Another BofA Debtor Revolts, Threatens to Sue

Why'd you cut my limit while paying out bonuses, he wonders
By Harry Kimball,  Newser Staff
Posted Jan 5, 2010 9:53 AM CST
A glowing Bank of America marquee in New York.   (AP Photo)

(Newser) – A California lawyer inspired by the rumblings of debtor revolt last year informed Bank of America he won't be making his credit card payments until the bank lowers his rate—and if they try any funny business, he’ll sue. Ben Pavone requested that his limit be raised in October. Instead, BofA lowered his limit to just above his balance. “I consider your action an anticipatory repudiation of the contract,” he writes.

“I have no doubt that you will mark my credit in light of this default, but if you do, I will sue you,” Pavone continues in the letter, obtained by the Huffington Post. He is particularly “anxious to point out that you 'had' to cut my credit limit from $32,000 down to $30,000 at the same time you were borrowing billions from the federal government and paid your executive bonuses in full.” A watcher isn’t sure the gambit will work, but heartily encourages a challenge to this “example of Bank of America's venality.”

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