Bank of America Credit Card Complaint

Bank of America Credit card department,

Forbearance / Workout plans Maryland

I would like to request a late fee waiver on my credit card account that was assessed in -/-/-, a balance liquidation to a zero percent interest rate. On -/-/- I contacted Bank of America knowing that I had not have any late payments exceeding 30 days or more and requested a courtesy waiver on my late fee. I was required to go on - Medical Leaves of Absence due to complications related to - and the death of my - daughter -. While on leave my income was cut in half. In addition, my ex-spouse lost his job so I am not receiving any child support. While I have been the only wage earner I have submitted applications to alleviate our monthly financial obligations : I was granted an Economic Loan Deferment for my Student Loans, In addition, through -, I was able to get free clothing for my children. I also cut coupons to save on groceries. I still have ancillary expenses related to our daughter 's medical and funeral expenses. - - recently approved my home loan mortgage modification but I am stumped that Bank of America is refusing to lower my credit card interest rate to


interest rate or get further ahead as I have incurred a late fee due to extenuating circumstances due to my pay cycle and running mere days late. If they 're unable to reduce to put my interest rate to zero percent I will be forced to stop paying them so I can keep a roof and food on the table for my children. Obviously, I need my home for the stability my children and a foreclosure would not be beneficial to my community, particularly now that I am making efforts to pay but not under these unfair terms. I do not want my credit card to go into default and need your assistance in any way I can in keeping this account in positive pay. I contend that : I can not continue to pay the variable interest rate of 4.9 % without substantial hardship due to the large balance in excess of -. I am making every effort to pay this debt and need your help. According to the Credit Card Act Interest Rate Reduction. Section 101 ( c ) of the Credit CARD Act adds Section 148 to TILA. The Section establishes new requirements for changes in interest rates on credit cards under open-end consumer credit plans. Any interest rate increases that have occurred or will occur since -/-/-, will be subject to a mandatory look back '' review at least once every six months, beginning 15 months after enactment. Using a reasonable methodology, '' creditors will be required to assess the same risk factors used to justify an interest rate increase in determining whether a corresponding decrease in the interest rate is justified. Any assistance you can provide would be greatly appreciated. Sincerely, - - - -