Legal Question in Credit and Debt Law in California
wf business visa card
Due to a medical injury to my right wrist, I was unable to pay the minimum payment on my business visa card. I have maintained the account in good status for the last 12 years!! They informed me that there was no payment plan available to me. They put me into the default rate of 25.99%. They have doubled my finance charges and are charging me late fees and overthelimit fees. I am self-employed and I cannot make the payments anymore. I tried to be proactive from day one but they are now legally robbing me! Please inform me as to what my resources are at this point in time. Can they sue me and or put a lien on my home?
1 Answer from Attorneys
Re: wf business visa card
First, you might want to no longer use the card. Second, Congress is considering restricting credit card interest rates to lower level. That might occur in the next session.
As for your card, I would go to the local branch and talk to the manager. Perhaps she/he might have some clout. Also, you might have an attorney in your area try to negotiate with its attorneys. FYI, the statute of limitation for bringing suit is 4 years from the date of the last payment.