Fu Credit Card Cunts......

[bethm1b]

I've paid my bills all my life but this one I will not. Regardless of the credit score implications. I've had this new card about 4 months and because my husband is out of work (injury) we've been using it. This month there's an over the limit fee and the interest is bumped up to 39.99% I was near the limit and they put a fee on it that put it over the limit!! Fucking cunts tell me that it's a legitimate charge for a new cardholder. OK. But why the hell wasn't it put on the card until 4 months later? Because they waited until it did exactly what it did. It's a five thousand dollar card, so that's 2 grand a year interest.. Fuck you faggott ass scumbags I wont pay it. I will pay my other two cards, but not you. Ruin my credit if you want, I will not pay predatory pieces of shit like you.

[wes mantooth]

Damn. That sucks. Hope your husband gets better.

Good luck.


.

[abudabit]

Sue them for Usary. If successful, they could owe you 3 x $5000 depending on the state.

[sknight]

Sue them for Usary. If successful, they could owe you 3 x $5000 depending on the state.
how does this work?

[abudabit]

Depends on the state, but excessive rates are considered usury. I spelt it wrong in the other post:

http://www.lectlaw.com/files/ban02.htm

Those are the usury rates by state. Beth, look for your state. At worst you can sue to them to remove the debt, at best you can get some punative damages (different states this is easier than others, but all states you will be able to void the debt or have the interest mandated to the normal state level).

We have a few Wackbag lawyers though, they would probably be better sources of this info as all I am saying is stuff I heard. Never went through the process.

[HummerTuesdays]

how does this work?

*gasp* Sknight doesn't know something?

I would suggest you at least make the minimum payments on that card while you fight it. Call them again, ask for a manager, and keep going up the chain of command until someone removes that charge for you and returns you to the original interest rate. Also tell them that you have no intention of using that card, and that they need to close your account. This is a guarantee that you will never charge another item ever again.

[abudabit]

What state are you in, Beth? Even if you are in a state with no usury limit, you can probably have a subjective usury decision made.

Before you do anthing, look up the usury rates, call a lawyer for advice. $5000 allows you to use small claims court in many states which will make the process easier, but small claims is limited in its scope.

[YUCK FOU]

*gasp* Sknight doesn't know something?

I would suggest you at least make the minimum payments on that card while you fight it. Call them again, ask for a manager, and keep going up the chain of command until someone removes that charge for you and returns you to the original interest rate. Also tell them that you have no intention of using that card, and that they need to close your account. This is a guarantee that you will never charge another item ever again.


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cccccccccccoooooooooooooorrrrrrrrrrrrrreeeeeeeeeee eecccccccccccccccccctt!!!

[sknight]

:clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap:
cccccccccccoooooooooooooorrrrrrrrrrrrrreeeeeeeeeee eecccccccccccccccccctt!!!
I know....FUCKING INSANE!!!!

Sknight isn't too proud to request info on something he doesn't have knowledge of!!!

[Three Hole Puncher]

I am fucking terrified of credit cards. I'm more scared of credit card companies than I am of Gangster Fag... at least Gangster Fag will leave after he tears your ass out. The credit card companies never stop dogging your ass.

I made some stupid mistakes with credit cards when I was young... best mistakes I ever made, because I straightened it out, and it'll never happen again.

Anyone who is in the process of being bent over by these piles of human garbage has my sympathy.

[abudabit]

At least gangster fag will get you laid.

[abudabit]

From Wikipedia

States have statutes which set out how much interest can be charged before it becomes unlawful (Usury).

If a lender charges above the lawful interest rate, a court will not allow him to sue you to recover the debt, because his interest rate was illegal anyway.

And in some states (as New York) such loans are voided, meaning made void from the beginning or ab initio. Ref NY Gen Oblig 5-501 et seq. and NY 1503.

However, there are separate rules applied to most banks. In 1980, due to inflation, national banks (banks that generally include N.A. in their name), federally chartered savings banks, installment plan sellers and charted loan companies were exempted from state usury limits by the federal government through a special law. This effectively overrode all state and local usury laws.


