Notice of Closed Account - BofA - HELP!

[ApresMoi]

Well, that was fast. Never been late on this account. Then I ran out of savings (the usual story which I won't bothere everyone with here). I missed a November payment, paid $75 of a $275 December payment, and about a week ago stopped returning their calls. There is not point; I am done. It's just a matter of figuring out how/when to file for Chapter 7.

I have had one atty consultation, and I like the guy, but if I hire him it will take every last dime (and I won't have a cent leftover for any other incidental charges, or if something goes 'wrong' with the BK, like a conversion to Ch. 13, which I don't think is likely, buy who knows what comes up).

Today (the 22nd), I get a letter dated December 14th from BofA that they have ALREADY closed the account! First of all, why did they predate it? Obviously it was mailed way after the date on the letter. What does this mean? So they can put me on a fast track to sue me? I owe them about 13K.

I bought the Nolo book last night (saw the link someone posted here, thanks) but it's going to take a while to get through it all. Like weeks. I am scared one of the three card companies will sue me before I can get any decisions made (pro se or hire the attorney). How much lead time will my attorney need to respond quickly if someone sues. We have consulted and I have sent him a lot of information up front (he had me do up a budget and assess my property values for the consult). What I don't want is to get sued and not have time to get the BK filed. Since I haven't decided for sure to hire him, I don't want to ask him this question (seems unfair to take his time when I might go pro se).

Anyone? BofA was the company I told that I 'used' to have a high paying job. I found out later the guy wrote everything down. It was a stupid thing to say, but I did not realize that they would turn around and use that against me in any decision making about suing me. So of course they are going to sue now. They just will. Why else close the account after only 65 or 70 day aged? I thought companies would go three or four months before closing it? Did they just put me on the fast track? Should I hire the attorney NOW?

At the end of the letter they gave me all my repayment options and listed out reducing monthly payment, lowering my APR, etc etc. Which is funny, because BofA was the one LEAST interested in helping me get into the hardship program. They budged the least. So from what I can see, this letter is to show the court that they 'tried' to work with me and I refused. That I didn't get back to them.

Ignore the letter? WRite to them and say your terms didn't work for me (to protect myself)? Get the attorney on retainer? Do I have ANY time left to read the NOLO book? What a horrible experience! Thanks in advance for any replies.

[whipster1]

You have only had the account for 65-70 days?

Why else close the account after only 65 or 70 day aged?

[AngelinaCatHub]

ApresMoi. You have plenty of time. It will take at least 60 days for them to process any kind of suit. At every move, you have 20 to 30 days to respond. Enough time to read Nolo C7.

Most likely, your new lawyer of choice will take a retainer. At least enough to pay your registration fees.

You are going C7, so the automatic stays will kick in and any suit in progress will be tolled.

Tis' NOT the season to worry. You made the business decision so go forth with the journey. Remember, the first step is the hardest. Go forth and firm up your lawyer, ask him what minimum he will take, and do this before Christmas. Oh, yes. Have a good Christmas knowing that things will improve. Your first step in healing has been taken. 'Hub and Mrs. Merry Christmas.

[aljohnson007]

I have a lot of experience with BofA. My advice, which is in no way a legal opinion, is do not talk to anyone and let the answering machine record the messages. I had over $200k in debts and they never did anything except the daily phone calls. Be patient as you have a lot of time before you have to file a bk. Good luck and let us hear of your results.

[LimpDisc]

Of course they want to work with you on the APR, monthly payment and so on. They now believe they will get nothing from you after defaulting.

How long before you can file? I doubt they are looking to sue with you only being 65-70 days late. We quit paying our CC's for 4 months and used those funds to pay our attorney. You'll find others on this forum you haven't paid in over a year.

[ApresMoi]

[QUOTE=whipster1;362554]You have only had the account for 65-70 days?

Hi -- No, I have had the account for years (I forget when I opened it). I ran out of savings after a bout of long-term unemployment, and I had a few other things happen in this timeframe, such that for the first time in my life, I could not pay my cards. I am at the end of my ability to pay, barring some miraculous high paying job offer (I think it's safe to say those days are gone).

When I spoke to BofA last week (for the LAST time), they said my account was 'aged' 62 days. I am not entirely sure what that means, but my guess is that means the account has gone through a few billing cycles without payment? I missed November, then most of December's payment (due date falls early in the month).

I was just surprised they would close it that fast -- after a paltry two months and a few weeks from the date of my first (ever) missed payment! Even more suprising was they cut off charging privileges instantaneously, on the first day my payment was due and not paid. I had been an excellent customer all these years. I have since learned they do it to everyone (well, maybe not to someone with extreme high net worth).

