Inability to pay a monthly debt settlement payment in whole
Date: Thu, 05/27/2010 - 01:09
I entered a debt settlement a couple months back that allows for 4 payments, each increasing incrementally. I am having trouble making the full 3rd payment. Does anyone know what will happen if I only make a partial payment? The settlement terms letter indicated any inability to make a payment would result in BoA rescinding the settlement and going after the entire amount. Does anyone have any experience in this area? Will BoA work with me if I split the 3rd month payment in two, making one on the due date and the other half within 10 days of the first?
A partial payment will probably void settlement. You need to ca
A partial payment will probably void settlement. You need to call Bank Of Am and see if you have any options, they may work with you. Do not just send partial and hope all is fine.