I Was Making Payments to Bank of America and The Charged Off My Debt – Michelle


“Dear Steve,

Back in 2007 I made a payment arrengment with BOA on my credit card. The balance on the card was 3500 but with intrest and fees it had gone up to almost 4700. The payment plan was 100. a month.

Then in 2008 my husbands hours got cut and we had to talk to the credit card company and cut the payments back to 85.00 a month. We have so far payed off about 1,000 of the debt and I was two payments away from the 3500 that was charged to the card.

Monday I got a voice mail on my home phone from a Michelle S. saying that she was a lawer for BOA and that BOA was about ready to sue me in court in virginia beach county. I told her that I was in payment arrangements with BOA about that account. She than said that she would call me back. I than called the credit card that was though BOA and was told that over all not enough was paid the account balance and that was why it was charged off on July 7.

After digging around I found out that the company that has my account now is creditors interchange. The person from BOA even told me not to pay anything to them on the account when I asked if I should make a payment until I heard back from the other company.

Creditors Interchange offered me a settlement of 1,900 if I paid it on that day. Michelle S. even went as far as telling me to charge it to my husbands cards or ask friends or family to pay it for me. I really don’t want to deal with this company cause of all the nasty things that they have done in the past, but I don’t have a clue as what to do! And no, I have not heard back anything from Michelle S. and it has been almost 3 days!

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What should I do about paying my debt and about Creditors Interchange?


Dear Michelle,

An unfortunately interesting situation.

It sounds like when the reduced but agreed upon payment with Bank of America that was entered into was simply not enough to cover the interest payment on the card so if began to fall delinquent again. Once it was sufficiently delinquent then Bank of America charged it off and probably sold the debt to a bad debt buyer, potentially Creditors Interchange.

If we could turn the clock back I could have given you some advice on what to watch for but that’s just water under the bridge at this point.

The first course of action is to uncover who you now owe, who owns your debt. You can call Bank of America and ask them, pull a copy of your credit report and see who is now reporting the old Bank of America debt owed, or ask Creditors Interchange, the least trusted source here.

If you have the money available, the settlement offer doesn’t sound all that bad. You can ask to make the payment in 2 to 6 installments and see what they say. Whatever you agree to, be sure to get it in writing so that a few years from now when they say they never agreed to the deal you’ve got proof they did.


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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.
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1 thought on “I Was Making Payments to Bank of America and The Charged Off My Debt – Michelle”

  1. I too am dan dealing with creditirs interchange and they will not make any payment arrangements they want 5 grand ext week or are going to sue me. I thought that an arrangment of 200 a mo. would be sufficient but they say no way. I have obtained an attorney to make this arrangement for me, the attorney says they can actually sue them AGAIN (many other suits) do u think they will sue me?


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