Anyone EVER heard of this?

[Laigs50]

What is the name of your state?GA
As I am having financial difficulties and am waiting on my disability hearing, I am paying my bills, it is not easy but I am. I have been paying the minimum payment on my MBNA Visa and Master Card, never late, always paid and on time. I called to ask a question and they told me they were closing my account because even tho I am paying them, they don't feel I can pay them(????). I checked on the internet where I pay my bills and it says they are "Suspended" not "Closed" as the man told me. When the conversation started in that direction, I turned on my phone recorder and got everything he said, and when I informed him I did, he told me I could not...I told him the record laws of GA state that as long as 1 party to the conversation was aware of it, it was legal. He refused to say anymore to me. How can this be done when I am not in default, nor even late, even tho at this time, my payments are the minimum required by the card?

[Ladynred]

I would assume it has more to do with what ELSE is on your credit report that they can see that would 'upset' them and mark you as a risky borrower. They ALL now have a 'universal default' clause in their agreements and they keep a close eye on your reports. If there's ANY change in your pattern of payments with ANY creditor, they will jack your rates, suspend/close your accounts, and lower your credit limits. If they lower them enough, that will put you OVER your limit and then they will slam you with all kinds of penalty fees, over limit fees, more interest .. its a death spiral and its EXACTLY how MBNA and their butt-buddies in the CC industry made $34 BILLION in profits last year, 14 BILLION of which was ALL penalties !!

I suggest you be VERY careful with them for this type of action. It will put you on a slippery slope .. and they'll be behind you pushing you down it !

[CMSC]

Originally Posted by Laigs50

What is the name of your state?GA
As I am having financial difficulties and am waiting on my disability hearing, I am paying my bills, it is not easy but I am. I have been paying the minimum payment on my MBNA Visa and Master Card, never late, always paid and on time. I called to ask a question and they told me they were closing my account because even tho I am paying them, they don't feel I can pay them(????). I checked on the internet where I pay my bills and it says they are "Suspended" not "Closed" as the man told me. When the conversation started in that direction, I turned on my phone recorder and got everything he said, and when I informed him I did, he told me I could not...I told him the record laws of GA state that as long as 1 party to the conversation was aware of it, it was legal. He refused to say anymore to me. How can this be done when I am not in default, nor even late, even tho at this time, my payments are the minimum required by the card?

I just wanted to comment on recording the conversation. Are you 100% certain the person you spoke with was in a Georgia office? If not the state with the stictest recording laws is the one you need to abide by to be safe.

[Laigs50]

Originally Posted by CMSC

I just wanted to comment on recording the conversation. Are you 100% certain the person you spoke with was in a Georgia office? If not the state with the stictest recording laws is the one you need to abide by to be safe.

GA Code:

16-11-66 G
*** CODE SECTION *** 12/03/01

16-11-66.

(a) Nothing in Code Section 16-11-62 shall prohibit a person from
intercepting a wire, oral, or electronic communication where such
person is a party to the communication or one of the parties to the
communication has given prior consent to such interception.

The call originated in GA, and I was the party to the communication, and my consent was given.

[Laigs50]

Originally Posted by Ladynred

I would assume it has more to do with what ELSE is on your credit report that they can see that would 'upset' them and mark you as a risky borrower. They ALL now have a 'universal default' clause in their agreements and they keep a close eye on your reports. If there's ANY change in your pattern of payments with ANY creditor, they will jack your rates, suspend/close your accounts, and lower your credit limits. If they lower them enough, that will put you OVER your limit and then they will slam you with all kinds of penalty fees, over limit fees, more interest .. its a death spiral and its EXACTLY how MBNA and their butt-buddies in the CC industry made $34 BILLION in profits last year, 14 BILLION of which was ALL penalties !!

I suggest you be VERY careful with them for this type of action. It will put you on a slippery slope .. and they'll be behind you pushing you down it !

I have never been late with any CC payment, or ANY payment of ANY sort and my Credit report was fine. Bank One jacked up my 8.99% rate to 29.94% because I was carrying a high balance on a card...No payment changes, NOTHING. Throughout my life I have always been very meticulous about getting my bills paid promptly. Never tried to screw anyone out of anything or never did. Now that I have become disabled, YET still paying my bills on time, all this 'chit' has happened that I cannot understand.
Since my disability has began, the only thing I own now is my household furnishings and 1 automobile. What can they do if I now dont pay the bill? My nerves are gone and this is no better with all else that is happening around me.

Be blessed

[Ladynred]

Unfortunately, your story is all too common - years of never being late, basically perfect credit, etc, then WHAM, you get slammed with a rate jack. Based on what you've said about BankOne/FUSA (scum of the earth !), MBNA is following suit. Your utilization is too high on one, they rate jack you .. and the dominoes begin to fall across the board.

If you don't pay them at all, then your credit will go into the dumpster in a big hurry. You can be sued, eventually, but given that you show few assets and your disability income is exempt, there is little or nothing they could take from you. If you don't have scads of cash sitting in a bank account that they can go after, you're fairly safe.

Your best bet, really, is to get your utilization down as quickly as possible. Unfortunately, it may not be enough to get your lower rates back, although you can always ask.

[CMSC]

Originally Posted by Laigs50

GA Code:

16-11-66 G
*** CODE SECTION *** 12/03/01

16-11-66.

(a) Nothing in Code Section 16-11-62 shall prohibit a person from
intercepting a wire, oral, or electronic communication where such
person is a party to the communication or one of the parties to the
communication has given prior consent to such interception.

The call originated in GA, and I was the party to the communication, and my consent was given.

I know GA code failry well, however, to be on the safe side if the other party is in a state where both parties must consent to the taping then a court could hold their state law above yours. It is always best to find out wht state the person you are speaking with is in.