Dealing with Bank of America

Oh yes. I think almost all of my creditors asked me for this information at one point or another. My Wells Fargo HELOC negotiator was adamant that it was necessary (it wasn't - I settled them). Discover always tried to get me to provide these details (I didn't - Discover is settled). USAA said that to process my settlement I needed to demonstrate the hardship (They are settled - my story was sufficient without financial documents disclosed).

This is what they tell you, but they can settle without any kind of financial information. Whether they will is another story, but they don't need it if they are so inclined to settle with you.

I settled 4 cards with them and was never really for financials. Simply stated income down and cannot pay.

dont give them that info. they will use it against you and say well if you are making 600.00 a week why cant you pay the 30.00 a month payment? they dont need it to settle. fact remains no matter how much you are making you cant pay your bill. all mine settled without that info. tell em your not giving out that info except for the fact that you got more going out than comming in and something has got to give and it just happens to be the credit cards. sorry

thanks everyone for the quick replies...good adivce.

I have a miracle in the works, but I need to know if it is valid.
I have a letter from a collection company that is handling
a debt for Bank of America. I am making 4 payments to this company.
The settlement is for one payment per month.

I have made 2 payments so far. The 3rd payment is due in 2 weeks.

HOWEVER, I just received a letter from Bank of America thanking me for the 2 payments and saying my debt was settled in FULL. It is a full blown settlement letter saying they will report it to the credit beaureus as SETTELED. I cannot believe it. It also has a name and a contact on the letter that I can call.

Does this settlement letter, which is for the SAME EXACT DEBT that I was paying on to the Collection Agency that was working for Bank of America, supercede the settlent offer I received from the Collection Agency?

To summarize
- I made 2 of 4 payments to the collection agency that was working for Bank of America
- I received a letter from Bank of America saying " Thank you for your final payment toward the settlement of $xx. This payment serves as the full settlement of the above - referenced account" etc.

If this does satisfy the debt, which I think it does, what should my next step be?
Will this settlement letter hold up in court? Or can B of A say it was a mistake?

I will leave full details of the amounts after I know what is happening.

Thanks

Hmmmmm. Wonder if CA was trying to extract "extra" money from you.....

Well, I'd say, if you have a letter from the original creditor stating your account has been settled in full, no one else has a leg to stand on when trying to collect additional money on the account. I'm not an expert, however. You might wait for someone else to come along and give you an answer.

Did you sign anything with the collection agency that says you were going to pay them the full amount? You know they didn't send you're first payment to the OC, so chances are they bought it for next to nothing and paid that amount. They pocket the rest and BOA reports it as settled.