Mobody’s Business – The Finance Edition

Long time since I posted, more on that in a later post.

I got an interesting phone call from BofA on December 8th. I have/had a line of credit with them, and they were looking for me to somehow pay more than the minimum payment each month like I used to.

I was late on a few payments the past year when my 9 months of unemployment finally caught up with me and frankly, they treated me like I was some kind of criminal. I have diligently paid them on time for months now, Called repeatedly and begged for interest rate decreases and was always told no.

They offered to lower my interest rate to 4.42% (from 16.89) if I agreed to close the account and pay it off in 60 months. They emphasized over and over, that they wanted me to consider my experience with them as being a good one and that they were aware that their reputation was not the best and were making efforts to change that. I still don’t know what to think of it.  That was on December 8th and I still have not received notification as to whether they were actually going to do this or not.  I was planning to close it anyway as soon as I pay it off it would be nice to pay less interest if I can.

UPDATE 12/16/08:  I have yet to receive written confirmation, however, when I checked my online account it registers my next payment at the lower amount promised in my conversation with BOA.  It looks like they are willing to work with me.  This will go a long way toward getting this debt paid off quickly.