You have the possibility of walking away with $5000 scott free if you are in the right state. At worst you will have to pay it back at a fair rate.

[DanaReevesLungs]

OK, let me see if I have this right...by law based on each state, if a credit card company is charging me above the Usury percentage rate limit I can contact them to have that limit lowered to what is the max usury percentage rate allowed by my state?

I'm so confused...

[abudabit]

OK, let me see if I have this right...by law based on each state, if a credit card company is charging me above the Usury percentage rate limit I can contact them to have that limit lowered to what is the max usury percentage rate allowed by my state?

It varies state by state:

Some states the contract is unlawful and you contact the credit networks and challenge the debt based on that. Since the contract is unlawful the debtor cannot sue you.

In a few states, New York being one of them, the contract is considered so illegal that it is void automatically. Contact the credit networks as well and they will void it in that state.

In other states you will have to take them to court if they don't back down.

And in other states there is no official usury rate and they won't back down with out the threat of a lawsuit.

So in summary, contact a local credit lawyer for advice. Even in states where there is no official usury protection you will still scare the hell out of the credit networks with threats of usury lawsuits and they always opt for the cautious side.

Basically you have to initiate the action. Challenge it, and if they don't recognize your challenge take it to court. You will win, to different degrees depending on the state. Of course they will settle before it gets to court...

1st try to get the credit networks to void it, then if that doesn't work try to scare the debtor, if they don't blink take them to arbitration. Depending on the states laws this will vary, so talk to a local lawyer.

[Aaron Burrito]

Do I look at the usury law in my state or the state where the company is?

[JimsInfectedEye]

Found this under the NY General Obligations Law:

"However, the 16% rule only applies in cases in which there is intent to lend money, not to a late charge, which the courts of this State have determined does not constitute a loan or forbearance. The courts have reached this conclusion by treating a borrower as if he were in default and view the late charge not as interest, but rather a charge to cover the extra expense incurred by a lender due to a late payment. Thus, a penalty or late fee charged on delinquent accounts may exceed 16% per annum.

Please note, however, that since a late charge is considered liquidated damages it cannot be enforced absent an express or implied agreement providing for its existence. Therefore, a customer must be given notice of the existence of a late charge being imposed prior to incurring the obligation being subjected to the late charge. Further, while the civil usury laws do not apply to late charges, a rate in excess of 25% could be viewed by a court as illegal under the criminal usury prohibition contained in Section 5-521(3) of the General Obligations Law."

You need to be proactive here, Beth. Waiting until it destroys your credit and then taking action years later isn't gonna cut it in court. And don't think it'll go away. Collection agencies have become more aggressive in their pursuit of cash. 6 months will go by, it'll go to collection, then you'll wind up getting sued. Garnishment, bank account seizure or property liens will haunt you later.

[Aaron Burrito]

So I was researching this a little bit and came across this.
http://www.bargaineering.com/articles/50-fun-facts-about-credit-cards.html


#46 Credit card companies are all headquartered in states with high or no cap on interest rates. American Express is located in Utah (no cap), Bank of America is in Arizona (36%), Citibank is in South Dakota (no cap), Capital One is in Virginia (no cap), Providian is in New Hampshire (no cap), and JP Morgan Chase, MBNA (now Bank of America), Morgan Stanley/Discover, and HSBC are all located in Delaware (no cap).

[abudabit]

You can sue them in your state I believe though, don't let them being in Utah intimidate you. Call a lawyer if they are charging you ridiculous rates.

[DonTheTrucker]

Have you tried talking to someone higher up in the customer service chain? Maybe threaten to pay the card off in full and go elsewhere? The first 2 or 3 people you talk to in the chain are hourly cunts who could give a shit what you do. Talk to someone who has their own office and maybe you can get the fee waved.

[bethm1b]

Thanks guys. Actually it's Bank of America and I just called my fathers accountant. he says that they broke the law and to stop all activity on the account. He's going to call them tomorrow and get the interest rate back to 3% which is what I was given. I didn't know I could fight this. Jesus Christ though, I was only venting. I would have paid it eventually and through the nose. Wackbaggers to the rescue. I hate you guys less and less every day.

