Comments on: Jairo Wants to Stop Paying His Bank of America Clean Sweep Debt Consolidation Loan

By: 15000 loan

15000 loan — Thu, 26 May 2011 19:53:13 +0000

Excellent! Great article, I already saved it to my
favourite,

By: Goober

Goober — Tue, 21 Sep 2010 21:53:10 +0000

The Gold Option Loan was sold to us as a loan. But in reality is was not a fixed rate loan at all but a credit line with an APR that compounds daily. Ours is at 13.99% and has stayed at that rate for the past 39 months. 57 months more to go. I really don't think BK is the way to go if you can make the payments. I think the loan was predatory and surprised that no class action lawsuits have come up on this one. If you do not file for BK then you will be sued and most likely a judgement will be filed against you. Depending on the state you live in the judgement will stay on your record for anywhere up to 20 years. It will affect your credit too of course, as would BK.

I would speak to a lawyer who deals with consumer affairs not just a BK attorney. They might have more input as to what you can do to negotiate new terms to the so called loan. BTW, we went to a BOFA branch today and on their records it shows it's a credit card. On the website it shows it's a credit line but it's called the Gold Option Loan.

By: Goober

Goober — Tue, 21 Sep 2010 21:53:00 +0000

I would speak to a lawyer who deals with consumer affairs not just a BK attorney. They might have more input as to what you can do to negotiate new terms to the so called loan. BTW, we went to a BOFA branch today and on their records it shows it’s a credit card. On the website it shows it’s a credit line but it’s called the Gold Option Loan.

By: Steve Rhode

Steve Rhode — Sat, 05 Dec 2009 03:21:03 +0000

Eric,

Let me be open and honest with you. The InCharge Debt Solutions debt management plan she is investigating might give her a break on interest but that’s not what she needs. It sounds like she needs a break on the payment. Unfortunately that’s not the way credit counseling programs work.

I’m not quite sure what “barely swimming in debt” means. Does it mean that she can easily afford the payments or that she is struggling?

If she is drowning in debt then there are all sorts of scams that might suck her in because they look attractive. But the reality is that the only legal protection she can get from her creditors if she can’t make at least the $400 monthly payment is going to be a Chapter 7 bankruptcy or a Chapter 13 bankruptcy.

If she can easily make the monthly payments she is better off sticking to the creditor payments or to look at consolidating the debt through a peer-to-peer lending network like LendingClub.com.

Steve

By: Eric

Eric — Sat, 05 Dec 2009 02:53:59 +0000

My wife is barely swimming in debt and I am about to declare bankruptcy for a bad real estate deal. There is litagation that could pay off her debts within the next year. My wife wanted to use a debt consolidation company in order to cut her monthly payment. However, In Charge Debt Solution gave her a payment of $407 for 15,000 of debt within a payment period of 41/2 years. She already pays about $400 per month. Can you recommend a course of action to save on the monthly payment?

By: Heather

Heather — Fri, 23 Oct 2009 04:03:12 +0000

They will sue you. We just received our summons of being sued by them about 2 weeks ago. We have met with a bankruptcy attorney and are currently filing chapter 7. No other way out. So if you decide to stop paying they will sue, so see an attorney and have a back up plan. Take it from someone who is there right now!! They are ruthless.