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hi.. I have two bank of america accounts I received loans from them without providing documents.. I missed one payment on one of my accounts and bank of america sent my account a credit agency and the other account I did not miss a payment and they sent that one to a credit agency also both are threating to charge-off my accounts and sue me,this is an unsecured loans is this legal.. also if this is a documented loan and why did they give me the money and come after me in six months
thanks
12x6
Hello 12:
Can they call both loans?? I think they can. Why did they give you the money?? I don't know. But, even if they made a mistake by giving you the money, you still have to pay it back.
If you LIED to them on any of the documents you DID provide, you're facing criminal charges.
excon
we did not provide any documents when I applied for the loan so why do they want documents now and I was only one month behind on my payment and not behind on the other payment so why are these accounts in a collection agency,threating to charge-off on them and demanding huge payments I thought you had to be at least two or more monthe behind on your payments before it goes to a collection agency.also don't you have to be 180 days behind on your payments before they charge-off on the account.we did not lie.
bottom lione is they should have never gave me the loan if I did not provide documents I want to know what can I do to stop this and go back to my regular payments
12x6
Hello again, 12:
Blaming the bank for giving you the loan isn't a defense for not paying it back.
I don't know what documents they want now, but I wouldn't give it to them.
The details of your loan can be found in your contract.. But, I'm sure it says that the second you are late, they can sue you - not 180 days. I don't know where you heard that crap.
You're NOT going back to where you were unless you pony up a large chunk of cash to the bank...
However, a question now occurs to me... If you're dealing with a collection agency, that probably means the bank has already charged off the loan, so you ain't NEVER going to get back in the good graces of the bank.
Bottom line is, you're going to pay even though the bank shouldn't have given you the money.
excon
It is difficult for me to understand how your loans got into this situation (collections) based upon the facts you have provided. You need to communicate with the credit agency as to what steps you need to take to bring your loans current. Do you have a copy of your loan agreements? Are you continuing to make your payments?
Quote:
Originally Posted by 12x6
Hmm - yes, you can go into collection if you are 24 hours late. Usually a creditor won't do this unless some other problem has come to their attention, you are consistently late or they find a "mistake" in their records.
How did you get two loans without providing any paperwork, any signature, any financial info? Never heard of this; of course, I'm finding out there's a lot I've never heard of.
"The bank was stupid and careless when it gave me the money" is most decidedly not a legal defense to the debt.
hi judy this 12x6.. I was two weeks late I was away came home and paid the bills never late before there saying they wanted documents now not at signing,the other loan I wasn't even behind it went into collrctions around march 21st my payment due date is march 30th.I was under the impression that I was appling for a unsecured business no-doc loan.
if this was a documented loan they should have never gave me the money until I provide documents so why am I in the wrong..
12x6
First, I don't know why they would threatan you with a charge off. A charge off is strictly a tax maneouver for them. Has absolutely no affect on you.
But with the credit crisis, a lender is going to be antsy if any loan is even a little bit late. What I don't understand is why they would send the up to date loan to collections unless they are tied together in some way.
But the simple answer here is pay the arreas and get the loan back up to date. If that doesn't statisfy them, then you will have to proivide the documentation they ask for.
Quote:
Originally Posted by 12x6
Let's see here - there is a date when the payment is due. The contract is that the creditor gives you X dollars and you pay it back in a certain way. You didn't do that. You were late. It's at their discretion what to do next, forgive it, call it in, turn it over.
If they were both called they must have been linked together (if 1 is late both are late) OR they have called it for some other reason.
Let's see, why are you in the wrong? They gave you money and you aren't willing to pay it back, how's that for starters? As I said, "They should have investigated and found out I wasn't credit worthy" is not a legal defense. The fact that it's unsecured doesn't mean you don't have to pay it back.
Was this one of those telephone solicitation "no paperwork business loans?" I get these phone calls all the time!
Hi judy.. I fully intend to pay the loan back,my credit scores are in the low 700,s my fico score is 696.I have several credit cards and six houses that are up to date with payments.
We signed a no-doc unsecured loan and what gives them the right to change it,if they had doubts about me they should have never give me a no-doc loan,I think its illegal.. yes they can change there mind but they should have done it before they gave me the money all I want is the payments that I pay every month back to the way it was,the collections agency wants 5,000 a month where I use to pay 1000.00 and 600.00 a month I was away and when I came back the first thing I did was paid my bills.. I believe the reason why they did this is because I refuse to give them the documents after I had the loan for 6 months.
I don't think there allowed to change the loan unless I was very behind and I'm not.let say you was one late payment on your mortgage and they foreclosed on you and you know they can't do this it has to be three months and I'm sure there are some consumer laws that was violated against me here
Read the papers that you signed. I'm sure there are statements in there (in very fine print) where you agree to provide them with whatever further documents they may reasonably require throughout the entire term of the loan. I'm also sure that there are statements there (also in very fine print) that you agree to cooperate with their reasonable requests.
As Lisa said, you need to read your contract. As long as you keep up your end of the contract, they can't change things. But as soon as you breach the contract (and making a late payment is a breach), then the contract probably gives them the right to change things. I seriously doubt if anything illegal is being done here.
I also think we aren't hearing the whole story.
Quote:
Originally Posted by 12x6
The houses you own, your credit score, have nothing to do with this situation.
You aren't talking about a mortgage (which is secured and regulated) so you have no argument there.
You've been told that your unsecured loan can be called in if you are 24 hours late - does the creditor usually do that? No, of course, not. Can they? Yes.
And it's NOT illegal for them to give you a no-document loan and then pull it when you don't keep up your end of the agreement by being late with a payment.
Why did you get into this deal in the first place? As I asked, was this a telephone solicitation? I get these all the time, and I think most business owners do. With your credit scores and properties, why didn't you just go to a bank if you needed money?
hi judy... this was a bank its bank of america and it was applied(loan) to the bank and approved I'm going to read the fine print as the other members stated maybe they have a point..
thanks everybody for your info
12x6
[QUOTE=12x6]hi judy... this was a bank its bank of america and it was applied(loan) to the bank and approved I'm going to read the fine print as the other members stated maybe they have a point..
thanks everybody for your info
I've asked you the same question twice and have not received an answer - was this one of those phone solicitation loans or did you physically go into a bank and apply for a loan?
Hi judy.. im sorry no it wasn't a solication I went to the bank and applied for the loan and was approved
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