[LimpDisc]

Bank of Anerica closed our account in November 2008 and we had never been late or missed a payment. Probably shouldn't be surprised your account was closed after missing a payment or two.

[ApresMoi]

Uh, huh, well, that's funny. Because when I first asked what they could do they wanted $600 cash upfront and $250 per year for five years or something similar (their hardship program). Which of course I could not do, and besides, my minimum payment is (was) only $275, so how was that a break. They also said they would take my APR from 14% down to 9.99%. Again, not much of a break (they have since raised to to 25%!!). I missed November payment, made a partial payment in December (to show good faith) and then they raised the APR to 25%!! Between the three cards' late fees and penalties combined, I am racking up $600 in fees and interest MONTHLY and that's BEFORE making the minimum payments (another $800 per month). I realize I got myself in this by not realizing the balances were increasing over these years. When I did the workup and got out ALL the statements and pored over everything, I could see my payments were enough to cover purchases but NOT the finance charges. So each year, on each card, the balances were increasing almost invisibly (you have to get out a magnifying glass to find out where they hide the APR on some of my statements). You can see why I stopped trying.

Of course they want to work with you on the APR, monthly payment and so on. They now believe they will get nothing from you after defaulting.

How long before you can file? I doubt they are looking to sue with you only being 65-70 days late. We quit paying our CC's for 4 months and used those funds to pay our attorney. You'll find others on this forum you haven't paid in over a year.

[ApresMoi]

Wow, I hope you are right. Thank you so much. Yes, I set up a voicemail that will let me save their messages (my cell company deletes them after a period so had to direct the calls to another number). I am saving all the messages, in case anyone gets rough I have the voicemails. I stopped listening -- too upsetting. Tx. again. I wonder how they choose who to sue? Seems very random if you had that much debt and they let it go.

I have a lot of experience with BofA. My advice, which is in no way a legal opinion, is do not talk to anyone and let the answering machine record the messages. I had over $200k in debts and they never did anything except the daily phone calls. Be patient as you have a lot of time before you have to file a bk. Good luck and let us hear of your results.

[ApresMoi]

Oh, Ok. Looks like I over reacted. I thought I had another month or two. Guess not. As long as they don't sue, a closed account is fine.

Bank of Anerica closed our account in November 2008 and we had never been late or missed a payment. Probably shouldn't be surprised your account was closed after missing a payment or two.

[ApresMoi]

Thank you! What a nice post. This is the answer I wanted to hear. If they sue (and based on what others say, they may well not), ...I have time. Excellent. Back to reading NOLO now. Happy Holidays.


QUOTE=AngelinaCatHub;362567]ApresMoi. You have plenty of time. It will take at least 60 days for them to process any kind of suit. At every move, you have 20 to 30 days to respond. Enough time to read Nolo C7.

Most likely, your new lawyer of choice will take a retainer. At least enough to pay your registration fees.

You are going C7, so the automatic stays will kick in and any suit in progress will be tolled.

Tis' NOT the season to worry. You made the business decision so go forth with the journey. Remember, the first step is the hardest. Go forth and firm up your lawyer, ask him what minimum he will take, and do this before Christmas. Oh, yes. Have a good Christmas knowing that things will improve. Your first step in healing has been taken. 'Hub and Mrs. Merry Christmas.[/QUOTE]

[momisery]

BOA laid off a ton of people, but they have one of the most sophiticated computer systems in banking. BOA always lays off people when things slow down it is part of their policy. Which goes to show you the "quality" in mgmt there. The village idiot could cut costs by laying off, but they choose to high some very expensive highly educated person to not be creative in cost busting, but rather take the simple short cut.. lol With that said, BOA does have a good system for tracking and calling, but like other banks they will hold off for a while usually. They are trying to scare people into paying them first, that is how it is done. Good luck.. to you and I hope you hire your attorney soon.

[flyinbroke]

I just stopped paying on both my BoA accounts and took the first call. They took my job info (with some other money unmentioned lol), what was going out (slightly inflated lol) and offered me a deal that slashed a whole whopping 40 bucks off a month. Sorry was not good enough. I said I could pay 100 tops. They refused. They were nice and asked me to call back in a couple weeks. Two hours later they called again...and again...and the next day...and so on. I was going to answer and say that my situation did not change in the last 5 days since we spoke and they need no other info from me.

Since they have been playing slash and burn with my limits, I am already maxed and likely over limit this coming month. I expect to be closed but have stopped giving a damn about credit scores. I can't get credit when I am paying my bills, so it is already in the crapper. Why worry now?

Happy holidays and keep us posted; I am in the same boat as my last payments were in November. It will be interesting to see what transpires.