BOA not sending Settlement Letter?

May be somebody would be shortly along who has a more recent experience with BofA. But personally I wouldn't have sent any payment until I get the offer in writing.

I would NEVER settle without a letter of satisfaction. Without one the creditor will credit the payment to your account and then sue you for the rest or sell the debt to a debt collector. You are opening yourself up to all kinds of trouble.
Have you considered a debt negotiator? solicitation removed

If its not in writing its not a deal. Do not send them a dime until you get a written agreement accepting the settlement terms.

The guy you talked to is confused, he needs to go talk to his manager..
I settled here is what I was told.
B of A doesnot FAX or Eamil settlement letters.Yes THOSE can be changed..
However.I recieved a settlement letter in the mail ONCE I AGREED, BEFORE I ever made a payment.
So just call back an ask for a settlement manager.You should get a letter no problem. ANd on occasion they still will fax .

Great thanks will do just that.

Well... I called back and asked for a settlement manager. The girl asked if there was anything she could help me with with. Well I went into my story with her (my mistake)
10 Mins later, I just hung up confused. She was hard to understand, she kept giving me different figures then the guy did yesterday and she made it sound like the only thing I would get in writing would be after I lived up to my end of the settlement.
Oh well will try again soon. I was trying to squeeze a few extra % out of them off my 50% offer to help pay for a new water heater I had to get last week. If last tuesday was my first offer, waiting a couple of more weeks should only get me a better offer correct?

Try this number and DO NOT talk to any one but a settlement manager.Tell them you are upset and have been treated rudely previously and that all you want to do now is settle the account and not have to tell the storey 50 more times.Ask for a extension so if you have to call back again you get the same person.Good Luck..PS Do not say where you got the number but I doubt they will ask.If they do just say someone left it on your VM
1-866-837-7096

I had to post date checks and then they sent me the settlement offer. I was skeptical also but everything went ok. They were also very quick to send me verification of payment received and that my account was indeed settled.
I'm still waiting on verification letters from Chase and Advanta.
Citi was the hardest to work with. They finally agreed to 40% of balances and would not budge on the 35% I had wanted. They also wouldn't send settlement letters until I post dated the checks.

Are you done with the Citi yet(completely paid in full per settlement)?
Did you get a regular statement saying ZERO balance later after all was paid?

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Chase just told me they would settle for 50% at 110 days (today)....then she told me the deal gets better when I go past 120 days....hmmm what a hard sell that is.

When I settled with bofa, the DID fax me the settlement letter.

I am new to this but Why post date your check? and How many days or weeks do you post date it?

Bank of America wants bank information and they set up payment plan in advance. Post dating essentially means the date at which they will take money out of your account. In my case every 30 days on a specific date.

Be carefull though in doing this with collection agencies. Some say the will take more or all money first payment.

I settled with Bank of America on Jan 7,10 for 30% over the phone for 2 accounts. They already had my banking information from previous payments in the past 20+ yrs. and verified if I still had this account. She then went over 8 specific check # (asking me what check # to start from), the amounts to be withdrawn from each of them with the specific dates - Jan-April. The letter with all the same details arrived a week later on Jan. 14,10. I've read from here, that others did this beforehand setting the payments and received agreed settlement letter later on with no problems.

Not crazy about the post-dating thing. Post-dating is against the law. Check nos. are an absolute must - love that rape and pillage of my checking account. ugggh.

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Try 1-866-516-8305. I was 150 & 160 days late on my accts. and got 30%. The previous month was at 40%.

BofA just settled with me for 25% (debt was $11,895), perfect, they said I'll get a letter with the settlement info in 5-7 business days! Now I just have to get Chase to do the same thing, they are playing hardball I just got off the phone with them and the lowest I got them today is 30% but I still have 3 weeks before charge off so I will take it to the end to get 25% from Chase also. Anybody out there have problems with Chase? Are they going down to 25% or is 30% there lowest, period? Like I said I will drag it to the end to get 25%. Any Chase info with help.

Thanks!

Done Deal! I just got off the phone with Chase and they settled me for $1000 on a debt of $4955, which is 20%. I just stuck to my guns, I told them yesterday that I could $1000 that's it, my house foreclosed and I had another card I was trying to settle and if they didn't take my $1000 then the other bank was going to get it and they wouldn't get nothing because if they didn't settle I was filing bankruptcy, of course they did ask where I was getting the money and I told them I was borrowing it from my brother and thats why I had only $1000, period. They said all they could do was $1950, I said fine "bye" and he said wait I will put it through and see if can be approved, today he called and said it was approved and I set everything up to settle!

Thank you for everybody's help here all the information has been tremendous, I hope you all get what you are hoping for.

Wow!! that's a great news Whaat1881.

Remember to receive everything in writing while negotiating a settlement.

B of A can and will send a letter they just do want to! most of the time they want the payments post dated on file already so when they present the deal to upper management the checks are already on file and management usually doesnt want to cancel those checks, seems risky I KNOW!

So heres the trick:

post date the checks toward the end of each month giving B of A a little time to get you the letters, recommended though is to provide a fax number so the can fax them to you. US mail sucks always.

once you receive the letter make sure that is exactly with what check amounts you provided and better yet the dates provided, one day late will make this no longer legally settled in the court of law. remember that

aka RIOT

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I spoke with B of A yesterday, we missed Jan and Feb. payment (just)......they will not go anywhere near settlement talks, and want all our financials which I won't give them. I gave them general info, but they want me in a hardship program and I said we could not do that. So I am just answering calls every week; not fun to go through.

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