Wednesday, July 16, 2008

Good New for Our Clients Who Borrowed Money From KeyBank

Many of our KeyBank clients have written to us or called us to complain about collection efforts by KeyBank, including telephone calls, letters, and demands for immediate repayment. I am very pleased to report that I have found a way to stop all of this for our KeyBank clients. I have provided KeyBank's counsel with a list of all of my KeyBank clients and gotten KeyBank to agree to place all of my clients' accounts into administrative forbearance (which suspends their payment obligations, but interest continues to accrue). The debt will be reported as disputed, KeyBank will request that all collection calls cease, and all written communications (including billing statements and delinquency letters) will also cease. KeyBank will begin doing all of this immediately, and will provide me with written notice when all of this is done. Because KeyBank works with outside vendors to perform some of the functions outlined above, it is possible that something may fall through the cracks. Thus, I ask that my KeyBank clients please bring any failure by KeyBank to do this on or before August 1, 2008 to my attention, and I will in turn bring it to the attention of KeyBank's counsel. This action by KeyBank is a good thing for all of our KeyBank clients.