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I got hooked into those "checks" that bank of america always sends to me. The fine print on the back of the checks seemed to be legimate and the apr rate seemed normal. So, I used 1 check for $20,000 to pay off some of my other bills. Now, here's the thing I assumed this was a loan, I was wrong very wrong. I've been paying $470.00 a month now for 14 months and ONLY 70 dollars a month is going toward the principle amount, the rest is going to all sorts of service charges! So in 14 months of payments on time I still owe approx $17,000. What are my options?
I would say the only way to handle it would be to get a loan and pay it off. But most likely to borrow that kind of money you will have to have collateral to put up.
Merry, Hello. This is where a lot of these companies can fool people. Now since you were able to secure this type of credit card advance (check) would it be possible for you to go to the bank and take out a loan and try to get this thing paid off. Unfortunately since you already have taken the money you will be held responsible for the terms of the contract unless you find a way to pay them off entirely. I would first suggest going to a bank and try getting a loan.