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johnny234243

hi, i am about to settle a credit card account on my own with bank of america for 70%. I will pay them $4900. I ignored their calls for 3 months and they just sent me a letter offering me a 70% settlement. Is this letter enough or do i need another letter where it clearly states, "if i pay 70% the account will be considered settled or paid as agreed"? They told me i could pay by cash at any boa branch so thats what i will do cause i dont want them to have access to my new bank account. I have 4 other accounts i need to settle. Must i ask each one for an agreement in writing before paying the agreed upon offer? Have any of you settled without getting a letter and the creditor never came after you later for the rest of the balance? I was absolutely depressed and lost before i found out about debt settlement and this board, thank you all.

Posted: Mon Nov 12, 2007 9:54 am Subject:

Johnny- be sure and get any and all settlement offers in writing. Also, if they have agreed to mark it settled in full,paid in full, whatever, get that in writing too, before paying them, if you can.

I am glad you found this site-why not register and join us,it's free!!

Best of luck to you..karen Very Happy

Posted: Mon Nov 12, 2007 10:42 am Subject:

Can u plz tell us what the settlement letter they sent u states on it?? Most times they say if paid by XXXX date this acct will be considered SIF. Does urs say this?? Do they give u a date to pay by??
Good Luck,
Ang

Posted: Mon Nov 12, 2007 1:29 pm Subject: Settlement

You may want to call them and see if they would settle for less as well. Waiting 90 days usually does not offer the best settlement.

johnny234243 · Posted: Mon Nov 12, 2007 9:21 pm Subject:

the letter says call us by Nov 13, 2007 if i want to accept a 70% offer and it lists the account number at the top. I wonder if i should ask for a letter thats more specific stating the exact amount of $4900 and that the account will be considered settled as agreed.

Posted: Tue Nov 13, 2007 7:59 am Subject:

I would ask for a lower amount as suggested by lost and they will probably settle somewhere in the middle! And definately ask for a letter stating if paid by XX date it will considered PIF or if nothing else SIF.
Good Luck,
Ang

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Internet's first get-out-of-debt community - 129,000 members

before paying a settlement do i have to get a letter?

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