Complaint Review: Bank of America Practice Solutions - Internet
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- Author Confirmed
- Bank of America Practice Solutions 600 N Clevland Street, Suite 300 Internet United States of America
- Phone: 1888-491-3622
- Web: www.bankofamerica.com
- Category: Loans
Bank of America Practice Solutions Bank of America Dental practice loan scam, Internet
*Consumer Comment: Orthodontist in Md,
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When I opened my dental practice in 2007 I used a loan from Bank of America to finance the construction. I have paid my loan monthly since then. In 2011 the loan was modified to reduce the high rate that was given to me in 2007.
My Amendment documents was for a payoff period of 60 months or 5 years. The document also refers to a payoff penalty of 2% of the original loan during the first 5 years of the loan.
I am now past 5 years from the closing date of the loan and have tried to pay it off. Bank of America is now trying to reinterprete the terms to be from 5 years since the amendment. I have talked to them multiple times reviewing the exact wording in the amendment that refer to "the Loan" dated 2007. I have also appealed to logic that the document states that there would be no penalty after 5 years for a payoff yet the amendment is only for five years.
At this point I plan to pay only what is owed and not the penalty and fear I will end up in litigation with Bank of America.
This report was posted on Ripoff Report on 11/14/2012 09:42 AM and is a permanent record located here: https://www.ripoffreport.com/reports/bank-of-america-practice-solutions/internet/bank-of-america-practice-solutions-bank-of-america-dental-practice-loan-scam-internet-969008. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#1 Consumer Comment
Orthodontist in Md,
AUTHOR: Karl - (USA)
SUBMITTED: Wednesday, November 14, 2012
Here is an idea: Pay off the bulk of the loan in one payment and leave a small amount that could be paid in monthly installments over the next four or five years to Bank of America.
EXAMPLE: John has a loan with Bank of America for $50,000.00 and does not want to be charged an early payoff fee of 2%. So, John writes a check for $49,500.00 and sends it into Bank of America. Since John did not payoff the loan in full, he will continue to pay the remaining balance of $500.00 over the next five years and avoid the early payoff penalty.
Good luck to you.
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