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Being Summons On Credit Card Debt- Please Read

Date: Thu, 06/24/2010 - 08:06

Submitted by anonymous
on Thu, 06/24/2010 - 08:06

Posts: 202330 Credits: [Donate]

Total Replies: 3


Hello All, First time posting but I studied this site a year or so ago and it helped me settle 2 of my own credit cards and 2 of my wife's credit cards. I'm happy to say I'm finally free of most all my debt (I have one small Lowe's Credit Card $200 on it, Car Loan, Mortgage, and a student Loan-thats it).Anyways, in late 2008 I entered into a settlement with Citi for $3800 on an $8000+ balance. I made several payments including a large first payment of $800, followed by $275 monthly payments. In total I paid $2000 towards the $3800.Well then the bank bailout's occured and when I went to make my next payment I was told they didn't have my account (Citi says this). They said Bank of America now has the account and to contact them. I asked if my settlement was still in effect and they said yes. Fast forward to speaking with BofA- It was a cluster, I spoke to numerous different people saying it would be accepted just to fax it over. I faxed over my Citi Settlement 7 times. Each time I called they said they didn't get it, but that it was crazy there because of what was going on with all of the newly purchased accounts.I didn't make any payments going forward. BofA said they wouldn't accept the previous Settlement but would settle the account if it was delinquent (BofA reopened my closed account). I never made a payment as they offered a settlement back up in the $4000 range which I was p*ssed about since I had only $1800 left on my old settlement. Well I ceased all conversations and its been about a year. I'm now being summons by a local attorney for over $9000 on my BofA account. The allegations are that BofA gave me money which I used and never repaid.So I'm going to see an attorney in about 30 minutes but am just left wondering- I NEVER spent any of BofA's money on this account, so can't that be thrown out? Second- It was a closed account (says right on my settlement with Citi) which BofA reopened and started charging interest and late fee's. I have proof of all my payments made to citi under the previous settlement as well.What are your thoughts? Am I up a creek or do I have a chance?


I absolutely think you have a chance of winning this thing. Usually when contracts are sold to other servicers, the original terms must apply. so like when your mortgage is sold, the new mortgage company can't change the interest rate or payments or anything.

Now I want to remind you that I am not an attorney and I'm glad you are going in to see one. That will be the final word on things. good luck and let us know how it goes.


lrhall41

Submitted by Debt Free to Be on Thu, 06/24/2010 - 08:30

( Posts: 412 | Credits: )


Well we are a law firm and I can say that you might have a case the only thing working against you is that if they did keep the terms or at least have the original agreement that you had with Chase it might be hard to prove to the judge that you don't owe the debt. Now the thing you have going for you is the settlement letter. I hope you still have it. If so you can show the courts that you had a settlement in place and it was being paid per the terms of the settlement and then Chase sold the account and Bank of America is not honoring it. Again please don't take this as legal advice because you are not under a retainer with our firm.

Good Luck


lrhall41

Submitted by on Thu, 06/24/2010 - 13:34

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