Archive for category United States
Watchdog agency for credit card co. abuse?
Posted by admin in United States on May 17, 2009
J K asked:
I have been ripped off by a credit card system & need to know which Agency is a watch dog for credit card abuse of consumers. I paid off a defaulted credit card debt of $50,876 in 2007. The credit card co. accepted $26,000 as a settlement for full & final payment. At the end of the year they sent me a 1099 showing a debt discharge of $60,268 to add to my income tax filing. When I inquired they told me once you default on a credit card they raise the interest to 29% + a monthly fee of $78. This gives them a much higher debt loss reimbursement from their insurance co. The bank WINS BIG TIME, IRS WINS BIG TIME & the DEBTER get the screw job owing more than the original debt. Who can help me find a consumer agency that will help me do battle with the BANK OF AMERICA. Need some help to a small consumer under water from debt.
JK
Cheryl
I have been ripped off by a credit card system & need to know which Agency is a watch dog for credit card abuse of consumers. I paid off a defaulted credit card debt of $50,876 in 2007. The credit card co. accepted $26,000 as a settlement for full & final payment. At the end of the year they sent me a 1099 showing a debt discharge of $60,268 to add to my income tax filing. When I inquired they told me once you default on a credit card they raise the interest to 29% + a monthly fee of $78. This gives them a much higher debt loss reimbursement from their insurance co. The bank WINS BIG TIME, IRS WINS BIG TIME & the DEBTER get the screw job owing more than the original debt. Who can help me find a consumer agency that will help me do battle with the BANK OF AMERICA. Need some help to a small consumer under water from debt.
JK
Cheryl