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Deer Hunting Accident Leads to Loss of Cattle and Husband Hit by Train. – Carla

“Dear Steve,

I was issued a credit card from Bank of America with a limit of $5000.00 inJune of 2007. I can’t remember the APR. We had just purchased 75 acres of land with a studio apartment & a horse barn already on the property. We lived in the 1 bedroom apartment for over a year with 3 daughters and my 14 yr old niece I looked custody of due to both of her parents being incarserarated. So I had. 4 girls ages 15, 14, 7, & 2. A new mortgage & no room to breath.

Our banker talked us in to building a home instead of adding on to and making the apartment a house. So I needed some cash flow relief.

We built the house $360,000 Well or income was based on the calf crop of 400 head of young cows & 13 bulls. Sold twice a yr. We leased a grazing pasture (3,000) acres which we had for over 15 yrs. The lessor was a close friend. We also paid an extra $2,000 a yr for the hunting rights.

Well while deer hunting onemorning and being in a deer stand for 5 hrs freezing & waiting for that perfect 14 point buck. I had him in my cross hairs, finger on the trigger, deep breath, exhaling & “BOOM”!!! My God was that an ATV? Thank God my husband saw not 1, but 5 boys on ATV’s crossing my bullet path & reacted so quickly and throwing the barrel of my riffle up in the air with his.

Well they never even knew their life was in danger. We got down & immediately called the lessor and asked who he allowed to have a key to our lock & hunt. He said; that was my 2 sons. and their friends. We were livid & told him what almost happened & reminded him of our lease agreement & insisted he keep his boys off the property during hunting season.

Also, had found several shot calves. He hung up on us, called back 15 min later & ordered us to get our cattle of the lease within 48 hrs. We tried reasoning with him, but there was no reasoning with this insane person.

Being that was our main source of income & had just 48 hrs we went into overdrive looking for enough acreage of lease land to accommodate 413 hd of cattle. There were absolutely NO land within a 200 mile radius. We had to sell every head. We would not recover from this as the cattle market went threw the roof a week after locating a huge lease & were unable to purchase enough heifers to start another herd that big.

6 month’s later we had to put our home & land on the market. I wasn’t able to make payments on this credit card. I tried working with them they lowered the payments but refused to defer finance charges charges until we could get our finances under control.

Well we were not making headway paying the lower payment as the balance kept going up bc we weren’t even covering the finance charges, then we started getting charged over limit fees

So I started biting the bullet and sending the finance charges and & $ 50.00. Then my husband was disabled after being hit by a train. We had been paying the insurance incase of such a something like this. They would not honor this agreement bc they said he was self employed and it did not cover him bc of this. So they would not honor the agreement.

My questions are is this legal? My husband had always worked on his grandfather’s and his father’s farms since he was old enough to drive a tractor which was 8 yrs old. He received checks every week paying taxes, Social Security, ect.

He was not only self employed, but he worked for 2 other employers. His father’s farm & his grandfather’s farms. I told collections about this and kept arguing the validity of this agreement. I was supposed to hear back from someone from Bank of America and before that happened we received a letter in the mail informing us that our account had been charged off.

So the card was issued in June of 2007 and charged off in November of 2008! I had forgotton about this account until I went to bank for a personal loan for dental work and they told me I would have to settle this and have a letter from BOA saying this account is settled.

Carla”

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The Answer

Dear Carla,

Wow, that’s quite an adventure. I hope your husband is doing better now after being struck by the train.

The fact Bank of America did not pay on the credit insurance is not surprising. An argument could be made you were missold the coverage to begin with if his employment status did not change and they later denied his claim. It seems he never would have been eligible. This issue became a big problem in the UK with banks similarly misselling payment protection insurance.

It seems the job of insurance companies is to work hard to deny claims when you need it the most. They appear to have done that successfully in your case.

But from your question, it looks like there are two issues here. The first is the denial of coverage by Bank of America on the credit insurance. For that mater you might have to find a local attorney who can represent you and try to push Bank of America.

The second issue is that about the account that was charged off. It seems your local bank is requiring that matter to be dealt with before they will consider you for a new loan. In that case you’d need to find out who currently owns that loan. Bank of America may have sold it off when they charged it off.

You can go to annualcreditreport.com or click here to get a consolidated credit report to discover who entity is reporting the loan currently.

You’d then need to contact them and negotiate a settlement. That resolve that settlement it may require you to come up with a settlement payment in the $2,500 range. That’s money you may not have at the moment and that’s why you are looking to borrow to pay for dental work.

Depending on your overall financial situation, the Bank of America loan is probably not the only old or outstanding debt you have. You can use the free Get Out of Debt Calculator to check and see what your options are for dealing with your overall debt situation. This might just be the wakeup call you need to address your overall financial situation and get a chance to move forward into a new financial life.

Please post your responses and follow-up messages to me on this in the comments section below.

Big Hug!

Deer Hunting Accident Leads to Loss of Cattle and Husband Hit by Train.   Carla
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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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