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Question
Hello! I have a question in regards to a collection law firm. I live in the state of Ohio to help you out with state laws. A long while ago I had a card with Bank of America. I was rather good about paying on it in a very timely manner until I hit upon some financial difficulty. In 2012 I called and spoke with someone at Bank of America in regard to financial difficulty and we came to a verbal agreement that the account would be closed and I was ok to miss payments. I continued to pay on the card until I was unable to due to finances. After 3 months of inability to pay the card was charged off and BOA closed my access to the online account so I could not pay on it and never sent paper statements. Nothing more did I hear until last month.

I received a letter in the mail from Levy & Assoc. stating that they are trying to collect a debt from BOA and that the bank has intentions to sue me for the debt (abt $2700). I called and spoke with BOA in regards who told me they sold the debt to TrakAmerica(?) who turned it over to Levy. No one contacted me prior to this letter about attempting to gain payment. When I called and spoke with Levy & Assoc., they stated that they don't have all the info about the account inquestion because "Bank of America had poor records".

What should I do at this junction? I have some money saved at this time and I am thinking about just trying to settle this sum at a smaller amount as I do not have the whole $2700 at this moment.

Answer
Sorry you are having problems.  The first thing you need to do is start a diary notating every action on this account. The who what when you speak with someone or receive/send letters. The account was sold for pennies one the dollar. This would usually 0.08 to 0.12 cents. I would suggest that you send them a letter explaining your situation and offer them half of the balance.  If they agree, ask that they send you a written statement documenting this.  They may not take your offer, but it never hurts to ask.

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Ray A Miller

Expertise

I am qualified to answer questions on the following subjects: FDCPA, FCRA and HIPAA as well as medical collections, general collections and collection agency related issues. I trained these subjects at a nationwide collection agency and customer service call center and audited around 150 representatives for compliance to the laws. I have been in the Collections Industry for over 30 years. I feel that everyone deserves to be treated fairly and with compassion and that is the way I trained collectors. Even though I worked for a Collection Agency, I get great satisfaction in helping those who have been mistreated or in need of help with these confusing issues.

Experience

I was the Compliance Administrator with a nationwide collection agency and customer service call center-I have trained hundreds of collectors on the above referenced topics. I have been in the medical collections industry for over twenty years and research these topics on a daily basis.

Organizations
ACA International

Education/Credentials
Some college ACA Certified Collection Specialist

Past/Present Clients
I am retired due to medical conditions and spend a good deal of time keeping current on collection issues.

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