chow777

Bank of American Settlement Letter

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HELP! I received a Bank Of American Settlement Installment Letter. My last scheduled payment is due soon, and now I received a letter from them asking me to schedule my next round of payments. Have I been duped? Of course the "fine print" states that my account will be settled "provided no additional charges appear on this account after the date of this letter." So, would interest charges violate this agreement?

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Need more info still, I'm afraid. What did the original agreement say? Was it with BofA, or some CA? Did it state something to the effect of "this will settle the account" or were you on a hardship program?

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Yes, the letter was from B of A & it stated that "we are offering to settle the account. We willl accept $1854 as settlement on this account. By completing this payment plan, your account will be considered settled, you will not be obligated to pay the remaining balance provided no additional charges appear on this account after the date of this letter." And now FIA is requesting that I set up another payment schedule. Much Thanks!

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Well, assuming no more charges were made after the date, I'd say your agreement was kept. FIA? Is that part of BofA or someone else? Its possible BofA sold the balance to a JDB.

Regardless, based on what you say about the settlement agreement, I'd say its a done deal. You might want to see if there is a www.naca.net lawyer in your area that would offer actual legal advice.

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Fia Card Services is a part of BofA. And no charges were made on the account. But, they have been charging interest to the account & I'm thinking they may try to call this "additional charges." Thanks so much for your help.

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Well, assuming no more charges were made after the date, I'd say your agreement was kept. FIA? Is that part of BofA or someone else? Its possible BofA sold the balance to a JDB.

As was said numerous times in discussions you were a part of, FIA Services is the old MBNA. Remember that one thread which said you said BOA was a JDB because it acquired a company that had bad debt? (As opposed to buying just the bad debt itself)... 8-)

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As was said numerous times in discussions you were a part of, FIA Services is the old MBNA. Remember that one thread which said you said BOA was a JDB because it acquired a company that had bad debt? (As opposed to buying just the bad debt itself)... 8-)
Hey, I'm old. I've got CRS. Leave me alone.

But really...this makes it even stranger. If the original card was with MBNA, and the BofA settled it (possibly as a JDB) and now the OC (through FIA) is trying to collect the balance...then...wow...I'd really recommend a lawyer.

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Hey, I'm old. I've got CRS. Leave me alone.

But really...this makes it even stranger. If the original card was with MBNA, and the BofA settled it (possibly as a JDB) and now the OC (through FIA) is trying to collect the balance...then...wow...I'd really recommend a lawyer.

My whole thing about that is that there has to be a legal distinction between a company that's sole purpose is buying bad debts and a company who buys bad debts through acquisition of another company. The latter, IMO, would make the acquirer, if you will, the new OC.

But as you say, a lawyer (http://www.naca.net) would definitely be in the OP's best interest...

BTW, I had to Google hard to find out what CRS (can't remember "stuff") was....I'm heading there myself.....but I still have 9 years before my first midlife crisis. :D

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It was originally an MBNA cc. Then they got taken over by BofA. The Settlement Letter is from BofA (w/ the BofA letterhead) faxed over from FIA Card Sevices. "YIKES!" So confusing! But I'm definitely going to check w/ a lawyer. Thanks for the advice.

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