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.
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