BOA trying to renege on settlement.

[Millenia]

I made a settlement with BOA and they sent us a letter a few days ago stating it had been settled and we would receive a 1099. Today received another one stating because the payment was not paid on time they are not honoring it. There was an issue with this but I called them and straightened it out and they gladley took our money directly from our bank account. Will call either tomorrow or Monday. Has this happened to anyone else?

[AngelinaCatHub]

I cannot answer for others, but keep your records, ask the name of whom you talk to and make a ledger. I think you are fine. If they don’t like it, they will eat their loss. “Half of anything, is better than all of nothing”. ‘Hub

[Millenia]

Yes that is exactly what I am saying. I gave them a check number to use to take the money out then I used the check for something else. My fault. My bank refused to honor the withdrawal under the check number as it was over $1,500. I called BOA and explained what happened. I gave them another check number and they took the money. I think it will be okay because of the first letter they sent me. Also don't they record all of their calls?

[AngelinaCatHub]

BIGBOY2U; Clap, clap, clap. VERY GOOD. VERY INFORMATIVE. I give you the Clap. LOL.

Hub and Mrs. appreciate your wise advice. OP will do fine if he/she follows you. 'Hub

[BigJohn]

Yes that is exactly what I am saying. I gave them a check number to use to take the money out then I used the check for something else. My fault. My bank refused to honor the withdrawal under the check number as it was over $1,500. I called BOA and explained what happened. I gave them another check number and they took the money. I think it will be okay because of the first letter they sent me. Also don't they record all of their calls?

Odd, I print my own checks and several times I have printed the same check number without any problems.

[treehugger1]

One of my BOA accounts was sold to a JDB. The other was in a settlement plan. I couldn't pay it for a while, and they cancelled the plan. ABout 6 weeks ago, after desperation and I can see they pulled my credit report, they called back with a new offer of 5 years at no percent. I agreed and since they are now very clear that I HAVE NO BANK ACCOUNT that I can use to pay them, they are allowing me to go down to the local BOA branch and make my cash payment. I can even send a money order now, as long as the payment arrives on time. I think some of these financial institutions may finally be getting it!

In my case, I think it helps to encourage them to pull my CR's and see that no defaulted unsecured are geting paid, the CA accounts are increasing, and I have judgments.

If you really want an agreement, keep calling them. If you think they screwed you over, keep calling them. Tell them you are recording everything and you want some answers.

In terms of the 1099, I have to ask if you will come out okay if you have to pay taxes on the forgiven amount. Or, can you prove insolvency under the IRS laws.

In addition, while you don't need to share the monetary details, I think some of us would like to know if the 1099 shows the breakdown of interest and principle.

Best to you.