bank of america legal department

I have a bank of america account too. More than likely, they are going to sell your debt to a junk debt buyer.

They sold my account to some stupid law firm who is not even licensed in my state, and will never be able to prove that I owe the debt. First of all, the OC has no agreement. the original company was MBNA, and then Bank of america bought it. There is nothing with my signature on it.

So with that being said, like you, I am not able to pay any lump sum, and I am not interested in paying taxes on any debt forgiveness anyway.

I am working with the fraudulent law firm, and by working I mean, I sent them a cease and desist, and I sent them a debt validation letter.

In reality, i hope the law firm sues me, because i have a really good case.

I am afraid if you tell them you are filing for bankruptcy, they may hurry up do things before YOU do. I would not tell them that.

However, you can go ahead and file for banktruptcy, and there is a thing call a 120 stay, which means you can withdraw the banktruptcy request. Dont quote me on that one. Find that out from an attorney.

but if all you debt unsecured, I would not file for bankruptcy for unsecured debt.

Rather, I would play my odds, and have the debt collector come up with burden of proof, (which they may not be able to do) and your case may get dismissed, IF you even ever get sued.

I was surprised Bank of America turned my account over so quickly, (60 days) to a law firm. I guess it depends on how many defaulted accounts they can sell to the highest bidder.

Hello,

Im also dealing with B of A and there "Pre Legal Department" Finding out that they are not affiliated with B of A but just a collection co. I got a letter from CollectCorp. Called and tried to deal with them as we settled a B of A card in July for 30% on our own and was hoping to have enough to settle the second one before charge off and it didnt happen.
I can only tell you CollectCorp are beyond nasty and relentless in calling you. I am getting ready to send a no contact letter and debt validation, although I may have done that backwards since Ive already spoken to them and tried to settle. Does anyone have any dealings with these people and what do you advice at this point?

If I am reciveing letters from bank of America still then soes this mean it has not been sent to collections yet? If that is the case then if they do send it to collections they will have to notify me of that and give me the opportunity to dispute the debt? What if it has been past 30 days since i recived a debt collections letter and I have not disputed the debt such as the case with my other credit cards.Can I still send them a debt validiation letter?

For now, it seems like you are dealing with Bank of America. What is it you want to accomplish? If you call them back, that may delay things a little.

In my case, I had a business credit card. They shut the line despite perfect payments, etc.. I am a cyclical business, so I hire people the last quarter of the year, and then pay everything off six months later. I had done that for 10 years. its a tax practice.

But when they shut the line down, I just told them, "well, you guys shut the line down, so now I have to make payments with cash, and now I am depending on when clients decide to pay me which can be any where from now to 2 years from now.

The lady told me to keep in touch, and to make sure I called them every 30 days.

Eventually, I just stopped having the insidious conversations with them,and decided I could not pay them, ever. I sent them a cease and desist to stop calling, even though the laws do not apply them, (they are an OC) but it sent them a message that I am not going to talk to them anymore.

they called the house 6 times a day for ever, and now, they've stopped. I have six business accounts with them, and my one consumer account was turned over to a law firm right away.

I am not sure whats up with all my other business accounts. I have not heard anything. But I know its wishful thinking to think they disappeared. I think they are trying to sell it off to a junk debt buyer, but unsecured business debt that is not guaranteed, I can imagine is a lot harder to collect on. Especially since the business tanked and they do not even have an alternative phone number but my house.

Debt Collectors, they prey on the weak and uninformed. I would send them a cease and desist letter to stop calling.

Then, when they violate that, just keep track of that. its easy to do. Get google voice, and just block all their calls. Your phones will not even ring, and you still have a log of all the times they call.

If they ever send you anything in writing, then, send a debt validation letter certified mail.

And take things from there.

Most of the debt that debt collectors have is debt not representing the original creditor, which is good. In these cases, debt collectors break all kinds of laws, and just try to threaten you into paying, or sending you a summons hoping you wont show up for court, and get the default judgements.

I say fight fight fight.

I have a personal vendetta against the law firm that was harrassing me for two weeks. All the guy did was yell at me and tell me lies, and threatening me. I was like, "do you really think I am going to negotiate with you after you've proven yourself to be a psycho path? This account is not even mine, and you are wasting your time pal. Hope you are just doing this for fun and do not hope to earn a commission.

The guy got all mad and hung up. Since I sent him the cease and desist, I have not heard anything. I hope they sue me.

I got a question for you . We are self employeed and have a small business
line of credit with BofA for 100k !!! the last few years have really been difficult in our business . We are deciding to go down the settlement road. We are currently 21 days late on this 100k unsecured line of credit. We do have some money to settle do anyof you have an idea about settlement of this big line of credit. We were hopin for 20%
but not sure if that is possible.

Any advice or suggestions ?
Thanks !

i am at 90 days an no settlement offer yet. 21 days isn't even technically a default so my belief is you will have to let it age.

I had 6 business bank of america accounts totally $350,000, defaulted on every single one. For some strange reason, I have not heard anything. 4 months late. They used to call, they stopped calling. Do not know what is going. In my case, they purchased lasalle, and mbna, and there is NO agreement. The accounts are unsecured, unguaranteed, and my business is a corporation. I think that is the reason I have not heard anything and it appears, (at least for now) that the accounts have disappeared, but I am sure they are getting ready to sell to a junk debt buyer.

