I just received a settlement letter after a conversation with a Redline Recovery Customer Rep. They are handling my BOA card, it is not charged off, they are just collecting for BOA. The offer was for 35% and I accepted. The terms of the letter state "You account has been place with our office for collections. Our agency is authorized to settle your account for a reduced balance of xxx.xx ... Upon receipt and clearance of the settlement amount, there will remain no further outstanding obligations pertaining to the account." This sounds fine to me as it sounds like they aren't going to sell the remaining balance- what do you all think? I've spoken to BOA directly and they won't even talk about the account with me (they refer me to Redline Recovery) and FIA said the same thing...to talk to Redline and that they will not deal with me directly.
I sent the payment today with overnight delivery cause they wanted my payment by 12/31/09 and really pushed for checking account info but I am not ok with that. What do you guys think? I hope I didn't overlook any details...once this settlement posts, I'll only have 4 more accounts to go, started with 8, so I'm halfway done!!
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