i have agreed to settle a debt with boa for far less than the balance they sent me a letter that states by send ing the settlement payment " my account will be considered settled,and i will not be obligated to pay the remaining balance" i guess what im trying to find out is this binding or can they still try to get the full balance because i am sending them everything i have to settle this i know my credit will take a hard hit but it is better than bankruptcy and wiping 25 yrs of perfect credit out
2007-02-22 14:57:37 · 5 answers · asked by rocket3424 1 in Business & Finance ➔ Credit
Ignore the fixmyuglycredit.com suggestion. Those companies not only take a monthly fee but also take a percentage. If you pay the amount and you have a letter stating the settlement has been offered it is binding. If it states an exact amount and you pay them the stated amount. If you question that for any reason please consult with an attorney. It is better to do that than bankruptcy because it will not put as big of a dent in your credit report.
2007-02-22 16:20:08 · answer #1 · answered by Lily 7 · 0⤊ 0⤋
You've agreed to settle. Okay. But have you actually settled yet?
What have you signed? Anything?
At times, it seems as if we're constantly repeating ourselves at www.fixmyuglycredit.com with our free credit repair training e-course.
Important: Do not just settle! Before considering settling, demand a debt validation from BOA and simultaneously dispute the bad listing with all credit reporting agencies reporting the derog.
This is typically called a 1-2 punch.
How old is the listing? The older the account, the easier it is to get a deletion.
During the dispute process, the CRAs must state the account "in dispute." If not, violation.
Don't allow "verified as reported" response. It's a common response to try to get you to go away.
Every piece of information in your credit reports must be 100% accurate. If not, deletion. By law (Fair Credit Reporting Act), inaccurate information is not allowed on your reports.
Now, if you must settle, negotiate amount and more importantly negotiate a deletion. That is, in exchange for a lump-sum payment, you want a deletion letter signed by a department "decision maker" at the least with a copy sent to you.
Congratulations on your negotiating. Don't stop there. Back up and DV and Dispute both the creditor and the credit reporting agencies.
Sign up today for free credit repair training @ www.fixmyuglycredit.com (free is free and there's no obligation; unsubscribe any time.)
2007-02-22 15:11:55 · answer #2 · answered by paynemdp 2 · 0⤊ 2⤋
It is very true that once your debt settlement company settles your account for the offer that BOFA gave them you are not obligated to pay the remaining balance.
You must have got the contract with you. Just go through that once again.
Check this debt settlement company.
http://www.debtfreeafterall.com
They have helped me out with my unsecured debt situation.
2007-02-23 03:21:33 · answer #3 · answered by Hima K 2 · 0⤊ 0⤋
It sounds like a pretty solid contract to me. I doubt that any future attempts to collect either by this company or any collection agencies would go far with something in such clear language.
2007-02-22 15:03:54 · answer #4 · answered by Brian G 6 · 0⤊ 0⤋
I would say that as long as you have it in writing, it's legally binding.
2007-02-22 15:05:51 · answer #5 · answered by LolaCorolla 7 · 0⤊ 0⤋