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    8 Replies Latest reply on Mar 17, 2008 12:22 AM by TJMorehead

    Business gone

    metomsky Newbie
      Forum, I am in somewhat of a bind. I have a BOA small business Visa card because I started a consulting firm with a South African client, 4 months ago. I no longer have this client and I do not presently have any clients - thus I disbanded this business. I have a huge balance on my Visa card with $200+ a monthly fee. I can not afford this fee every month. I called BOA and spoke with a "young" rep. who told me there was nothing they could do except cancel my credit card, but the balance is still owed and due. Surely, I can help with a reduction or an account type change. Help Forum members - any suggestions other than a loan or borrow money. Thanks guys.
        • Re: Business gone
          CEO Space Scout

          Welcome to the forum.

          For the immediate, I would suggest

          Are you planning on starting another business or are you going to work? What is your plan?

          I have found most creditors are more willing to work with someone when they have a plan.

          Good Luck,

            • Re: Business gone
              metomsky Newbie
              Thank you CEO Space; Ed O'Gee; Lighthouse 24 and Luckiest. These are all positively reactive responses which encourages me. Even O'Gee who has almost labeled me a deadbeat which is farthest from the truth with out knowing all the facts which I chose not to share in this format. Since BOA set me up with this credit card and South Africa, I just thought the least they could do is to change the type of account I have with them and not have such a high montly fee. Thank you all very much
                • Re: Business gone
                  Ed O'Gee Adventurer
                  I apologize if it seemed as if I was personally attacking you. There have just been so many posts on the board from people who are upset about loan interest charges or product fees, etc., when all that information is presented. Even if your rep doesn't specifically go over it with you, fees, interest, etc. are always disclosed. Even if you have to read that little book, with the small writing, I just tell people to read, read, read, before you sign for credit, accept credit, etc.

                  So many people blame banks for the credit crunch but I blame people who don't read. You take out a loan for hundreds of thousands of dollars and get angry at the guy who sold you the loan because he didn't fully disclose, what might happen. As a salesmen, that is sales 101, no I am not going to highlight that your rate might jump 10% but I will tell you their is important information that you need to READ. As a salesmen, I will tell you what I need to get you to sign that contract, short of being dishonest. As a customer it is important to make sure you understand the substance behind the sale and the marketing.

                  What about personal responsibility? What about reading? 15 years ago when I bought my first home, my closing took 11 because I took my sweet time, the lawyer was pissed, but I read every single page of my documents, I asked questions, bought a dictionary, nothing got past me.

                  So, metomsky, my apologies again, I am sure you are not a deadbeat, I am sure you want to pay your debts, it just blows me away that people treat debt like it is no big deal. Most consumers would attack their employer if they worked two weeks and the employer sad opps I can't pay your $2000.00 paycheck but I will give you back all that paperwork you did for me. Well it works the same way for companies, you can't say I took out that $200,000.00 loan but since my house hasn't doubled in value, opps I am not going to pay you, here is your house back. It's crazy. Sorry I tend to rant on this subject.
              • Re: Business gone
                Ed O'Gee Adventurer
                What do you want them to do? Forgive your debt? That is crazy. You used the credit now you have to pay them back. If you couldn't afford to make the payments you shouldn't have used the card.

                Now what may make sense, is to talk to someone in their collections department, explain your business activities have stopped and see if they can put you on a payment plan you can afford. They don't want to write you off as bad debt as that is not in their best interest, so they will likely work with you to get their money.

                But what blows my mind about people today is we borrow money and then if we get into a pinch we say oh well. There was a time when people were ashamed to not pay their debts. You used their credit, you owe them money, pay them.
                • Re: Business gone
                  Lighthouse24 Ranger

                  I gather the problem is that you're incurring high credit card interest and fees for past business expenditures that you can't readily pay off now (since revenue is no longer coming in). Obviously, this could mess up your personal credit fairly quickly, so you want to do something fast. As Ed suggested, contact your business banker at BoA, explain the situation, and ask if the balance can be transferred into some type of personal loan product. If not, get a personal loan from somewhere else with terms you can handle and pay off this credit card balance. Good luck.
                  • Re: Business gone
                    LUCKIEST Guide
                    Business gone, Sorry, You have received 3 great answers.
                    You said that you called BOA and spoke with a "young" rep".
                    Have you tried calling the bank back and talking to a supervisor??
                    Good luck, LUCKIEST
                    • Re: Business gone
                      TJMorehead Adventurer
                      Hello Metomsky,

                      What type of consulting were you doing? Did you establish a contract with this client? If so, is there a breach in the contract?

                      Warm regards,
                      TJ Morehead