California Lawyer, Refuses To Pay Bank Of America Credit Card, Threatens To Sue

It amazes me how many people think its ok not to pay their debt. Would those of you that think its ok just walk out of a store without paying?

If you run the debt up, your responsible for paying it. Sure the interest might go up, but guess what? It says that it may go up in the contract you signed to get the credit card. Problem is, nobody reads the pages of legal crap that go along with credit cards. Not paying for what you bought is not the answer.

reply to post by searching4truth


This happens because your account while been under wamu, was sold to the collection agency.

All you have to do is send a copy of an account status to them and tell them to go to hell and stop bothering you or you are going to sue them.

Now check your credit report status and if it has something derogatory from them go ahead and send a copy of your account status the every major credit score agency.

Unless somebody else can post more information thats all I can say, good luck.

reply to post by coop039


I don't think there are a ton of people that simply do not want to pay their bill, I think far more simply can't pay it. I had a card through wamu that was 7% interest on new purchases and 0% on balance transfers. I made my little 20 dollar a month payment and everything was rolling along fine. Wamu went out of business and chase bought the accounts, fine. Within two months my interest rate went up to 19.9% and at that time I had not been late or missed a payment. My only option was to either accept it or pay off the card and close the account. At the same time my business was slowing to a stand still (fortunately things are looking up now and I'm back on track), but I could not afford to pay it off at the time. During this time, yes I was late on multiple payments which triggered a 30% interest rate. Now, this is before the late fees, the overlimit fees and anything else they tack on. The accounts were not shut down, I could not afford it, and they preferred to add additional fees however they did apparently give or sell the account to a collection agency (my previous post on page one). As I said before it is horrible cycle that fortunately I will be free from soon, but it was never simply a desire not to pay.

reply to post by marg6043


Thanks for the reply. I had thought about that however I never was late to wamu, it was after the sale to chase that I began to have issues. Thus my confusion.

Originally posted by coop039
It amazes me how many people think its ok not to pay their debt. Would those of you that think its ok just walk out of a store without paying?

If you run the debt up, your responsible for paying it. Sure the interest might go up, but guess what? It says that it may go up in the contract you signed to get the credit card. Problem is, nobody reads the pages of legal crap that go along with credit cards. Not paying for what you bought is not the answer.

Just when I thought that everyone on these boards would collectively agree about the banks being part of the major problem that is enslaving Americans and the global community...BOOM, someone comes along and defends the actions of corporate America as opposed to siding with a fellow American who is trying to stand up to the system for himself and others.

I guess that phrase in the "matrix" is correct, "People are so hopelessly dependent on the system that they will fight for its very existence."

If you find yourself defending the actions of corporate America as opposed to standing side by side with fellow Americans, you may be a HUGE part of the problem and not the solution.

reply to post by EvolvedMinistry


Post like that I don't even tried to answer, just let them go . . .

The truth about the financial crisis was due to corruption and greed by the same major player the too big to fail that now have become a monopoly thanks to our "government intervention with our tax payer money.

the Big Four banks -Citigroup, JPMorgan Chase, Bank of America and Wells Fargo are now a monopoly controlling almost half of all the FDIC insurance backed by us the tax payer, in other words, any time this corrupted entities fail or are in trouble we the tax payer have to open our wallets to bail them out for the rest of our lives.

And then they come around and gouge the consumer in their greed to control and more control, this obscene and out right dirty.

Now the latest bailout to come out this year is to give this corrupted institutions our own tax payer money (more TARP) free from attachments so they can make loans to us while they take all the profits in the name of interest, penalties and whatever their greedy minds can come out with

Sorry but this is call slavery and with our own tax payer money.



[edit on 6-1-2010 by marg6043]

reply to post by EvolvedMinistry


agreed

What would people do without the ability to define themselves by their credit score? Yes, people should be responsible, but so too should the banks. When I was a freshmen a college there were 50 different card companies lined up the first week of school getting the students to sign up. Everyone I knew received at least a 500 limit, usually more, and usually for more than one company. These are either unemployed or barely part time workers/ students, the company took a bad risk in providing the credit to begin with and I feel no sympathy for them.

reply to post by searching4truth


I understand the not being able to pay. Ive been there.

