Credit Card Agreement

I have two cards and they came with this long sheet of "ammendments to your credit agreement notice of benefit changes and annual privacy notice" Pretty much telling me they are changing how they do business and my min. payments will go up. Can you legally just change them without having the cutomer's say so? I know on a card I had before, I had to agree to the terms by not saying anything or write a letter saying I rejected the new terms, but on this it doesn't say anything about being able to reject the new terms, like you have to accpet it.

The first thing I would do is check the contracts carefully. It is my understanding that credit card companies have a card blanche as it were to do as they see fit. An example of that would be acquiring a card that offered a low interest rate, but if you are late by one day they can raise it up to 18% or so immediately and there is nothing you can do about it. You might try calling them in regards to your question but good luck with that. By the time you get through a barrage of hitting this number or that number you will probably end up getting someone who you cant even understand anyway. I know I paint a bleak picture of credit card companies but I have personally had my own share of them. One thing to remember however is if you dont make the payments they prescribe, you may take a hit on your credit report. If you do that it will be a drastic loss for you. Credit card hits are major and you could drop a lot of points. When you do that it will affect all your purchasing power for future purchases or home loans etc.. Credit card companies hold a lot of power in the American economy and is backed by the government, ie. Whenever a person filed bankruptcy they couldnt claim credit card debt. Thank god that didnt pass but our president was for it. Credit cards was one of the main reasons why there are more chapter 13 bankruptcies than chapter 7 bankruptcies. Good luck with the fight over your amendment to your agreement, you will need it.

2007-04-05 10:28:17 by AmerasianFamilyFinder

A financial expert explains how to opt out of changes to your credit card agreement, specifically changes to your APR.

i signed a credit card agreement and it said i have been accepted with capital one.how long should it take to get the card and does it mean i will.

If they said you have been ACCEPTED, then you have. They usually give you a confirmation number. If you were PREAPPROVED for offer, you may not....but usually do. If you don't recieve the card in 7 days, call them up and ask them, but it could take up to 14 days.

2007-07-11 07:03:11 by dollphin

Price: $4.88

I don't even understand one word in spanish,I didn't even requested for it.

They made a mistake. Call them to correct it.

2007-05-25 09:05:56 by papavero

Price: $5.95 $5.95

Ok long but need help. I had an equity loan in Florida that was paid three years ago with WAMU. Last year I called to inquire about a credit card so I could start my own business. The operator told me I was already approved at 4.7 for 150K. I said great. They sent me a credit card, with no credit card agreement. I used about 38K to start my business, and was making my payments on time perfectly.

Then 3 months later, I get a letter stating I needed flood insurance on my home. I called and asked why because I live in the Mountains. They told me it was for my home in FL. I told them I sold that home and hey freaked out on me and demanded payment in full at once. They said they gave me the card based on the equity in the home,and it was an equity card, not a credit card. I told them the equity loan was paid in full at time of sale, and account was closed. How could they do this?

They started to accuse me of fraud and said they would be contacting authorities. I told them, why not just switch the account over to a credit card and simply work things out this way. They refused and told me they would be seeking criminal charges.

This freaks me out, I had to hire a criminal attorney for the first time in my life (which by the way, a good criminal attorney won't even talk to you for under 5K). Then I had to hire a credit attorney on top of that. All this stress caused me to have a heart attack and put me in the hospital.

Finally WAMU admitted it was there error because they could not show any credit agreement in writing or verbally, so they offered to work out a payment plan. But by this time, because of my heart attack, and the attorney fees, my company went under, and I was broke so I decided to declare bankruptcy. I litterally just finished my credit counseling two weeks ago and awaiting my certificate. And my attorney was planning to file a law suite against WAMU for what they put me through.

Now WAMU was seized by the FDIC, then purchased by JPMorgan. So, my quesiton is this. Since I can't sue WAMU now, and JPMorgan won't be able to provide a credit card agreement in writing or verbally or even verify the purchases because WAMU could only provide 1 for 800 dollars, can I have it dismissed? Should I go back to the credit attorney or deal continue to deal with the attorney who was preparing the law suite?

I have all documents of communication between WAMU and my attorneys, and while this has been going on they still hit my credit score and have collection companies call me. Each time a collection company calls, I give them the name and phone number of my credit attorney and then they don't call back. But like a month later, another collection company does. Suggestions - who should handle this and will I have the option to sue anyone for their errors?

contact your state and local rep's
also try a.c.o.r.n grass roots organization that heelped me with predatory lending in mass.

2008-09-25 20:44:21 by rab2344

hello.

let me first say that i think that junk debt buyers and the attorneys who represent them are forms of low life and thousands should be in jail due to the defrauding of consumers that takes place. whether you think otherwise is of absolutely NO interest to me and your comments that do not help me in my answer will be ignored and reported to yahoo answers as brainless spam.


HERE IS MY SITUATION:
i am involved in a legal matter against a debt buyer named COLLECT AMERICA who bought a debt from PROVIDIAN.

i have the original credit agreement and it specifically states in the Severability; Assignment clause: "NO MATTER WHERE YOU LIVE, THE LAWS OF NEW HAMPSHIRE WILL APPLY."

OK, i lived in New York when i opened this account. new york has a 6 year statute of limitations, and new hampshire has 3 years.

The attorneys for the debt collector filed the lawsuit 3 1/2 years AFTER the defaulted date.

QUESTION ONE:
first, is a credit card a written contract or an open account in NEW YORK???

SECOND QUESTION:
CPLR section 202 in NEW YORK - how does this apply to the situation that i am in, which is, which states statute of limitations apply - new york (where i live) or new hampshire (where the credit card agreement states "the laws of new hampshire apply, no matter where you live".

for my logic, i am thinking that the laws of new hampshire apply because that is what the credit agreement states. it seems pretty clear to me, but perhaps that is what i want to think, because if this were the case, it is going to be easy to get the case dismissed in court. the reason it should be dismissed by a judge is because the case was filed 3 1/2 years AFTER the default date (this i am sure of) and if new hampshire SOL laws apply, then three years is it. however, if it is new york, then i am skewered, because it is six years in new york.

what i am concerned about, is if the forum state (new york) and the state were the credit card was domiciled (new hampshire) are some type of gray area that be determined by something other than a black and white stark application of law.

i am quite sure there are many people in my position who cannot possibly know how to proceed in this situation and an astute answer would do a world of good for many, because these junk debt buyers are again, the lowest form of humanity.

i am going to court on tuesday and i would truly appreciate a timely answer by someone very knowledgeable on this??

I found a huge list of New Hampshire credit card resources. http://www.howtofindcreditcard.com/New-H ampshire-Credit-Cards.html Try calling a nearby service and they hopefully answer your questions.

2009-05-16 02:15:27 by nina c