Bank of America Gold Option LOC |
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Consumer reviews about Bank of America Gold Option LOC |
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Dave Insinger
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Mar 14, 2012
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Fixed to Variable interest rate
My wife was sent this offer in the mail, it was called a Gold Option Plan. She came to me and showed me how she could get a lower rate on her credit cards. She asked me if I wanted to take out this because it would lower our monthly payments. I looked at her and told her not to do it because it sounded to good to be true. Well to make a long story short, she took out the plan and while she was talking to them on the speaker phone, I told my wife it was a mistake and she should not do it. They asked her who I was and she said her husband. Well here is the clincher, they put me down for the loan.
When I found out, I called bank of America and told them to review the tape that at no time did i agree and they assured me that I was not on the loan. Fast forward to 4 years later when we had lost our home due to the effort my wife was making at paying the $660.00 a month payment to save her credit. She lost her job and everything went south.
Does anyone know how I can contest this debt. There was never anything that my wife had to sign and it has been so long that the debt is now with a debt collection agency. My wife does not owe anywhere near what they say she owes. She paid back over 28 thousand dollars back on a 20, 000 dollar loan. The interest rates were higher than what she was promised. This whole ordeal has been a nightmare. In the end, BOA foreclosed on our home because we could no longer meet our Mortgage payments due to this milestone place around my family's neck. Any help would be greatly appreciated.
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Amy8584
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Mar 26, 2012
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Fixed to Variable interest rate
Well in Nov of 2007 i opened a Gold option Line of Credit with BOA and due to hospitalized and unemployment i had to stop making my $230.00 month payments which by December was jacked up to $261.00 and after three different phone conversations of PROMISING to get my loan into a smaller monthly payment of $120 and saying " If you pay us $x by this date we can enroll you into the program" but after i pay the amount they ask i wasn't qualified to be enrolled so i stopped paying period for several months now i owe about $6, 000 after they've added $49 late fees and other fees. But my question is whats going to happen now i am working part-time and i can't afford high monthly payments. I've heard my state is one of the only state that is illegal to garnish wages but has anyone else had to stop making payments and if so did they sue you? thanks Amy
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