Recived a settlement letter but they wont honor it????

We have had that happen before as well. Very rare though. If you push it, sometimes hard, you can still get resolution. Ask to speak to the manager, plead your case, etc. Find out what he/she WOULD approve (I'd assume between 15-22% right now) and if they will apply that one settlement payment towards the new agreement.

Unfortunatly, creditors have near god-like powers and theres no real place to complain to (they would just say "You owe them $X anyway)

Well...here's the thing. You can pay them according to what you have in writing. If it goes to court you can use the letter has proof. It's not your fault they didn't get it approved before sending it out. And no where in the letter does it state pending manager approval on it.

I would read the letter carefully to make sure it doesn't reference anything like that. You know, check for fine print and stuff.

From my experience, they put it in writing and it that is too bad for them. If it is a CA collecting, they will have to eat the loss.

Good point. If it is with a CA they WILL have to eat it. (I have had CA's refuse the payment, but our client still sent the checks every month and later when another CA picked up the account, we just provided the settlement letter and copies of checks sent. Long story short, they original creditor reported account was settled in full)

If it is the creditor though, I still recommend throwing yourself on the mercy of the Manager. BofA is usually a very professional and "non-bs" creditor.

I just got off the phone and the lady said she will cancel my payment and that will show im not compliant with the letter! The letter says first payment by 4/30/09. I told her go ahead and I will make the payment online.

She then asked to give her a name of a lawyer and then she would re-sub,it the offer. This is not right

to rstimson, you mentioned 15%-22% with BoA what is this assumption base on? I'm past due on 2 CC with them and I can only get 30% on 1 CC (120 days) and 35% 2nd CC (90 days) and at this point I do not see how can I get them offer me lower settlement

frankly they are screwed. you got the proof be sure that there is no fine print, send the check certified if they cancel or send it back thats proof, if you get sued that you attempted to pay by the deadline. if they keep it up you may get away scott free so let them dig thier own hole.

it's not a matter of may love my things.they sent a settlement letter.if there is no fine print.and the OP sends the payment certified and they return it.the entire debt technically is null and void.call there bluff.send the payment.if they do return it they are screwed.

If they put it in writing and there is nothing to indicate that it needs approval, AND they took your payment, then they have to abide by that since it's all in writing and you can go to court and fight it.

They asked if I had advice. If so they need to submit the lawyers info and everything should be ok. Im still waiting for a call today to see what the outcome is. If they decline it Im going to go ahead and make the payments per the settlement letter. She admitted it was a mistake on behalf of the custmore service helping me at the time.

If they sue you, and you showed up to court with that settlement letter and proof you paid that amount, a judge would toss the case.

Just make sure there's no fine print on the letter that would otherwise limit their settlement. For example if they said payment had to be received by 4/01, and you paid it on 4/02 then that may be sufficient grounds to invalidate their settlement offer.

i was thinking that paul, but i wasnt sure and wasnt comfortable stating it without knowing. so thanks for clearing that up! I too was under the impression that the HAVE TO take the payment or the whole thing is gone. thanks!