11/04/2008 I agreed with B of A on two credit card accounts to pay 90 day past due amounts on both accounts and allow auto withdraw from my bank for monthly payment. B of A has notified me that they should have been taking more than the $96.00 per month that we agreed to. They have been charging $29.00 late fees since then and charging 22.99% interest instead of the 4.25 interest we agreed to. They agreed to remove all late charge fees and said they would see what they could do about retroactively reducing the interest back to the 4.25%. They said they couldnâ??t do anything about my credit record. I would like the interest, late fees and credit report to reflect our original agreement that I adheared to. Although I do not have the agreement in writing, B of A admitted to me that they screwed up and I do have my auto payment records from my bank and the same agreement on the other card which is as we agreed on the same date. B of A said they would accept a lesser settlement to close the account but I donâ??t know how or how long this will affect my credit record. What should I do???? P.S. I can't seem to find any threads that apply so thanks in advance, Dave
You have to begin a letter writing campaign if you want to get anything accomplished. If you don't have agreements in writing or at least recorded, it will be tough playing the "he said, she said" game. Write to BOA, explain your case, include as much documentation as you can, and send it certified mail, return receipt requested. Debt settlements will stay on your credit reports for at least 7 years and they will have a significant negative impact on your FICO score. They get slotted into the payment history bucket, which accounts for about 35% of your credit score.
I do not have an agreement in writing but I did make the same agreement at the same time on another B of A credit card account. Both have been paid as agreed. I have notes that I have been keeping but nothing in writing. I filed a report with the Office of the Comptroller of Currency on 8/20/2009 which initiated an offer from B of A to remove negative info from credit record but would not reinstate the 4.25 interest. I turned them down and am thinking that was a mistake. These two accounts are in my brotherâ??s name and I don't want them hurting his credit. I still havenâ??t herd back from the OCC and my file status is "Review In Process". B of A has removed all of the $39.00 late fees and refigured the interest at 4.25% but is once again charging late fees with interest at 22.99%. All of these changes are on my statements as credits and I feel that should bolster my claim. Should I send a Debt validation letter on these accounts and see what sticks? These two accounts were part of bank buyouts and B of A may not have the original agreements. Is there a link with a step-by-step process of letters to send and things to do? Thanks again for your time, Dave