But look at all the repsonses from people just in this thread that think its ok not to pay, and there have stories in the news, and people on youtube saying they arent going to pay. Way to many people think just because their rate goes up that its perfectly fine not to pay.

Originally posted by EvolvedMinistry

Originally posted by coop039
It amazes me how many people think its ok not to pay their debt. Would those of you that think its ok just walk out of a store without paying?

If you run the debt up, your responsible for paying it. Sure the interest might go up, but guess what? It says that it may go up in the contract you signed to get the credit card. Problem is, nobody reads the pages of legal crap that go along with credit cards. Not paying for what you bought is not the answer.

Just when I thought that everyone on these boards would collectively agree about the banks being part of the major problem that is enslaving Americans and the global community...BOOM, someone comes along and defends the actions of corporate America as opposed to siding with a fellow American who is trying to stand up to the system for himself and others.

I guess that phrase in the "matrix" is correct, "People are so hopelessly dependent on the system that they will fight for its very existence."

If you find yourself defending the actions of corporate America as opposed to standing side by side with fellow Americans, you may be a HUGE part of the problem and not the solution.

I did not side with corporate america, but, if you run up the debt, YOU are responsible for it. I guess you feel perfectly ok about eating at a national resturaunt chain (like Ruths Chris Steak house) and then leave with out paying the bill. How would you feel if YOU owned a corp. franchised place and someone refused to pay you for the lobster because they thought the market price that day was to high? A HUGE part of the problem is people blaming EVERYTHING on corp. america and not taking responsibility for their own actions.
Im not saying that the banks arent a problem, they are, but people willing to run up their debt and not pay are just adding to problem.

reply to post by defcon5


The money should come from those that offer the credit service. Not the freaking government!

That's the biggest problem. If a credit company can't pay it's debt, it should file bankruptcy.

Don't stick your hand out and ask for a bailout.

That's the business they're in. CREDIT! And along with credit comes debt.

They shouldn't have offered a card to someone who was spending beyond their means.


[edit on 6-1-2010 by tyranny22]

Originally posted by lagenese
The credit card scam is the most beautiful of them all. Here's the way it works. When you buy something with your card, you create money (debt). When they receive the invoice from the store, the credit card company transfers *digits* into the account of the store owner. The credit card holder must repay, with interest, for the goods he bought. What the credit card company doesn't want people to know, is the fact that they never have to take any money out of their own assets to pay the store owner.

Credit cards, as well as bank loans, are part of the big scam of the banksters to keep the people in debt for ever.

On a personal note, i have no credit card, and i don't care to have one either. I pay cash, or i barter with people. Bartering is very easy, if you live in the country.

This whole system will implode on itself one day, and I WILL BE READY FOR THAT EVENT!

Note: This lawsuit might create a wave that will bring the system down, who knows...

Exactly, but one thing you missed, the credit card company has NO ASSET!! They remit a coupon/voucher to the store to transfer the entry from one side of the ledger to the other, balancing the books. It is the sweetest scam int he world and the general public HAS NO CLUE!!

www.spiritualeconomicsnow.net...

Read the whole little book, 97 pages, download and save.

The next day a woman rang me requesting a session of Rapid Eye Technology (energy healing). Her anxiety was that the IRS had been confiscating her husband’s veterans benefits to settle her ‘debt’ with
them. All I could tell her, from my years of studying $$$, taxes, etc. was, “You know there is no law compelling you to pay tax on your income.” She DID know! I was delighted. I also told her, “If it makes
you feel any better, you’re not alone – the credit card banks think I owe them $40,000. I know that I don’t really owe them, I just don’t know how to prove it.” Lo and behold, she said, “You just send the letters.” I leapt from my chair – my prayer had indeed been answered – ask and ye shall receive. She then produced a series of letters, the drift of which was to request the bank to provide me with three things:
1. validation of the debt (the actual accounting);
2. verification of their claim against me (a sworn affidavit or even just a signed invoice); and,
3. a copy of the contract binding both parties.

