Bank of America Debt Settlement Statement of Compliance

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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10 thoughts on “Bank of America Debt Settlement Statement of Compliance”

  1. I’m not an expert, but if a “legal model” or “debt settlement law firm” or whatever complies with the TSR and does not claim any kind of attorney exemption, there seems to be no ethical violation. And I doubt an attorney who breaks this contract would be subject to disbarment unless there was some sort of shenanigans with the client’s funds.

    What I think this really is, is a way for BoA to walk away from most of the settlements that they make with debt settlement companies. The settlement companies in turn can point the finger at BoA. Once again the customer gets the shaft, because he or she is the only one bargaining in good faith.


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