Bank of America Says I Can Opt Out of My Debt Settlement. – Eric

“Dear Steve,

I am in an debt settlement program and have negotiated a settlement with a creditor Band of America.

I have a question for you concerning a settlement agreement that I have with BOA. In the Settlement letter is says “As required by federal law we will honor you opt out request with in 30 days.”

Does this mean I can pull out of the deal? A portion of the money has already been transferred but not yet the full amount. Does (a) Federal Law allow me to back out of the deal and does it require them to return the money? Can you tell me the Law and how to find it?

Eric”

Dear Eric,

I’d need to see the whole letter to put that one sentence in context. You can upload the entire letter to me here.

Please post your responses and follow-up messages to me on this in the comments section below.

Steve Rhode Debt Coach and Author

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.

See Full Bio

Consumer Debt Consumer Bankruptcy How to Get out of Debt Money Troubles Money Personalities Budgeting Behavioral Economics Motivation Inspiration Money Management The History of Credit and Debt Getting Out of Debt Get Out of Debt Debt Settlement Credit Counseling Loan & Debt Relief Scams Debt Relief Industry Practices Exposing Deceptive Financial Services Helping Consumers Navigate Financial Hardship Consumer Advocacy Consumer Debt Expert Consumer Protection Debt Relief Scam Student Loan Bankruptcy Debt Validation Debt and Mental Health Student Loans Debt Consolidation Debt in the Military