You have a right to be represented by an expert workout consultant with Power of Attorney. We are fighting this important battle for you all.
The audacity of the credit card companies and banks holding defaulted loans is sometimes beyond belief. The list of outrageous acts and statements made by banks defies mere greed and elevates itself to bombastic arrogance and the borrower must be defended.
The nerve of some banks and credit card companies to refuse to speak with a third party representative on behalf of a defaulted borrower, especially when the representative carries a Power of Attorney and has significant experience, helpful to both the client and the bank. Yet this issue pops up from time to time.
The reason is simple. The Banks and Credit Card companies have figured out that the borrower is a lot easier to intimidate into making payments they cannot afford and accepting settlements that are beyond reasonable. Experienced debt workout specialists, with Power of Attorney are simply going to get a much better deal, as they know what works and what does not work, they are not easily intimidated, and have great expertise on how to arrange a reasonable fair workout resolution that is in the best interest of the borrower and within acceptable parameters for the bank/credit card company.
This does not work for the Banks/Credit Card Companies as they are more interested in beating you up and taking every last dollar you may or may not have.
Recently we have experienced such absurdity, the bank refusing to deal with us as third party representatives with Power of Attorney on behalf of one of our clients. Shame on them, how blatantly absurd. Surely anyone can understand the basic requirements of allowing one to be represented by an expert consultant with Power of Attorney. Of what possible business is it of the bank whoever represents the borrower? How dare they butt in to the borrower’s right to be represented? How over reaching.
In fact it is my belief that this is a serious breach of a banks fiduciary responsibility to the borrower and could result in a lender liability suit.
Thus, I have hired counsel, a legal expert in bank law, who agrees completely with me that the bank has no right to interfere with a clients right to be represented. I am starting at the lowest level, asking counsel to prepare an all encompassing review of the law in memo form with Federal Law citations.
The conclusion will be obvious. Such actions are an absolute breach of the borrower’s rights and could result in an action against the bank.
If this does not remove the barrier, I will consider filing a suit against the bank and if necessary litigating the issue. Surely the borrower has some unalienable rights that the banks cannot take away from them and I believe this is one of them.
If others reading this blog has confronted this issue and needs such back up support, please email me and we can discuss my sharing this memo with you.
We cannot allow the banks to walk all over our rights, you may be in default but this is a business matter which must be resolved with a business conclusion, not by intimidation and a prevention of appropriate representation.
I will report further as the issues are explored.
