Due to a divorce and the housing market crash, Bank of America took my situation and put me in a NO WIN situation. I had numerous credit cards, all different rates etc. When I started getting back on my feet, I wanted to consolidate my credit card debt onto one. BOA advertised an option called "Gold Option LOAN (it is still called that but they "discontinued the program".) Anyway, the representative at the time said it would be 14% interest, (really is 14.99%) and I could pay off the "Loan" in 7 years at a high payment. I said, "wow that is higher than any of my cards' interest" and she kept saying, "yes but those are revolving, this will be paid off in 7 years." So, I did it. Big mistake. 3.5 years later I have paid, on time, $600 a month totaling about $26,000 on a $32,000 "Loan". The balance is now at $24,000. I ran up another credit card to make ends meet. I discovered over the past year that the "end date" of my "fake loan", keeps going further and further away. I have never added another dollar to the balance and discovered that it is NOT A LOAN, it is a revolving credit card that is higher interest than the rest. Although my credit is good, own a house, make good money, I cannot get another loan to pay off this, because "I have too much debt". I am stuck and it is because of this Bank of America scam, 3.5 years ago. Now, they refuse to do anything about it. Even though that "program has been discontinued" the representatives (called many times) stated that "we can't change the contract and end date is only an estimate". I stated, "LOANS, don't have an estimated end date!"
The only way I can afford to pay for a Chapter 13 is to quit paying BOA this large monthly payment and we all know where that will lead.
Anyone out there have suggestions???
Thanks,
Theresa
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