BofA Amending/Eliminating Arbitration Clause
Date: Thu, 06/10/2010 - 19:15
I got a notice in the mail re: my BofA card today. They are amending their arbitration clause and basically removing it. It can no longer be used to resolve collection disputes.
This is, I assume, a widespread change to the card program and maybe all of BofA accounts. I am still current on my BofA card, with no missed payments.
i got letters the other day on that...it is contradictory from w
i got letters the other day on that...it is contradictory from what i see. it first states that arbirtration will no longer be used to resolve new disputes . then says we are removing the section titled "arbitration & litigation" and to remove references to a & l in the sections titled "when we may require immediate repayment & benefits"...
what p's me off most in the letter is their statement "our failure to exercise any of OUR rights when you default does not mean that we are unable to exercise those rights upon later or continued default"... what the heck about OUR rights as consumers? THANK YOU WASHINGTON (NOT!), for talking about your plans for cc reform for nearly a year before the bill was signed, and months and months AFTER the bill was signed for cc banks to comply- giving banks 1 1/2 years to walk all over us consumers...YES i am and have been miffed with washington for that long..
And I quote "FYI I got a notice in the mail re: my BofA card tod
And I quote "FYI I got a notice in the mail re: my BofA card today. They are amending their arbitration clause and basically removing it. It can no longer be used to resolve collection disputes."
Greetings,
Got one today also. Just my thoughts but the quicker we all get out from underneath these crack head credit card companies...the better off we will all be.
For what it's worth.....I made my last payment to boa, the snake today.
I'm done....YAHOOOOOOOOOOOOOOOOOOOOOOOOOO!
Best of Luck!
King "Kash" Jabba Labba
Quote:Originally Posted by King Jabba Labba Got one today also.
Quote:
Originally Posted by King Jabba Labba Got one today also. Just my thoughts but the quicker we all get out from underneath these crack head credit card companies...the better off we will all be. |
I agree completely and my BofA account I plan to pay off without settling once I get the two "C-word" :p companies off my back .
I don't have a huge balance with BofA, my rate is pretty good, and they never jacked up my % rates to "maintain their profitability" or increased my minimum payment like Cap One and Chase did. Now fortunately with the new laws in place, they cannot use my, now bad credit and missed payments with the other two CC companies, as an excuse to lower my credit or raise my rates; however every time I get a notice in the mail from them, I fear that is exactly what I'm going to see.