Wednesday, October 28, 2009
This week's call to arms
OK, I see some of share the same situation I am in. So here's step one in the fight. Any blogs, websites, etc you find post a message referring to this blog. So far, 1 person, me, has found 5 of you. 5 can become 10, 10 can become 100, 100 to 1000 and so on. Let's not let this initial energy die! We are on the ground floor of something great here, something the world has not seen before, but we must all do our part. Make it your mission to get the word out and build our army!
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7 comments:
While I don't have a ton of time to write up a background on exactly the situation at hand, I would be willing to help out as much as I can.
A lot of the people I want to inform of this situation could really use a factual account of the situation we are all in.
What do you think of a "background" page?
Something I found VERY interesting on my credit union's website:
IMPORTANT Information Regarding the Credit Card Accountability Responsibility and Disclosures Act of 2009 (Credit CARD Act)
Due to recent legislative changes we are required to send you a periodic statement at least 21 days prior to your payment due date. We have explored many alternatives to providing you with this notice without providing you with redundant information or information you may not want. Based on opinions we have received from legal counsel and our regulator, we feel our only option is to send you this notice in addition to your monthly account statements. We understand that you may not have received this notice in the past and may not want to receive this notice; however, we do not have any choice due to the way the current law is written. We apologize for any confusion or inconvenience this may cause you.
The requirement is part of the Credit Card Accountability Responsibility and Disclosures Act of 2009 (the Credit CARD Act). While it may seem like the law only relates to credit cards, as the title would indicate, the wording in the actual legislation refers to ALL open-end loans, which includes *****’s Open-End Loan Plan. Any Vehicle, RV, Signature, Computer, and Instant Cash Line-of-Credit loan fall under the open-end loan plan. We have been working with our trade associations, regulators, and state representatives to have this legislation reconsidered and apply only to credit cards. We encourage you to write to your representative in Congress or Senator if you are unhappy with the requirements of this new legislation.
For more information visit: http://www.federalreserve.gov/newsevents/press/bcreg/20090715a.htm
Or email your concerns to: regcomments@federalreserve.gov
(Include “[Your name] Docket No. R-1364” in the e-mail subject line)
Would this mean that the current legislation actually applies to our Gold Option Loans? Anyone know any lawyers? :)
Same story but all, forget the fine print, they say in no uncertain term the account "will not be tied to an index". This change is and while yes, they can 'raise' the rate, they sure can not by tying to an index. So now they have to punt and resend a letter AFTER assuring Mr. Frank that after Oct 5 they would not. Send letter to BoA PO Box 15027, Wilmington, DE 19805-5027 that:
1) Due to "Breach of Contract" due to letter of offer prohibits tie to an index.
Happy times ahead consumer, lets have fun!!!
Folks any news on changes? I wrote the Federal Reserve so let's see what will happen.
I am interested in creating a class so that a class action suit can be started against Bank of America for their Gold Option Loan Accounts. If interested please write your email in this blog and I will reach you
Was a class action suit ever started?
Was a class action suit ever started? I am in the same boat with the gold option loan. I was told it was a fixed rate, and it was a 6 year loan. It has now been 8 years, and we have only paid down $5,000 of the original $25,000 borrowed. We were definitely scammed. Any news on this?
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