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    5 Replies Latest reply on Dec 4, 2008 6:36 PM by NoBullFunding

    Debt Restructuring Question

    CJHINC Newbie

      Does anyone have a contact number or know if Bank of America has a deparment that can help re-structure lines of credit?
        • Re: Debt Restructuring Question
          DomainDiva Ranger
          You need to contact the Branch Manager of your BofA bank where you do your business. They will direct you to the proper person.
            • Re: Debt Restructuring Question
              CJHINC Newbie
              Thanks, but I already tried that. They were of absolutley no help except to say "we will check on it and call you". That was 3 weeks ago and no reponse. Then I tried the Customer Service group and they read their canned answers. The only guidance I got was "if you let the loans be 2 to 3 months delinquent, then we will speak with you".

              This seems to be a strange approach and my underscore what is wrong on all levels in banking. Here is a customer trying to avoid default and they are recommending the opposite. Are others having the same experieince?
                • Re: Debt Restructuring Question
                  janna2002 Newbie

                  I totaly agree with you i had the same expirience but with the credit card departmenet i called and i asked if their was any wasy they could help by lowering my interest rate so that my payment could realy lower my balance and the best option they gave me was to cancell my account and hey transfer me to nova debt and plus they made me feel like i was doing something wrong.
                  the rep said since you can not make a payment we will cancel you account i never told her that i was not able to make the payment. and i was realy disapointed of the way i was treate and the type of help they game me i was calling for them to try and work with me . but i think foe them it is better if we dont pay at all since that is the options they offer.
                    • Re: Debt Restructuring Question
                      CJHINC Newbie

                      Thanks. Maybe if enough people chime in on "lack of help" B of A might review its policies in this area. I find it incongruous that the bank touts itself as "The Small Business Leader" but, in fact, does little to help small business clients. It's as if the advertising and marketing folks are not really aware of the the actual policy and mind set. I am not sure if other fnancial institutions work this way.
                • Re: Debt Restructuring Question
                  NoBullFunding Scout
                  When you say "re-structure", do you mean you want to convert it into an amortizing loan where you have fixed monthly payments? If so, I'd suggest applyingfor a loan with BofA and where it asks you what the proceeds will be used for, just put "Term out line of credit #...". If that doesn't work, most banks have a deferment or workout area that deals with clients who cannot afford their payments. If you call the general customer service number, and tell them you are having trouble making payments, they should be able to refer you.