Termyn8or
Posts: 18681
Joined: 11/12/2005
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LE I agree. But there is another consideration. If this guy is sharp enough to use the system just right. And to any and everyone who thinks he wants attention, I am sure he does. But it might not be a vain goal.
Now when you originally sign up, you sign that the other party can change the terms of the agreement. While this is true, if you read most of them it will specify that these terms are usually because of a lack of performance on the part of the debtor, such as missed or late payments. Some state that a change in the debtor's creditworthiness is good reason.
I did wonder if the guy was a nut or something, and he could well be. He might also be a loose cannon, with a bunch of cannonballs in the hold. I can't tell what is going through his mind. I also can't tell you if he is aware of a little known provision in the Uniform Commercial Code called option to accelerate at will. If I were on the bank's side I would use it as a last resort.
The provisions of the option to accelerate at will for the creditor are non existent. Any reason they may have to invoke it is good enough, and that includes market conditions and much more. At will literally means at will. They don't even need good faith belief, just belief, which can be feigned of course for target practice. In this country any creditor has the legal right to demand immediate payment in full. If his goal is to expose this nasty side of US law, I guess he went to the right place. If everyone realized that, they would be better off. Banks do not like to invoke it, to avoid alienating the public, or abating the rampant consumerism they so depend upon. But it is true and you can look it up.
Their reluctance is understandable. What if you knew your new plasma TV could cost you your house ? State's laws on recovery must conform to the UCC, and I am not so sure it was read by the unnamed officials who signed it. But then again maybe it was..........
Another thing is, I wonder what kind of other resouces this guy has. He might have so much money that credit doesn't matter. He might have enough money to just pay it in full and thumb his nose and say "Now you get nuthin". BUt nooooooo (remember John Belushi). If he makes a big stink about this out of his own pocket, more power to him.
But then he might just be a bank buddy, and he and his friends will make a bunch of money off of this. In that if they make a very large out of court settlement they have effectively washed money, possibly some of our bailout money.
Need more facts.
T
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RE: Lawyer, Refuses To Pay Bank Of America Credit Card,... - 
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