If you miss just one or two mortgage payments the bank will not take your property. Its a lengthy process which takes about 6 to 8 month. If you missed a mortgage I would suggest to be in contact with the bank and to let them know when you will make the missed payment.

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I purchased a car last thursday. i was told yesterday that the dealership wanted me to remove my extended warranty because the bank wouldn't finance the added cost. i almost agreed until i asked him what the new payment was and it went down by dollars. i asked him to explain why the monthly payment went up $38 when i added the warranty, but only decreased it by $5 when we took it off. i was told that the bank raised the interest amount. if i've already signed the contract at a certain amount, does the dealership/lender have to honor that? supposedly i signed a delivery agreement stating that the bank could raise the amount, but the dealership has yet to fax it to me. i need to know from someone who knows what they're talking about if i have a right to force them to honor the original contract. if i allow them to change it, the payments are pretty much the same as before, but with no extended warranty!

return the car this is your chance same deal as before or you return the vehicle

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Bank of america has raised our intrest rate to 24%. we have not missed any payments or been late. they state the reason is that we are not paying it off fast enough. what can we do to get the rate lowered?

Banks are doing what they can to get money right now. Laws are being passed to stop this, but it is just a bad practice we have to live with right now, or pay the card off. Bank of America is notorious for pushing what they do to the limit. Another new practice they have that is legal, but not very customer friendly is to make funds on hold completely unavailable. For example, Let's say I have $100 in my checking account. If I go buy gas, the gas company will place a temporary hold of $75 on my account. When I am done filling my tank, they charge $20 or whatever I put in. Then the $55 hold falls off my account the next day or so. If I then immediately went and spent $40 on my card, BofA will charge me an overdraft fee for that $40 because I only had $25 available in my account. Although the transactions haven't posted to my account yet.

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I've received a letter this morning advising me that my banker (nearly started the last word with a 'w') has increased the interest rate on my credit card. the bank of england has just cut interest base rate to the lowest for a zillion years and the govt has bailed out the banks to the tune of further zillions of tax-payers money. how does my bank have the cheek to raise my interest rate - especially when i an up to date with payments and have a credit rating of 999/1000 on experian?

I'm sure you know the answer to your question anyway! The problem is that however low the base rate goes the b(w)ankers don't want to lend you anything in case you go bust. So they discourage you by charging more. Well that's what the thinking person is supposed to think . But as we know this is just opportunism. Just a chance to screw their debtors.

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It is now at 33%. they keep giving me overlimit fees because i amke the minimum payment but if the interest puts it over the limit then i get a 40.00 overlimit fee. i have put 500.00 on this card and they won't work with me. what can i do?

Definitely transfer the balance to a 0% interest card right away! Chase bank almost ALWAYS has one you may qualify for. But only make credit card switches like this this one time, pay off the card before the 0% intro rate ends and then either get rid of it or save it only for emergency uses!! There are some really great tips in the other responses! If for some reason you do not get approved for another card with 0% then call BofA and close the credit card account you have. That way you are only paying off what you have already built up. You wont be able to put any more purchases on the card so your balance will stay below the threshold. And at least you can avoid the overlimit fees.

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I got a pre-approved offer from fia card services (now affiliated with bank of america) they offered me a line of credit with a "non-variable rate", that sounds like a fixed rate, right? wrong! after reading the "fine print" i found the following statement: "for approved accounts, we reserve the right to change your apr, fees, or other credit terms at our discretion." yikes! i called to see if they were for real with this and was told a lot of mumbo jumbo about the industry and late payments, etc. sure, if i pay my account late all the time, i would expect an interest rate hike. unfortuately for the borrower, even if you maintain a great credit score and perfect payment history every month, they can still raise your rate "at their discretion". i told them (in a nice way) where they could stick their loan... anyone fell into this trap? share your story so others might learn!

I have quite a few credit cards and not ONE guarantees that my rate will never change. In credit card terminology, "fixed" only means that the rate isn't based on some market rate like the prime rate. It's only "fixed" until the credit card issuer decides to change it. It's quite common for the account agreement to specify that the rate WILL change in the event of a late payment, a check that bounces, etc. and in addition they can choose to change it whenever they want as long as they notify you with as little as 15 days notice. "Variable" means the rate can change month-to-month, depending on changes in the prime rate (or whatever market rate they use). Bottom line, there is no credit card that will offer a fixed rate which will never, ever change.

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I've never been late on a payment and the 37% is higher than the default rate. any suggestions?

Obtain another credit card which is offering 0% balance transfer and transfer your balance. There is normally an administration charge of either £3 or 3% of the balance, whichever is the greater.

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My wife paid it online one day late. bank of america raised it from 13 to 27 percent. that raises the payment from 350 to 523. i don't have 523 a month to pay. what can i do without bankruptcy?

This happen to me before, They will not lowered your APR right away, they will ask u to call back, or offer u a Payment plan. With PP, they will lowered your APR, but u can't use that card anymore. Tip - They will ask how much you can afford, lowered it ($250)

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I have been trying very very hard for the last two years to keep an excellent credit profile. it is very good except that in the last year i have had two late payments on my bank of america credit card. i did bring the payments up to date and i only owe about $2500, but they have raised my interest rate from 15% to 28% for the next six months. i would really like to buy a house next year and i'm worried that the two hits on my credit card will deny me the privelege. is there anything i can do to just get the interest rate lowered back to 15%? i'm paying off the balance as quickly as i can, but it will still show up on my credit report as two late payments in 12 months. thanks melissa. i checked with the bank yesterday and that's what they told me too.

Raising your interest rate to 28% seems pretty excessive! But I'm sure this was one of the many details in the fine print you didn't read when you filled out the credit card application. Your only option is to call B of A and talk to someone to see if they can lower your interest rate back to 15%. Talk to a manager and explain why you were late-- and why it won't happen again. They might even be able to remove the late payments from your credit report if you ask. If all else fails, try threatening to switch to another credit card company. If they still don't lower your rate, you might consider actually switching to another credit card issuer. As far as a new mortgage, 2 late payments on your credit report over the past year definitely doesn't look good. Depending on how high your credit score was before this occurred, you may still get approved. But it might cause a higher interest rate.

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We just received our bill from bank of america. they increased our payment by $100.00. we couldn't figure out why because we were not late so we called. they said they are raising the interest rate to 48%, however since we called and complained before feb. 3, 2009 they put it back to where it was. however if we ever use it again it will go up to 48% again. are they allowed to do this? and who can we call and complain about it to? they said they sent us a letter but we never got a letter. is this boa bailout plan???????????????

Yes, they're allowed to do it. You can complain to the OCC, but unless you can prove they didn't mail you a notice, it won't do much good.

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My chase bank just went up 3% this month, fo no reason, or without letting me know...had to figure it out when i got my statement...i've never been late, i've actually been making big payments lately trying to pay it off...is this why they raised it? cause i'm paying it off too quick & they aren't making as much money off of me this way? is there anything i can do about it?

This is covered in their terms and conditions and yes they can change your rate anytime for any reason or no reason at all and no there is nothing you can do about it. The best thing you can do is to pay off your credit cards in full every month that way whatever your interest rate is doe's not matter.