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Credit negotiations


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Hi, have been negotiating with Bank of America on a $12,000 credit card and have received a settlement offer of $2500 but would like to get some help on countering the letter. My first concern was that it is not on any letterhead but did come with a fax coversheet with Bank of America logo.

the letter reads as follows


"Per our conversation, this letter sets forth a proposal to settle the above-referenced account. We will accept $2500 as a settlement on this account. To accept this offer, you must agree to send the first installment payment of $733.54 by 10/31/08. Each future installment is listed below.




By completing this payment plan, your account will be considered settled, and you will not be obligated to pay the remaining balance, provided NO ADDITIONAL CHARGES APPEAR ON THIS ACCOUNT AFTER THE DATE OF THIS LETTER. Also, any FUTURE ACCOUNT ACTIVITY THAT RESULTS IN A CREDIT BALANCE WILL BECOME THE PROPERTY OF FIA Card Services. Any violation of this agreement will result in the full balance of $12,300 being due immediately. All paymetns must be received by the above stated due date."


So what if I pay the three installments, and the bank still continues to add interest charges, will this leave me being set up to be liable for the entire amount by collection company FIA Card Services? Is there language that I can add to prevent this from being reported as a paid collection account?

Thanks in advance for any help!!!

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the 2500 for 12,000 sounds like a good deal.


Of course you would want a deletion, but you could probably get that later.


anyway, i would send a "let me be clear on this" type letter citing YOUR terms of the agreement.


It cant be one sided. Can you afford the payments?



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