Linda
“Dear Steve,
I have been a customer for 13 years. In that time my payments were never late. Dec. 2007, I was late. A customer rep called me and I handled it right away. (Late payment was the result of an unexpected death in immediate family.)
As a result the interest rate was raised to the maximum 29%. This made my monthly payments change from the $140 I’d been paying to over $250. I called immediately and was told that after 6 months of on time payments, my interest rate would be restored to it’s original amount.
It was difficult, but I managed to make the 6 months of payments. But when I contacted AMEX to again request my rate be restored, I was told that whoever I’d spoken to prior was incorrect and my rate would not be changed. My question is, is that legal to bait & switch like that? As a result of the rate hike, I have since defaulted on the account and am now being sued by AMEX.
Linda”
Dear Linda,
Unless you have something in writing to prove they made the statement it will be your word against American Express and with their lawyers, they will win the battle.
The offer they made you is one that I have heard many times before. But just because they made the offer does not mean they have to honor it if their policies changed from when they made the offer to the point you made the last payment.
Currently a creditor can change terms with as little as 15 days notice. As a debtor, you have little control over what the creditors are going to do.
Your AMEX lawsuit is probably going to end with you losing. That will lead to a judgment and/or a wage garnishment. To end that you might have to consider bankruptcy. Talk to a local bankruptcy attorney about that.
If you are being sued, you should seek legal assistance from a lawyer licensed in your state. American Express is not to played with or taken lightly. They are a take no prisoner creditor.
You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
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Nice information.And now a days there are a lot of facilities offering by different banks so that to increase the user rate.And recently military credit cards are offering the best facilities.The best thing about this card is it automatically pays you the rewards in your account monthly without the usual $50 minimum like most credit cards.