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#17
11-02-2007, 08:19 AM
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So it sounds like this policy is simply with your bank and not standard in the financial system, VBM.
Can I ask what bank you work at? I would like to read the T&C. I am sure they are posted on the website. 
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#18
11-02-2007, 08:19 AM
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Just pm'ed you ang....
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#19
11-02-2007, 08:24 AM
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When I worked for a bank I was in charge offs- how ironic, anyway, I didn't charge off someone unless they had broken the terms of service or the contract.This was on accounts not cc. I had a attorney tell me that once you are in compliance with the regulations,terms, they can't say you broke the contract and dunn you.
Actually on a couple of creditors it helped me telling them about my other debt. They are the ones that dropped and lowered my interes so I could pay them off sooner. __________________
As long as you are alive, there's always hope
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#20
11-02-2007, 08:37 AM
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Some of my creditors have the worst reputation of rate jacking around but if they are paid on time the contract is not broken in my humble opinion. All terms are spelled out in each contract in black & white.
__________________
Cajunbulldog Keeping an eye out for consumers. http://www.ftc.gov/os/statutes/fdcpa/fdcpact.htm#809 http://www.ftc.gov/os/statutes/fcrajump.shtm http://www.debtconsolidationcare.com.../about216.html Use this letter to protect your rights under the FDCPA myfairdebt.com & myfaircredit.com-Good source of case law in forums.
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#21
11-02-2007, 08:47 AM
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3. Defaults. The Bank may, without prior notice, declare you in default of the Debt if: (a) you fail to meet the conditions, to perform any obligation, or to make any payment under this agreement or any other agreement that you make relating to the Debt; (b) you withdraw or transfer from the Deposit Account any funds pledged under this Agreement; (c) you have given the Bank false or misleading information or misrepresentations; (d) any Cardholder dies; (e) any government authority takes action which the Bank believes adversely affects your financial condition or ability to repay the Debt; (f) any guaranty or other agreement required in connection with the Debt is violated or ineffective; or (g) you file a bankruptcy petition, a bankruptcy petition is filed against you, or you make a general assignment for the benefit of creditors. If you default, the Bank may declare all of the Debt immediately due and payable. Bank may also exercise all the rights of an owner of the Deposit Account.
__________________
How I make some extra cash I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
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#22
11-02-2007, 08:48 AM
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I just found that in an agreement for a BofA visa card.
__________________
How I make some extra cash I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
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#23
11-02-2007, 08:51 AM
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Ok so i'm slow but plz explain what this means: (e) any government authority takes action which the Bank believes adversely affects your financial condition or ability to repay the Debt;
Any govt authority takes action?? Plz explain... sorry for not understanding. SIGHS, Ang __________________
You will not be punished FOR your anger; you will be punished BY your anger. --Buddah
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#24
11-02-2007, 08:57 AM
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I'm not sure what that means exactly, maybe someone else does.
__________________
How I make some extra cash I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
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#25
11-02-2007, 08:58 AM
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My guess - seizure of assets for criminal reasons. That's the first thing that comes to mind.
And yeah - I think a bank may declare it due immediately, but those same banks realize if you haven't made your monthly, getting the umpteen thousands in one shot won't happen. However, ignore their requests for a payment plan and you run the risk of a day in court where they could put a lien on your house.
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#26
11-02-2007, 08:59 AM
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An IRS levy? OR a government student loan judgement? Those could adversely affect your ability to pay for sure
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#27
11-02-2007, 08:59 AM
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A Credit Reporting Agency is not a government agency.However a bankruptcy court and the IRS are two examples of government agencies/authorities.
any government authority takes action which the Bank believes adversely affects your financial condition or ability to repay the Debt; (f) any guaranty or other agreement required in connection with the Debt is violated or ineffective; or (g) you file a bankruptcy petition, a bankruptcy petition is filed against you, or you make a general assignment for the benefit of creditors. If you default, the Bank may declare all of the Debt immediately due and payable. Bank may also exercise all the rights of an owner of the Deposit Account. __________________
Cajunbulldog Keeping an eye out for consumers. http://www.ftc.gov/os/statutes/fdcpa/fdcpact.htm#809 http://www.ftc.gov/os/statutes/fcrajump.shtm http://www.debtconsolidationcare.com.../about216.html Use this letter to protect your rights under the FDCPA myfairdebt.com & myfaircredit.com-Good source of case law in forums.
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#28
11-02-2007, 09:03 AM
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But everything i am reading here is "IF" u default.... we weren't talking about defaulting at all!! I see where that makes a difference but this guy said he has NOT been late on any payments, they are all current! So if his cards are all current how can they come in and say hey ur overextended now pay us the full amt owed?!??!
That's where "MY" confusion came in to play here! thanks for all the help in understanding this but i still dont' see where if ur current they can indeed do this?!?! I'm really slow today i guess! Ang __________________
You will not be punished FOR your anger; you will be punished BY your anger. --Buddah
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#29
11-02-2007, 09:07 AM
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It's saying the bank can declare you in default if one of the following:
a) you fail to meet the conditions, to perform any obligation, or to make any payment under this agreement or any other agreement that you make relating to the Debt; (b) you withdraw or transfer from the Deposit Account any funds pledged under this Agreement; (c) you have given the Bank false or misleading information or misrepresentations; (d) any Cardholder dies; (e) any government authority takes action which the Bank believes adversely affects your financial condition or ability to repay the Debt; (f) any guaranty or other agreement required in connection with the Debt is violated or ineffective; or (g) you file a bankruptcy petition, a bankruptcy petition is filed against you, or you make a general assignment for the benefit of creditors. It's not saying you have to be in default first. __________________
How I make some extra cash I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
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#30
11-02-2007, 09:11 AM
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Whewwww... ok got it now goudah! LOL But i wonder how often this actually happens if ever as long as ur paying them?? I personally think as long as ur making ur min payments they won't do this! hell they WANT to make money off of u! (but that's just my personal opinion of cc, they love keepign u indebted to them)
thanks again, Ang __________________
You will not be punished FOR your anger; you will be punished BY your anger. --Buddah
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#31
11-02-2007, 09:18 AM
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I agree that it probably rarely happens. I think Volley was just making the point that they could if they felt they had reason to.
__________________
How I make some extra cash I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
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#32
11-02-2007, 09:19 AM
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The way I understand it is, they won't call for the balance in full, if you don't do any of the above, and adhere to their contract and terms..but not a lawyer..karen :lol:
__________________
As long as you are alive, there's always hope
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