I was to write that I would be happy to pay any financial obligation I might lawfully owe as soon as I received these three documents.
The banks can’t validate the debt because they never sustained a loss; they can’t verify any claim against me because I am not the NAME they are billing – more on this later. They can’t produce a copy of the
contract because one doesn’t exist. What exists is an unenforceable unilateral contract. What the banks refer to as ‘your contract with us’ is not a valid bilateral agreement since the four requirements of a lawful, binding contract were not met on the credit card ‘application’, namely:
1. Full Disclosure (we are not told that we are creating the credit with our signature);
2. Equal Consideration (they bring nothing to the table, hence they have nothing to lose);
3. Lawful Terms and Conditions (they are based upon fraud); and
4. Signatures of the Parties/ Meeting of the Minds (corporations can’t sign because they have no right, or
mind, to contract as they are legal fictions). Credit cards are win/ win for the banks and lose/ lose for everyone else – it is the slickest con game on the planet.

Everyone should read all her writtings, they are truly great and will enlighten all to what is going on and how to set the record straight and take back what is rightfully OURS.

reply to post by tyranny22


Exactly!!!!!!! This banks were playing with peoples savings, retirement accounts and making personal profits!!!!!!!!! when their scams when down the hill who was forced to bail them out rather than let them go bankrupted on their personal fortunes? the tax payer.

And people still doesn't get it, the rob their custumers with shady deals, squandered fortunes with greed and the tax payer have to bail them out.

What was for us the one opening our wallets? a debt to our unborn children and people dare to support this corrupted institutions? they deserve what they get.

Just when I thought that everyone on these boards would collectively agree about the banks being part of the major problem that is enslaving Americans and the global community...BOOM, someone comes along and defends the actions of corporate America as opposed to siding with a fellow American who is trying to stand up to the system for himself and others.

This goofball attorney probably used his credit card to go to some fancy schmancy restaurants, purchase useless garbage off the internet, and who knows what else. That's hardly enslavement. It's irresponsible borrowing.

Funny how the attorney fails to disclose what he actually used the money for, isn't it? Not like he made a bunch of donations to the Humane Society, eh? He probably used the credit card money for strip clubs and booze.

I guess that phrase in the "matrix" is correct, "People are so hopelessly dependent on the system that they will fight for its very existence."

Huh? Good borrowers with clean credit aren't dependent on the credit system. Quite the contrary. They have the financial wherewithal to manage their credit wisely, and are cautious about overextending themselves. Most are debt averse.

The main problem is an entitlement philosophy in our culture where greedy borrowers need all their goodies "now" instead of postponing their purchases.

Funny how people believe any phoney-baloney story an attorney puts in the media. Don't be gullible. You don't having all the facts at hand. Bank of America can't come out and refute the story except under vague terms - because they are required by law to protect the financial privacy of their clients.

If you saw this creepy attorney's credit report trending year-over-year, you might actually agree that he is at a high risk of default.

Credit cards are win/ win for the banks and lose/ lose for everyone else – it is the slickest con game on the planet.

No, the slickest game on the planet is credit card fraud, where you purchase goods and services using your credit card ... and then promptly refuse to pay. That's about as clear cut a definition of fraud that I can think of.

Exactly, but one thing you missed, the credit card company has NO ASSET!!

Um, yes they do. The bank now has an Accounts Receivable on the books. Also known as an asset. In layman's terms, the borrower owes the bank interest on a debt.

No different than any other business out there that lends products, services, and money to customers. They put it on their books as an Accounts Receivable.



[edit on 6-1-2010 by CookieMonster09]

Originally posted by CookieMonster09

Credit cards are win/ win for the banks and lose/ lose for everyone else – it is the slickest con game on the planet.

