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Bank of America Agreed to Settle My Debt But Sold It. What Can I Do? – Mani

1) I agreed to settle my debt with BOA on day X.
2) I requested to have a settlement letter sent and was told that it would be faxed on day (X + 1).
3) On business day (X + 2), I called because I ddi not receive my settlement letter. I was told that the debt was sold on date X.
4) I have requested the debt be recalled (through the recovery department. some representatives say that it should be recalled and some say nope.
5) I received a letter from BOA stating that the REASON why the settlement was voided is because I did not set up a payment or agree to the payment. (which is really confusing because I did agree to terms and attempted to make a payment on day X + 2 but was not allowed.)

Can my state’s attorney general help me get BOA to recall the debt and help resolve this issue?

Mani




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About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

2 Comments

  • It sounds like B of A made one last effort to collect on your debt before they planned to sell it right after talking to you.

    In my experience, there is nothing you can do to get that debt back in B of A’s hands. B of A would have to buy it back, which is fairly unusual.

    I would contact the new collection agency, tell them what B of A had agreed to, and see if they will honor it. They may, they may not.

    If the debts are old, you can always play the waiting game with the new company until they decide to give you a good offer before they go to sell it themselves.

  • It sounds like B of A made one last effort to collect on your debt before they planned to sell it right after talking to you.

    In my experience, there is nothing you can do to get that debt back in B of A’s hands. B of A would have to buy it back, which is fairly unusual.

    I would contact the new collection agency, tell them what B of A had agreed to, and see if they will honor it. They may, they may not.

    If the debts are old, you can always play the waiting game with the new company until they decide to give you a good offer before they go to sell it themselves.

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