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Sub: #1 How to make the actual settlement payment?
Replied on 12-30-2009, 11:21 AM
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I got a settlement letter from BOA for 20% of the 30k owed. They gave me a deadline in a couple days to make the settlement payment. How do I actually pay it? The easiest way is to bring it to one of the BOA bank locations. Do I make a cashier's check, MO, personal check? Should I write something on the check besides the account #?
Please help

Sub: #2
Replied on 12-30-2009, 11:43 AM
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I would make a copy of the letter, get a cashier's check and take it to one of their branches. Give them a copy of the letter, and get a receipt.



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Sub: #3
Replied on 12-30-2009, 11:50 AM
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is the letter all in check? what im saying as it states something to the effect that it is paid as agreed, it has dates and signatures, and all of that? i would also add to aubreys statement to use cashiers check and speak with the representative there to be sure that the remaining balance will not be sold and such and get a reciept. you dont want to pay it and it come back to bite you in the butt later!


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Sub: #4
Replied on 12-30-2009, 12:23 PM
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Yes, the letter states "you will not be obligated to pay the remaining balance"

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Sub: #6
Replied on 12-30-2009, 04:12 PM
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How late were you on your payments? Also were you in contact with BOA or did they just send the letter?

Thanks

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Sub: #7
Replied on 12-30-2009, 06:18 PM
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Quote:
Originally Posted by Anonymous View Post
How late were you on your payments? Also were you in contact with BOA or did they just send the letter?
Thanks


I wasn't really keeping track, somewhere 4-5 months with no payment and no contact with them at all. They sent a letter threatening a chargeoff so I called them. They originally quoted a 30% settlement, I got them down to 20%.



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Sub: #8
Replied on 12-31-2009, 02:48 AM
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The letter should state how and where to pay it. Be sure to include a copy of the letter with your payment so it is properly applied.


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Sub: #9
Replied on 12-31-2009, 08:14 AM
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You should be fine. Get a cashiers check and send it to the address on the letter. Make sure to make copies of everything first!!!


Last edited by Shazzers; 12-31-2009 at 07:19 PM.



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