Consumer Law

Attorney Refuses to Pay Bank of America Credit Card Debt

By Randall Ryder

California attorney Ben Pavone refuses to pay his credit card debt until Bank of America lowers his interest rate. Pavone has also threatened to sue Bank of America if they try and ruin his credit because of his non-payment.

Pavone asked BOA for an increased credit limit a few months ago, when he needed the extra cash. BOA replied by lowering his credit limit.

Pavone replied by telling BOA he considered the lowered limit an anticipatory breach, and stated:

I have no doubt that you will mark my credit in light of this default, but if you do, I will sue you. I am eager to argue to a court that your interest rates are unfair within the meaning of various state and federal statutes, and 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.

Pavone has a point. Whether it justifies he refusal to pay is unknown, but it is certainly an interesting approach.

Ben Pavone, California Lawyer, Refuses To Pay Bank Of America Credit Card, Threatens To Sue | The Huffington Post

(photo: yksin)

Full post as published by Caveat Emptor on January 20, 2010 (boomark / email).