I managed to arrange settlements on two of my credit card debts. Hiwever, one bank BOA) refised to accept any of my offers to settle one of my wife's creditcards. She recieved a summons on 4/1/2011 to which she must respond. The following is a draft of our response. Cpuld you please review it and advise as to whether or not it is appropriate.
April 4, 2011
Shechtman Halperin Savage, LLP cc: Clerk of Pittsfield District Court
Pawtucket, RI 02860
Re: Your File Number: 10-04776 and District Court Civil Action No. 1127W0141 dated 3/30/2011
Subject: Settlement Offer for BOA Account #4888 9340 1151 4907 (aka FIA CARD SERVICES)
References: 1) Letter from Bank of America to undersigned dated January 12, 2010
2) Letter from undersigned to Bank of America dated January 19, 2010
3) Letter from FIA Card Services to undersigned dated February 10, 2010
4) Letter from Bank of America to undersigned dated February 10, 2010
5) Letter from undersigned to FIA Card Services dated February 12, 2010
6) Letter from Collectcorp to undersigned dated March 3, 2010
7) Telecon between Mr. Dean Khalid* and the undersigned on March 8, 2010
8) Letter from undersigned to Collectcorp dated March 11, 2010
9) Telecon between Mr. Dean Khalid* and the undersigned on March 12, 2010
10) Telecon between Mark* and the undersigned on April 4, 2010
11) Telecon between Caroline* and the undersigned on May 20, 2010
12) Telecon between Marie* and the undersigned on May 24, 2010
13) Letter from undersigned to Collectcorp dated June 3, 2010
14) Letter from undersigned to Collectcorp dated July 18, 2010
15) Letter from Weltman, Weinberg & Reis to undersigned dated August 19,2010
16) Letter from undersigned to Weltman, Weinberg & Reis dated August 24, 2010
17) Letter from Shechtman, Halperin & Savage to undersigned dated February 8,2011
18) Letter from undersigned to Shechtman, Halperin & Savage not dated
19) Letter from undersigned to Shechtman, Halperin & Savage dated February 24 2010
20) District Court Civil Action No. 1127W0141 dated 3/30/2011
Dear XXXXX L. Maynard:
The following is my offer to settle the reference #20 action/claim.
I will agree to settle the claim for a reduced amount equal to $1852.72 (15% of the claim amount of $12,351.44) payable at the rate of $5.00 weekly. This is the best offer that I can make at this point in time. I have made several settlement offers to the BOA on this account, which you can see from the letters and telephone conversation notes referenced and attached. The BOA declined all of these offers. The funds that we had available at that time have been provided to other credit card debt holders who accepted our settlement offers.
I believe that this is a fair offer because the BOA has, in the past year, accepted a settlement of my husband's credit card account for 25% of the original amount. He made that settlement offer when we had income from our book publishing business. My husband writes and sells engineering textbooks. We have absolutely no disposable funds available at this time.
Sales have since dropped to almost nothing on our web site. No one is buying technical books in this economy. They are spending any disposable income on their mortgage, car payment, health insurance, food, etc. My husband has recently had to remove the shopping cart for book sales from our web site because we don't even have the funds available to pay the monthly fees for the shopping cart and the Internet gateway/bank.
My only income is from a small social security check ($660.00 per month).
Please advise if this offer is acceptable to you and your client.
Kathleen N. Lyon
163 Balance Rock Road
Pittsfield, MA 01201