No, the slickest game on the planet is credit card fraud, where you purchase goods and services using your credit card ... and then promptly refuse to pay. That's about as clear cut a definition of fraud that I can think of.

Exactly, but one thing you missed, the credit card company has NO ASSET!!

Um, yes they do. The bank now has an Accounts Receivable on the books. Also known as an asset. In layman's terms, the borrower owes the bank interest on a debt.

No different than any other business out there that lends products, services, and money to customers. They put it on their books as an Accounts Receivable.



[edit on 6-1-2010 by CookieMonster09]

Finally! Some common sense!

Thanks, coop.

Let's try to imagine unwinding this credit card transaction for a moment.

The attorney bought a $100 steak dinner from Ruth Chris Steakhouse - using the example someone mentioned earlier. The credit card company, in this case Bank of America, wires $100.00 to Ruth Chris Steakhouse.

Now, the attorney refuses to pay. Bank of America is left holding the bag.

So, let's just imagine, now, that Bank of America could approach Ruth Chris Steakhouse and say:

"Listen, this attorney fellow. He is refusing to pay. We want our $100 back."

Let's imagine, in a fairy land of make believe, that Ruth Chris gives the $100 back to Bank of America, and then goes after the attorney for payment, plus interest, and late fees.

Now, this would never happen in real life. But my point is simple: The attorney bought actual physical goods and services. Bank of America is just an intermediary providing credit - no more, no less. Ultimately, the attorney derived some benefit from the purchase - in this case, a $100 steak dinner at Ruth Chris Steakhouse.

Unfortunately, Bank of America can't unwind these transactions as far as I know, other than shutting down fraudulent vendors, of which Ruth Chris Steakhouse is not.

But the actual product exchange went from Ruth Chris Steakhouse to the attorney. All Bank of America did was provide a convenient payment method for a fee.

And now we have an attorney complaining to the press, whining about Bank of America. Boo Hoo. The attorney got to eat a nice steak dinner and didn't pay a dime.

I guarantee you that if you walked out of ANY restaurant without paying, they would have you arrested and thrown in jail. It's called fraud. And what this attorney is doing, is trying to legitimize his fraud. Only in this case, he is trying to defraud Bank of America, and not the restaurant itself. The restaurant already has its money. Bank of America is out $100 in this example.

[edit on 6-1-2010 by CookieMonster09]

reply to post by CookieMonster09


Exactly! I glad to see not everyone thinks we should just not pay. Some people get so caught up in sticking it to "the man" that they lose sight of what they are responsible for.

Well, it gets even worse, Coop, if you follow the example further.

Multiply the above example by millions of Bank of America customers, and you can imagine the problems they are having. So what can they do?

First, you have to be as scientific and objective as you can. So you implement some pretty straightforward credit report monitoring and look for red warning signs. You can't discriminate and single people out, you have to be as factual as you can. Real-time credit report monitoring is about the best that they can do.

And, if it looks like a default is around the corner, hike up the rate. The risk just went through the roof. High risk = A high rate of interest.

Statistically, I am sure that Bank of America has this down to a science. If they see a borrower defaulting on other loan obligations, they have to look at this from a business perspective. Their risk just went up through the roof. There is no collateral. We can't repossess a steak dinner. What can they do? About the only thing they can do is shut down the credit line and increase the rate of interest. They don't really have any other options.

And it doesn't really matter if the Bank of America credit card is always paid on time. If your car just got repossessed, and you defaulted on your house payment, then the credit card is just right around the corner.

Banking is a business. The credit card industry is a high risk business, with plenty of defaults in rough economic times.

Plenty of losses. Plenty of unpaid-for Ruth Chris Steakhouse dinners.

reply to post by CookieMonster09


You are dead on. Funny how the "no pay" crowd is not responding anymore.

I'm pretty sure that if I were to ask anyone to repay a loan at those interest rates I would be arrested under the usury laws. For some reason the bank are not subject to these laws. What gives?