Bank of America changing their mind on settlement?

Last week I called BOA for a settlement of 2 accounts that have been consistantly late or not paid and are over 30% interest. I was given a settlement amount, but when I called back with my banking information, they said no call was ever made and they can't give one to me, I have to pay it in full. They told me to file bankruptcy. My payment due is over $2500. It's over 22K and the payoff was 70%. What to do now? I got a loan for the amount and they will only release the funds to BOA. Its all business debt on a business that went under.Bank of America changing their mind on settlement?You need to talk to an attorney. First of was the loan signed in your name or in the business name? If you signed in the business name did they also require a personal guarantee? This will mean the difference between you being personally responsible or the business being responsible. When you closed the business where there any remaining assets? Was the business an LLC, sole proprietorship, partnership?Bank of America changing their mind on settlement?STEVEN F has it right. A settlement agreement that is not in writing is essentially BS. An attorney would be very expensive and likely would not get you anywhere. A settlement company could likely get you 40-60% off in writing.Bank of America changing their mind on settlement?You need a good lawyer who specializes in credit debt.Bank of America changing their mind on settlement?Unless you have an offer IN WRITING, you never had an offer. If you recorded the first phone call (which you didn't), you may have a case. Otherwise it's your word against theirs and they have multiple lawyers on staff.Bank of America changing their mind on settlement?My best advice is to get an attorney to handle it for you. There are some really good debt attorneys out there and they can force Bank of America to hold up to the settlement agreement they originally made you.Bank of America changing their mind on settlement?It will turn into your word against theirs if you don't have anything in writing, and it sounds like you don't. They are trained to ask for an up to date amount first before asking before agreeing to a settlement. Don't give up though, you may still be able to get another person there to agree to a settlement. If you explain your situation and why it's something you need to do. Typically they won't agree to taking less than the balance unless they see no other way around it, they need to think it's the only way they will get the account resolved. Have you thought about putting your loan toward paying down the balance and then negotiating a payment program with them for the remainder? This is something that will also work better for your credit bureau. Did they let you know that a settlement reports on you bureau for 7 years and the unpaid portion of the balance needs to be filed as income when you file taxes?