It is quite possible that some of you had thought you worked out an arrangement with your credit card company only to find out that wasn't so. Example.
Lets pick a number of $3000,00 of debt. You haven't paid and are in default so they call and say we want to offer you this program. The program is you pay $100.00 a month for the next 6 months at 0 percent interest. After completion of that 6 month period your account will
A] be set to a fixed rate of 0% for the term remaining.
B] The payment will be fixed until all is paid at $100.00 Per Month.
C] All Interest, late charges, fee's will be eliminated and you will just be paying on the principal amount due at the time you defaulted.
C] Once paid all reporting on your credit file will be set to paid in full.
D] upon zero your account is paid in full.
However, you must make that $100.00 payment, followed by a second payment immediately within a week of $200.00 and then all subsequent payments agreed to. Hey you want to be responsible and that sounds like a very fair approach so you accept. They agree to send you a confirmation of the arrangement in writing and you go ahead and make the payment. You make that and subsequent payments but then after a month or so no written agreement comes.
Your statement reflects nothing of any payment plan but they say don't worry that will be adjusted at the end of the six months. So you are a little suspicious so you call to check on the paperwork. Low and behold they tell you, "you're not on any payment or hardship plan".
So you question them and after a while they put you on hold. They get back and say sorry, unfortunately they lost the paperwork, their fault, you are on a plan and they need to process it. You then get a letter saying that but please make a payment ASAP. So you call to make the payment and make sure all is well. And you and get a "dah", robot who says, guess what. You didn't make a payment, no because I was told the account was messed up and to call back. That is right "you're not on a plan but she will be happy to set you up on one". I'm on one, the Robot then says "I'll be happy to set you up on one after you make the payment". Here is what you can get. Their records do not show anything about any plan ever being discussed. May I have your last name, no, do you have an id number, no. "Make a payment and I'll give you one". Don't chase after these people if you catch my drift?
Ok Robot "Cease and Desist period. "We can still call says robot". Yes one more time after receipt of the letter which is in the mail as we speak. So I immediately called the State Attorney general, but this is Florida so what good is that? Thanks but we can only take a complaint and will look into he other allegations. What, my word against theirs and they have the US government on their side. Should I expect anything? Called the Commerce Department who regulates banks who sent me to someone else because they are a national bank and opened a complaint. This is a large bank with a famous logo card retired people use.
Now here is the kicker for you Mr and Mrs bailout professionals, even though these banks get a cease and desist they ignore it. Yet it is important when they drag you before the judge to have documentation. Yes and you better believe they will drag you through it all because it is all legal, just like the usury that put you in the whole in the first place. That organization, sorry they just have our name on the card. Meaning they get a piece of the pie. Yet I thought you were for us older people? Rhetorically, unfortunately not when it comes to money.
Yes trust this group of highway robbers? They are all the same and those that love them justify their deeds by calling people undergoing hardship anything they can think of, without all the facts but does that really matter to these types? No, they have an excuse for it all. They this and they that and they did. Yes then, not now. Birds of a feather.
Morality, well let me put it to you this way. You tried to be moral and what did you get? You were happy you were going to be able to pay back the debt. After all you never intended to run from it. Those who run already have done so. Yes and now that We the People own all that bad debt, they, these purveyors of greed and misery are free and clear of it all but are we?
NO! They will turn that debt over to a collection agency who will hound you until death and beyond, place liens on you, win judgments take you for a ride all legally and thanks to those in office, who I call Good Fellas. Yes I'd rather deal with good fellas who have more honor then this bad of, well lets keep it polite, you call them what you want.
So this is fact my friends, not tales. If you want tales tune in top the latest campaign advertisement or debate because it is evident you will swallow anything hook line and sinker. if you want truth perhaps you beter start paying attention to what some of these writers are saying. Especially those who are giving you facts not Easter Bunny tales.
Robert T. Melaccio Sr. 2008 Copyright ©2008 Robert Melaccio Sr.
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