I have had a debt with Bank of America totalling to $5,900. NCO Financial Services bought the account back in November of 2009. After endless calls with them, I decided to settle. They faxed me a letter saying "Pursant to your agreement, the above creditor agrees to a payment of $1,700 as settlement if payment is received by 4/8/10, etc." My mistake was that I paid over the phone with a debit card. My questions are, 1.) Can I be assured that this account is closed and settled in full? 2.) Can they still come after me for more money? 3.) Does this letter ensure that I am protected from further phone calls or legal action? 4.) How do I know if they will actually report this to the 3 credit bureaus as "settled" Balance due: $0? 5.) What should I get from them to cover all of my tracks? THANK YOU FOR ALL YOUR HELP!
Asked on 4/09/10, 3:32 pm
1 Answer from Attorneys
Michael Stone
Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE
Too bad you didn't ask here (or at creditboards.com) before you attempted to settle your debt. Since you gave a collection agency your debit card number, you'll have to get a new debit card or maybe even a new bank account. They will suck it dry, as sure as the grass comes up in the spring.
Answered on 4/14/10, 5:20 pm
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