Due to financial difficulties, that this bank didn't help with, my account with BOA was closed about 2 yrs ago. Since then, and up until then, I had made my payments every month on time. I received an ebill from them today showing that they have raised my minimum payment to more than double what it had been for the previous 2 yrs. I have had this card for 15 yrs.
I called and spoke with an account rep, who explained that they have changed the way they calculate payments due saying that they now calculate the interest, 1% of the principle. (she then tried to get me to apply for a debt consolidation loan, I was not amused at all)
I am sure that I am not the only one this is a serious issue with. How can they just up and change the way they calculate your payment? Especially when it creates such an increase? I didn't sign and additional account contract with them. According the the rep -Alice in Pacadina, CA a notice of this change was sent out last Jan - I told her that, I may have received it, but how many people are going to remember something they received 11 mos ago that they wouldn't understand without a lawyer anyway?
This is just plain wrong, and I don't see how they can get away with it.
I have a 100% disabled husband and an 8 yrs old, so every penny, every month counts - I cannot afford to pay this new payment they have assessed and this will force me into bankruptcy - isn't there anything that can be done?
I have notified the Attorney Generals office in FL, of whom I have had a lot of assistance regarding this company in the past - I just hope they can help with this new issue.
Something has to change with the way the govt lets these banks do anything they want!
Mary McCarthy (Pompano Beach, FL)
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