[abudabit]

Awesome, it's surprising such a big bank would try to take advantage of you. But yeah, fight it tooth and nail, they have no hand with this 39%.

What state are you in, by the way?

[JimsInfectedEye]

Thanks guys. Actually it's Bank of America and I just called my fathers accountant. he says that they broke the law and to stop all activity on the account. He's going to call them tomorrow and get the interest rate back to 3% which is what I was given. I didn't know I could fight this. Jesus Christ though, I was only venting. I would have paid it eventually and through the nose. Wackbaggers to the rescue. I hate you guys less and less every day.

Most people roll over and take it. And unfortunately, most people have that attitude that "I ain't gonna pay them, fuck them"...and they love it.

[bethm1b]

Awesome, it's surprising such a big bank would try to take advantage of you. But yeah, fight it tooth and nail, they have no hand with this 39%.

What state are you in, by the way?
New York.

[Dicktator]

From the usary web page.

http://www.lectlaw.com/files/ban02.htm

"But my car loan is higher than that"; "But I'm paying way more than
that on my credit cards." That's right! Banks have separate rules. In
fact, due to high inflation, in 1980, the federal government passed a
special law which allowed national banks (the ones that have the word
"national" or the term "N.A." in their name, and savings banks that are
federally chartered) to ignore state usury limits and pegged the rate of
interest at a certain number of points above the federal reserve
discount rate. In addition, specially chartered organizations like small
loan companies and installment plan sellers (like car financing
companies) have their own rules.


Usury does not apply to CC companys. It applies to person to person. Thats why those fast cash payday loan places can fuck you at a horrible interest rate.

[abudabit]

There's still a federal usury rate set, and 39% is definitely above it. Plus common law still reigns and the judge has room for subjectivity.

Inflation is mild right now, 39% is rediculous. Any court will agree.

[bethm1b]

My fathers accountant fixed the whole thing today. The card is back to normal. Thanks guys, because I probably would have just paid the thing instead of standing up for myself. And the wierd thing is, that I'm a pushy broad. No, No really. I can be a bitch. But with banks you feel like there's no way of standing up for yourself. Like they're above reproach. Live and learn.

[sknight]

how did he fix it for you?

[Glenn Dandy]

NEW JERSEY, the legal rate of interest is 6%; the general usury limit
is 30% for individuals, 50% for corporations. There are a number of
exceptions to this law.

I owed 400 now i owe 800 in like three months of late, over limit fees and interest scumbags.

[abudabit]

NEW JERSEY, the legal rate of interest is 6%; the general usury limit
is 30% for individuals, 50% for corporations. There are a number of
exceptions to this law.

I owed 400 now i owe 800 in like three months of late, over limit fees and interest scumbags.

Dude, you realize that's 200% APY not even calculating compounding into it, right? You can have that dropped back to 400. They probably figure you won't bother fighting over 400, but fight them on principle.

Edit: Correction, that's 400% APY. Highly unlawful.

[Glenn Dandy]

Its mostly late charges n over limit fees. I dont think theres shit you can do bout them.

They charge ya a late fee wich puts ya over limit then charge ya an overlimit fee... there such scum.

[abudabit]

Late fees count towards the APY in the eyes of the courts, not sure about over the limit fees. However I think I read usury with late fees and delinquint debts is often times double the normal usury.

I'm not to sure about this procedure but it might work: Take the amount before the late fee / late fee amount. Add that number to your APY. That is the APY with the late fee.

Shit though, it's a $400 difference. You probably don't need exact math. Call them up and argue them out of the over the limit fee and get the late fee reduced. Tell them you will challenge it with the credit networks since they charged you at a rate of 400% annual growth. You don't need to be right, you just need to be somewhat right and willing to fight and they will probably yield to a compromise. There are a few companies which list and hold your credit rating, if the bank / credit card company doesn't yield for you at all you can take the next step of challenging it with those credit rating networks.