It appears that the Bank of America debt settlement statement companies must sign may pose a problem to certain legal model debt settlement companies.
The first page says that Bank of America will only work with law firms that have provided in-person and direct face-to-face meetings. That’s just not happening. And in many case it’s with a notary or other runner and not a law firm employee.
Much of the rest of the form is pages of the telemarketing sales rules and how Bank of America expects all companies to comply with them.
On the last page is an interesting statement about charge-offs.
“That any settlement agreement entered greater than 90 days in duration with Bank of America may result in immediate charge off of the account.”
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