, changes in terms, etc. So I thought what is going on here, and checked our cr reports. Sure enough BofA reported us late and that is certainly why Advanta decided they had a right to default us to 36%!!!!! No way on earth would i ever pay this. ever. We are used to 0-9% rates. And we have never ever been late paying ANYONE, ever.
So I called them and they tried to weasel out of it saying that the credit report has nothing to do with it, etc. I told them the late mark is a mistake and i will prove it. They made us opt out and made our rate 24.99. I told them i would only pay that for a few months until i can show them the mistake and then we should get our 7.9back. They basically laughed at me. The laws are on their side and they know it. It has taken until September o8 to get two of the credit bureaus to fix this. I had to stay on top of BofA, equifax, TU,Exp, constantly. Now all three do not show the late in 12/07 for BofA. But mysteriously, equifax shows the same date and late mark for MBNA! I called the ph# on the report and it is indeed that same erroneous account report but since BofA was bought out by MBNA it is showing up on that, even after it was removed from the bofa...they just moved it over the the MBNA listed. Unbelievable. So now, even after all that, our TU score is 708,Exp is 701,neither showing any lates or derrogatory marks... and equifax is 698 with a 30 late error for 12/07. I called Advanta to tell them about the mistake being cleared on two bureaus and they have absolutely ZERO desire to deal with it. If it does not benefit us, consumers, taxpayers, americans, to pay our bills on time, why should i continue to care? I would rather flush this payment in particular down the TOILET (or actually better yet, use it to pay more ethical companies or pay for counseling for my trouble niece) each month than give it to an insensitive, greedy, crook!!!
What can I do? What can we do? I know for a fact that I have worked my entire life to maintain integrity and hard work ethics and character. I refuse to be taken advantage of any longer. If that means filing for bankruptcy at this point I just may have to do it. I cannot afford to pay these interest rate increases. Not even until 2010 when some laws will be changed and maybe not even help us as it will be too late. Period. No way. No how. Just cannot do it. I cannot keep spending valuable time trying to get them to be reasonable when it is not part of the deal that they have to try to be.
centerville, South Dakota