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Bank of America Debt Settlement: They say they can't give me a letter *before* I pay, confirming the agreed settlement

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I just called Bank of America and we agreed on a settlement amount on some credit card debt. I'm happy with the amount that they're willing to settle for, but I have read many articles which say that you must get a letter confirming the agreement before you pay. (Otherwise, what would stop the bank from playing dumb and saying there never was an agreement in the first place?)

The person I talked to on the phone said that BofA doesn't send out any proof beforehand of the deal. They said if I pay, then they'll send out the paperwork confirming that we've come to an agreement and I'm all paid up.

I found at least one article that says that getting a letter (or something in writing) beforehand is less crucial when dealing with a bank, because they're more likely to honor the agreement. That's the way it sounded when I talked to the person at the bank.

Does anyone have experience with dealing with Bank of America and did they honor the settlement amount even without a letter? Thanks for any help.

I don't think you should accept this deal. You should get a letter confirming the agreement before you pay. This is too risky. What will you do if Bank of America denies the agreement after you make the payment? You would have no proof. Go through this thread where our forum members have shared their experience on settling debts with Bank of America:


Sub: #1 posted on Thu, 11/08/2018 - 03:43

David Martin David Martin

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Thank you! I will read that thread!

Sub: #2 posted on Thu, 11/08/2018 - 09:21

Ruth Descanso Ruth Descanso

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I spent a lot of time on the phone today with a few BofA reps. Both of them insisted that they don't send out letters confirming the settlement agreement before the payment is made. However, both eventually talked to someone else who told them that BofA does send out such letters beforehand. I kept on persisting, saying I wasn't comfortable sending the money on the hope that I would get confirmation that I was paid in full.

The reps were all great; I have no complaints about them. But I don't know why this information isn't available to them. If I had given up and accepted not getting the settlement agreement in writing beforehand, would I have gotten no letter? Or was it just confusion with the reps and I would have gotten the letter beforehand anyway? I don't know.

I recorded the conversation (with the understanding of the rep) and have set up the payment so it'll be sent way after the letter should arrive. If something seems off with the letter (or it just doesn't arrive), I can call them again and see what's going on before the payment is made.

Thanks to this forum for the help you have provided!

Sub: #3 posted on Thu, 11/08/2018 - 15:14

Ruth Descanso Ruth Descanso

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