Wednesday, December 21, 2011

Two Down!

I got the "finiquito" letters from Promerica and CitiBank. It's been a difficult road but it's so nice to see that I won't have to go to those banks again. I wish I could post the letters but they have too much personal information. They basically say that any document I have signed before is null and void, and that my credit history will be updated to the credit rating agencies in 15 to 55 days. I'm saving those letters in a safe place!
I requested closing one of my BAC cards and have had to go 3 days in a row to get it closed. One day it's one thing the next day is another. First I forgot the actual card, then I had to cash in my reward points, then I had floating transaction of $10 that I had to wait to have it posted in my account to pay.
Last thing is that since that card is debited for my phone and I have requested my phone company 8 times to stop debiting my phones from that card and haven't done it. So now they say they can't close it because it has a auto debit of my phones but they can put me on the exception list so I can proceed with closing the account. In 5 business days.
So I asked the Customer Service lady why when I went to BAC twice before to get help from them in stoping debit from TIGO of my phones, they said they couldn't do anything and refered me back to TIGO, that only the could close it, when now BAC can actually stop it. The lady was wishy washy and eventually said that "There was probably some credibility problem in the request to TIGO having been actually done". So basically they didn't believe me!?! I was a lazy liar.
She went on further to say that they get a lot, and I mean A LOT of complaints of people wanting to stop auto debit for utilities, cable service, cellphones, etc and it's rarely that the stop auto debit order goes thru. That teaches me a lesson not do to that ever again.
One more time i'm truly convinced I have NO moral obligation to them, only legal obligations. So what if they've give me ok service for years, I don't owe them to keep the card open. I have been warned that I will get a call from their "recovery" department trying to woo me back into keeping the card but with the new security tax laws that have set a yearly fee on credit cards plus the yearly insurance fees I'm happy to see them all go.
Meanwhile I have $70 in insurance fees in that card that would be reverted only if I close the account before Jan 1st, so the clock is ticking, hopefully nothing else will block me otherwise I will have to pay more to get rid of that card.
Last night I made the first payment of my new loan that has enabled me to close these and other accounts. I was able to pay even more than what was due. 1 down 47 more go to. HSBC you're next!
I wish you don't go into debt buying presents for your family and friends. I took it up myself to ask those around me to NOT give me anything for Christmas and instead give it to some charity. A tie or a shirt won't make me love them more or less and will only push consumerism into those that can probably afford it the least.
Here's wishing you have a debt-free Christmas! Happy Holidays!


La Gringa said...

So much of what you write makes me absolutely incensed at the way the banks treat their customers! I wonder if they will ever pass some customer protection laws to prevent the banks from abusing their customers?!!! Even worse, most of their customers aren't as savvy or determined as you and just give up.

BTW, as far as automatic debits go, that happens in the US, too, though you are probably much more likely to get your money back eventually. I would never ever sign up for an automatic debit in Honduras!

Feliz Navidad to you and your family!

Steve Smith said...

Congratulations on taking positive steps to consolidate and reduce your debt and credit costs.

Contrary to LG, I love automatic debits. Saves remembering and paying ENEE, water, Hondutel, Tigo cell and cable combo monthly bills. Those payments are initiated and cancelled by the bank, not the service provider. Having only one CC (Citi) simplifies the process and I've had only minor glitches that were resolved with phone calls. They were missing payments, never overpayments.

Keep up the good work.