In Nov. Of '08 I started a specified payment program to pay off my Working Assets Visa card due to unemployment. I paid $40 monthly, had a lowered set interest rate, and had to meet the due dates or I would be out of the program. I was unable to meet the monthly dues, due to continued unemployment, in December and January, and was not in the program.
In April of I got a call from Bank of America, Working Assets's Visa issuer.
They saw I hadn't made necessary payments. I had just started a new job. The Bank rep offered to put me back on the program. Monthly payments would be $50 and in 6 months we would go over the terms again.
I paid $50 in April, and set up automatic payments for the next six months. Each amount was paid on time and in full. I was getting statements saying I wasn't meeting the monthly balances, and had late fees. The minimum due was higher than the $50.00 the payment plan called for. I called the bank repeatedly to discuss the incongruities between the payment plan, and the bank statements. I was told to ignore the statements. Huh?! I called and asked a different rep, and they assured me I was on the plan, even if it wasn't in my statements.
In October, 6 months after the original date of making the payments, I received a call from the Bank saying I owed back fees and hadn't made the monthly minimums. They said my paperwork was never completely filed. I explained I'd called the bank to discuss the differences between statements, and the payment plan, and that I'd been assured to ignore the statements. The woman I spoke to was unhelpful. I asked for her manager, Isme. We spoke, and I got nowhere - she demanded I repay the late fees and missed monthly totals at a 19% interest rate. I asked to speak to her manager. She never put me in touch with her manager. Isme then agreed to waive the late fees, and lower the interest rate to 7% (versus the former 2%), but wouldn't put me back on the plan or lower my monthly balance, or acknowledge the bank error.
I called and spoke to other reps - they are very friendly, but say that they cannot put me back on the plan. The terms of the payment plan changed in May - if you went off it before due to non-payment, you cannot go back on it. I went off it in Dec of '08, was offered (and I thought put on) in April of '09. The terms changed in May of '09, and allegedly I cannot be put back on the plan - despite the fact the error is the banks.
Currently, they are working with me to pay back the amount due. However, my credit score has been adversely by not meeting monthly minimums.
I can live with the current terms - $69 monthly at 7%, however, I think it is shady to provide false information ("ignore your statements"), and when the six month review period came up, I was then contacted with the real information. The fact that I can't be put back on the plan despite the bank error, months of misinformation and a solid record of my paying into the payment plan monthly for six months, leads me to posting the consumer complaints.
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