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My banks credit analyst wrote me an email offering me helpful

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My banks credit analyst wrote me the follwing email. Mr. Francis,
my name is XXXXX XXXXX I work for Credit Administration at Montecito Bank & Trust. I have talked to you before in regards XXXXX XXXXX Visa account with us. Currently, you have 4 past due accounts with us: checking account, ready cash reserve (RCR), Visa account and a car loan. I understand you have financial difficulties and I wanted to propose that we take care of your overdrawn deposit account and RCR in the following way: We can make a fresh start interest free loan for the negative balance of your checking account (currently $300). You can repay that over 6 months, approximately $50 a month. During this period you must not overdraw your checking account.
Your RCR balance is currently $3,660. If you start making $200 payments a month, it will be repaid in approximately 2 years.
You should continue to pay on your car loan as agreed and try to bring your Visa current.
Best Regards, XXXXX
Credit Administration
Montecito Bank & Trust
I accepted the offer immediately.
Several days later I received an email at 3:45 pm from the same person saying I had till noon the next day to make a payment on my checking account or it would be closed. I had my daughter do this for me as I was out of town and it's a local bank. The analyst caw the credit and replied thank you to me in an email at noon. Then at 1:03 she sent me an email say more money needed to be put in or my checking and credit line would be closed. I did this, am in the black, and it's getting worse as now she is referring to the other accounts asking if they were paid.
They are totally unwilling to abide by the offer made and I feel like this is harrassment. Is there anything I can do? I wish I could pay you more.
Submitted: 6 years ago.
Category: Legal
Expert:  BizAttorney replied 6 years ago.

It depends on how you "accepted the offer." If they proposed something in writing that allowed you not make certain payments on your account or would not increase your interest rate or payment if you made a payment of a certain amount. If you signed something IN WRITING to that effect, then they are bound by those terms and must follow them. You have a letter, so that is a sufficient writing. You are not obligated to pay more than what was agreed to in their letter. They offered you a loan to pay back the amounts you are behind, but they may not include all of the payments you need to make on your accounts.


Regardless, they can call you many times a day to collect the money you owe them so technically their actions do not constitute harassment. You should focus more on getting whatever you agreed to in writing and then follow that plan. If you do that, then they should not call you and harass you while you are abiding the terms of the new plan. Good luck!


Edited by BizAttorney on 4/1/2010 at 3:58 AM EST
Customer: replied 6 years ago.

I just updated my email to you showing you their offer in writing. Within minutes I accpeted the offer via email.


Expert:  BizAttorney replied 6 years ago.

That is a sufficient writing, but it requires that you pay specific sums towards specific debt. $50 for the loan, $200 for the RCR, your car payment and then also your VISA current.


So even though they made you an offer on your loan and possibly on your RCR payment, it didn't change anything for your car loan or visa payment. All of those payments are not lumped into one and each of them you are responsible to pay. So if you fail to make certain payments, they will call you.

Customer: replied 6 years ago.
I will pay extra but dont have much. Since they did not give me 6 months to pay down my checking account and instead sent me an email saying they would close it and I needed to get current on my car loan (which is what causes the overdrafts as they are autopaid), I spent all my money just keeping account open as they said it would be closed 3 days after I accepted this offer. So, since they gave no loan for $300 I paid that which could have gone to pay down credit card. In other words, where are they responsible for anything they put in writing when what happened is they have pushed me into corner with threats of closing acounts now and never gave me the interest free loan?
Expert:  BizAttorney replied 6 years ago.

The stated they would loan you the money to pay off the money for your checking that was overdrawn, but you will still need to pay whatever charges you make on it in addition to that.


They didn't loan you the $300 to pay your credit card, but that was specifically for the overdraft for your checking account. So you couldn't have used that for the credit card. So long as your overdrawn balance went away and you are paying them $50 a month, then they did what they said they would do.

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