My one consumer account, poof, right to a scumbag attorny!

I cant settle, there is no money. And I definitely can not afford to pay the taxes on debt forgiveness of $350K. So I say, wait it out if its unsecured non guaranteed debt. You and me and the rest of the world, we are in the same position

i also have a bank of america card that used to be an mbna card. I have had this card since 2000, and it has been closed and inactive for about 3 years now. How do you know that bank of america has nothing with your signature on it? i have one credit card with a balance of 7300.00 and they will not leave me alone and I told them i will pay 100 a month and they won't take it. I am going to try the statute of limitations through the attorney genral and if that doesnt work then I will try the debt validation letter after this debt goes to collections.Any advice?







Quote:

I manage a debt settlement department and can tell you that BOA has taken to settle accounts PRIOR to charge off for anywhere between 20-45%. These, of course, are for unsecured credit only. They will even do this in more then one lump sum settlement payment. You can not file bankruptcy for secured credit unless you are willing to forfeit what is held for security (ie: car, certificate of deposit). Bank of America rarely sells an account to a "junk debt buyer" until it is very far past due. They will attempt to collect it through collection agencies and law firms representing BOA for collecting the debt only. You can pretty much tell if a law firm is acting as a collection agent or may really be retained to file suit by the letterhead. If the law firm is not licensed in your state or anywhere near your state they are probably acting as a collection agent only. As a previous collector I can tell you that you will want to be careful sending cease & desist letters to collection agencies. If they can not contact you they will return the account to the creditor and the creditor may excellerate the collection process and the next thing you know you are being sued by the creditor. Before doing anything like this you should know your rights under the Fair Debt Collection Practices Act. You can find all you need to know about this on www.ftc.gov.

thanks for the very helpful post. Yeah, my account went directly to a junk debt buyer just after 30 days, made no sense really.

" If they can not contact you they will return the account to the creditor and the creditor may excellerate the collection process and the next thing you know you are being sued by the creditor."

Yeah, I do not condone just ignoring bill collectors, but I think its a good idea to only deal with them in writing. And the only way to do this is cease and desist, and having them send you what the alleged debt is, and then they have to validate it.

But agree with you. Its not a good idea to just out right ignore it. I have found that after I ask for a debt validation, that they IGNORE the debt validation, and then, violate the law by selling the debt off again, either to the original creditor, or to someone else. Its my understanding that after the time has passed on the DV, then the debt no longer exists..

All I am saying, is that the burden of proof is on THEM, and not creditor. If Bank of America wants to sue people just to scare them into a default, (as well as other junk debt collectors) thats fine, but they will have to spend the time and expense of coming up with legitamate documents and agreements that do not exist.

I guess thats why there is so much strong arming, and bullying and breaking the law. I guess they prey on people that do not know anything.

Original creditor or not, they still have to prove that they have an agreement, and a lot unsecured debt, there is none, and if its a business, I know for me, I definitely do not have anything that I signed that says I guaranteed it.

I really appreciate all of your input, but what does OC mean?

OC = original creditor

Go Gators

I am 90 days past due and I just got a letter asking for the full amount I owe. Due in two weeks. If I had all of this money I would pay it. I don't know if this is a pre-settlement letter that they are trying to get me to pay. Does anyone know if BOA is still accepting settlements? Some of the web sites make it sound like they are not. I just dont know what the best next step is. They have offered to lower my interest rate from 29% to 6.5% after many calls. I would rather settle and just be rid of them.

They are still settling. I think it is just a scare tactic and would wait it out. Best offers come after 150 days late.

Go to debt settlement forum and read about bank of Am

My account was written off from Bank of AMerica back in Jan 06. The 4th (owner) junk debt collector is now suing me in court. Anyone have any ideas of info to help.

had a small business that was under corporation. I and my husband signed with mbna as personally guarantors for a business line of credit under that corporation. now after economy struck us hard, we are out of business for 18 months and just got served papers from a skip tracer that bank of america is suing us for 99,000. they are going after my old corporation and me and my husband. we have no money to pay them all that back at once. we orinally got the loan from mbna in 2004 for $45,000. we had excellent paying history with them on this line of credit. we borrowed, payed it off, borrowed, payed it off....then the business failed and here we both are working 6 days a week for someone else and trying to feed are three kids...are income tax for 2009 showed us both at $49,000. scared and dont know what to do next

I also have a Bof A account that was sold off to some lawyer/collection agency but the thing is, I had a payment plan with B of A and was current on it. Then I did get behind, but I called them to ask to lower the payments; they said they couldn't do that but did accept smaller payments and did apply it to the balance. Last payment I made was for half of the monthly payment due in August and surprisingly, about 3 weeks later, I received this crazy letter from a John P. Frye, supposed lawyer in Virginia. I did research on them and found out that they buy charge offs from B of A and work as a call center, while stating on the phone that they are calling from the "office of John P. Frye", which is obviously not true. They pose as if they are lawyers or clerks or something, which is an obvious lie. At any rate, I spoke to one woman and they start in with the "borrow money from your 401k or friends/family to pay off this account". Hello, if I had that type of money, I would have paid it off a long time ago! So, I told them I could only make monthly payments and she said they needed at least $1500 down and then they would talk about payments. Well, I don't have that much laying around either. Just trying to see what the best approach is for dealing with these guys; they haven't been too crazy about calling 24/7 but obviously I do need to deal with them. Very frustrating!

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