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Whychat....Account Closed or Not?
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Posted by MeToo (206.240.85.63) on February 29, 2004 at 17:43:05:
Not sure if I can make myself clear..but late in 2000 First Union Bank (Both Visa & Mastercharge cards) were closed by First Union and placed on a special fixed payment plan with First Union. This was done per telephone and we did not sign new contract. They just sent us a letter at that time stating: Once three consecutive payments have been received, your account will be brought current, and timely monthly payments will keep it that way. Participation in the plan requires that your account be permanently closed. This payment plan may be canceled if future payments are late or missed, or your financial situation improves. There is also a mini-miranda on the back of this letter. We paid for several months, then missed a couple of months. We paid the late payments, in person to the bank, but we received a notice from a CA the next morning via mail. The bank accepted the late payments and we continued to pay the monthly payments to the bank. Again this spring, we missed a couple more payments (which we paid late to the bank the same way) also receiving a notice from the same CA a couple days later. First Union again accepted payments. First Union sold out to Wachovia Bank this year (we were making timely payments to First Union at the time of sale) and we had never received any notice from First Union that the fixed rate plan was canceled nor have we ever received any notice from Wachovia that the fixed plan had been canceled. We continued to make payments to Wachovia, but Wachovia now has increased our interest rate from 12% to 19% and changed the account numbers (we still pay the payments using the old account numbers which they accept). Wachovia now sends us monthly statements with original credit limit listed (we have paid it down considerably) but also lists that no credit is available for us to use. My question is this...VA SOL (3yrs)is last payment on ACTIVE account and I have no idea what type account I have. If I were to default (hopefully not, but if they keep raising the interest, etc..) when would SOL begin? I am totally confused.
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