Consumer complaint received 2015-09-10
Product: Credit card — 
Issue: Arbitration — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (GA)

I am a divorced woman that returned to school to pursue a career. Subsequently, I incurred a large amount of debt during this time as I was not able to work in a field that would sustain me. I ran up credit cards as they were readily given to me. While I understand it is my responsibility to manage my finances, this was a great hardship on me. As a result I find myself unable to pay the high monthly payments. 
I retained a lawyer to help me consolidate my bills. On XXXX/XXXX/2015 I spoke with a representative from Bank of America, XXXX XXXX and told him of my situation. He agreed to a settlement package and took down all necessary information including financial status and read disclosure statement to me, and informed me to call back with my mother to have the disclosure read to her. The payoff was to be {$14.00}, XXXX rather than {$18.00}, XXXX. I gave them permission to post date an electronic check in the amount of {$14.00}, XXXX on XXXX/XXXX/2015. The representative informed me that he rarely had a settlement agreement denied, and that he would not proceed in cashing the check if the settlement was not approved. My lawyer was in the presence of this phone call and reiterated the terms with XXXX XXXX. 
That same day my mother, the co-borrower, called along with me and spoke to XXXX XXXX, to have the disclosure read to her, we both agreed and that representative informed us that " we were good to go and everything looked in order. It is a done deal '' were the exact words. I was told to be looking for something in the mail. 
When I never received anything the weekend before the check was supposed to be cleared, I called back. The representative XXXX XXXX said everything was good to go and paperwork had been mailed to me on the XXXX of XXXX, I informed her that I never received it, and she said it would probably come in the next few days. I reiterated to her that everything was good and that the settlement was approved, and she assured me that, " Yes it was ''. She also stated that they would not run the check if it had not been approved. 
The check went through my bank on the XXXX, however my balance was not reduced to a XXXX amount. I spoke with another representative, XXXX XXXX who said there was only XXXX more form that needed to be filled out as a formality and the balance would be cleared. I called the next day and was told the same thing, but he told me someone would call me within XXXX hours. On Thursday the XXXX of XXXX, XXXX XXXX called and told me a settlement was never granted, but she would look into it and get back with me. 
She called me at work on Friday XXXX, 2015 and informed me that the settlement was not honored and that I would have to pay the remaining balance. I called back after work and could not speak with her, but was told " no matter what you do, this settlement will never be approved ''. I was called on Wednesday XXXX/XXXX/2015 by, XXXX XXXX while at work. She left a message and I returned her call after work only she was gone for the day. 
This seems to be a deliberate attempt to take money from me by falsely agreeing to a settlement and then once they received the money they refuse to honor the agreement. I do not have anything in writing. That was also my mistake, however I was reassured time and time again that this was a done deal. I am still in the process of resolving this issue, however I am getting nowhere. I paid my bill always on time, but needed the money every month I paid to the credit card company to live on. I only hope others will think twice about dealing with Bank of America. I feel like I am being punished for trying to do the right thing and pay my debts, if only partially. However they made an extreme amount of interest on me at 22 %. I am hoping to receive any assistance I can form this agency. This is a fraudulent practice that needs to be addressed.