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MShore Law
MShore Law, Attorney
Category: Business Law
Satisfied Customers: 25285
Experience:  Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements
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we have had a business credit line with Bank of America for

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we have had a business credit line with Bank of America for over 5 years. We have always made payments on time but the payments of been just over the minimum required payment. The bank wants us to pay in full now or they will begin increasing our payments dramatically over the next 5 years. Do they have the right to do this
Thank you for the post, I am happy to assist you by answering your questions. Does your line of credit agreement permit the bank to modify the repayment terms in its sole discretion (this is boilerplate commercial loan language is normally in the fine print towards the end of the contract in heading titled "acceleration")?
Customer: replied 3 years ago.


Did you receive my response or shall i post it again

Thank you for the follow up Annette, no I did not. Would it be possible for you to repost it?
Customer: replied 3 years ago.


We asked the bank for a copy of our contract and asked them to underline where's it says they can require balloon payments or payment in full. They sent us a contract that was unlegible and said they could not underline what we asked for. They did send us a new contract they now use (though not the one we signed). They then said it was imposible to provide us with a better copy of our contract. So we don't know if they have the legal right to what they are asking. What should we do?

Thank you, XXXXX XXXXX contact the bank in writing advising that you dispute the ability to accelerate or modify the repayment terms of your agreement without just cause (i.e. your breach of the contract or other reason stipulated by the contract). You would also, in your letter, request that they provide a copy of the contract as executed granting them this right, and concluding that unless and until such evidence is provided, you will continue making payments as you have in the past. Please let me know if this does not answer your questions or if you have any follow up questions.
MShore Law and other Business Law Specialists are ready to help you
Customer: replied 3 years ago.


Thank you we will do that.

Thank you, please remember to positively rate my answers. Please let me know if you have any follow up questions.

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