October 16, 2008
This letter confirms our conversation to settle the above-referenced account. Your current
balance is $16,784.61. We will accept $9,096.00 as settlement on this account. Each
future installment is listed below.
Installment Due Date
October 20, 2008
November 27, 2008
December 27, 2008
January 27, 2009
February 27, 2009
By completing this payment plan, your account will be considered settled, and you will
not be obligated to pay the remaining balance, provided no additional charges appear
on this account after the date of this letter. Also, any future account activity that results
in a credit balance will become the property of Bank of America. Any violation of this
agreement will result in the full balance being due immediately. All payments must be
received by the above stated due dates.
If the remaining amount is equal to or greater than $800.00, we re required by federal
law Internal Revenue Service (IRS) section 8050P to report this amount. You will be
receiving a Form 1099-C from Bank of America no later than next January 31. If you
have any questions regarding your personal taxes, we recommend that you consult a
certified public accountant or other tax professional.