[nywm111]

hi. i am in buffalo, ny. i am beside myself with worry. bank of america has threatened to take legal action for my inability to pay back my credit card bills. i was doing well with this until some months ago. i cannot afford to pay minimum payments and this is why i went into default. now they have closed my acct and are threatening to sue. i don't know what to do. nothing like this has ever happened to me before. i keep doing research on this online but everything i read sounds worse and worse. i am so scared. i owe 50k due to finance charges and late fees. i do intend to pay it back but i just cannot afford to right now. i stopped taking their calls out of fear. i don't know what to do.

[Happy Trails]

I don't see a legal question.


They have the right to sue, and if they win a judgment they will try and collect it according to what your state law allows.

[525601minutes]

Have you even tried to contact them to work out a payment plan?
If you keep ignoring the situation it can and will only get worse.

[Betty3]

It seems like they can't even make min. payments though.

nywm111 - you can talk to them & see if anything can be worked out but I don't know since you can't even make min. payments. They don't have to set up a payment plan (or consider a reduction in the amt. due) & they can request the full amt. be paid at once.

It could end up that they will sue you in court & get a judgment against you for the amt. owed. They then can seize assets that they are allowed to seize in your state. (non-exempt assets)

[nywm111]

i don't have any assests. in less than a year i went from having good credit to now facing this. i am so scared. i don't know what to do or where even to start. they told me my debt will be written off as bad debt and will stay in my credit report for seven years. they closed my account. when i did talk to them 6 mths ago they offered consolidation. i cannot afford that either.