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Home >> Lending >> Credit Cards
Bank Refuses to Take My Payments
I had an open-end loan, a credit card account and a savings account with a particular bank. I later applied for a line of credit, but was told that the application had been declined because they weren't able to verify my employment. This was a lie, because I asked my employer and was told that no one had ever called in to verify anything about my employment. It was at this point that I was told they no longer wanted to do business with me, and that my savings account and credit card had been closed. They said they would not return money that was in my savings account, but instead would be applying it to the outstanding balance left on my credit card. If that was how they wanted to be, then I decided I didn't want to do business with them either. I still owed them for the balance on the credit card and the loan; however, the bank refused my every attempt to make my monthly payments. I live in Texas and the bank is in Pennsylvania, so the only way for me to make payments was to either call in and have them do an ACH or mail in the payments. Well, I couldn't mail them payments because they wouldn't send me my monthly statements. When I called them to try making payments, I always got forwarded to the same gentleman who refused to accept my payment. At one point he said, "Why don't you just get a loan and pay us off all at once and be done with it?". Not only did they refuse my payment attempts, but they also reported me to all three credit bureaus as being late every month. I even tried calling a different branch at one point to try making my payment, but somehow my calls kept getting rerouted back to the same gentleman who always refused my payment. Now both the loan and the credit card are being reported as over 120 days late and they have ruined my credit. Other than this, my credit was 100% A+. What can I do? Can they do this? Help, please.
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 Refusing to accept a payment is odd. It sounds as though the debt was accelerated and was due in full. In some cases the lender cannot then accept a partial payment. This is not usual in the case of credit card debts.
Here are two things you can do. First, call the bank, ask for that person's supervisor, and explain that you are trying to pay what is owed and you want to make mutually acceptable arrangements. Second, call the credit bureaus that show you as having a problem and tell them you want to submit your comments. You are free to explain on your credit file why those payments were not made as agreed.
Published on BankingQuestions.com 7/21/10
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