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Bank of America payments question.


MISHA228
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MY sister has a credit card with BOA.

The credit limit was $10,000 and she ran up the entire balance.

She is a student (20yo) and she wasn't working at the time time. She missed 3 payments but is now working P/T.

She tried to set up a payment plan with BOA. They said the best they could do is $250/month. she can't afford that much and she pays them anything from $25-$100 bi-weekly. She said they don't want to except her payments sometimes. She pays in person and they will tell her "this payment is unacceptable" but she will raise a fuss until they take it.

Can they refuse payments if they aren't high enough. And as long as she is paying regulary, but less than the minimum balance, how do they report that to the credit bureaus?

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she still can be reported as late.. the interest on this is probably more then the payment and they can sue her if she doesnt work out some agreement for this amount.. even if they take it and its not the minimum and yes they can refuse it

Thanks.

Is there some way to stop the interest accumulation so that she can get her payments under control? Like close the account or something?

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Go to the mob to get a loan to pay off the BOA account. The mob will give you a better rate. BOA and I have a very special relationship. I walk a block out of my way so as not to pass their branch in my neighborhood. There is seriously bad mojo emanating from that place.

What is the sister's total debt situation? Is this the only credit card bill she has? My bet is that she has others nipping at her heels. Throwing $25-$100 at the debt when she can is not going to do anything to chip away at that $10,000 and is almost a waste of time...and money. It's time for an intervention. She needs a plan. Let's get her a plan.

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Go to the mob to get a loan to pay off the BOA account. The mob will give you a better rate. BOA and I have a very special relationship. I walk a block out of my way so as not to pass their branch in my neighborhood. There is seriously bad mojo emanating from that place.

What is the sister's total debt situation? Is this the only credit card bill she has? My bet is that she has others nipping at her heels. Throwing $25-$100 at the debt when she can is not going to do anything to chip away at that $10,000 and is almost a waste of time...and money. It's time for an intervention. She needs a plan. Let's get her a plan.

:lol:

Actually this is the only credit card that she has and it was her first one. She ran the credit limit up using cash advances. She didn't know any better and she didn't bother to ask anyone.

I am really trying to help her keep this debt out of heavy collections. Does she qualify for bankruptcy?

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Aisle is right.. her tossing money at it is as effective as her flushing it down the toilet.. and they can and probably will sue.. complete with arbitration.. I would bet on it

only a lawyer can tell you if she qualifies for bk..but its worth checking out.. the money she is tossing at it.. along with late fees and cash advance fees will never make a dent in this..she needs to grab control of the situation now, before she wakes up sued and with a NAF judgement.. (BofA loves those) and if you think its tough now.. I can promise if they sue the fees will go up so much higher (attorney, court.. etc) that what she has on there now looks like pocket change...

then when they get the judgement she can look forward to bank accounts being frozen and wages being garnished.. its NOT a fun ride

I like Aisle have bad bad mojo with these people... get it under control BK or whatever she needs to do NOW

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