Bank of America settlement offer in 2010

hi all! PLEASE ADVISE!

We are just now drafting a settlement offer for a 22k balance with BoA (formerly an MBNA credit card).

We are quite lucky in that we just got an inheritance that will let us pay it right now, in one payment, so... does anyone know what a realistic figure would be if we want to take care of it quickly?

Will a higher offer (30%) get a swifter response? Is 20% still realistic? How much haggling did you have to do?

This thread was started in 2008--does anyone know how things have changed in two years?

Are you current on the account? Usually they will not settle until 120 or more days late.

If you are late offer 20%.

I'd start with 20% and go from there, regardless of how behind you are or aren't.

Maybe it is just me...but AT chargeoff 180 days+ I could not get them one penny under 30%. I know others have and I don't know how or why because I can negotiate with the best of them. Then I went and got 20% on my HELOC but 50% on another card.

i started with 20% with chase after almost 90 days and we ended up settling at 35%. we went into this whole thing hoping for 50% so 35 was good. i am also working with B of A on a FIA acct. at this point they aren't negotiating but they told me to call after the 5th of the month as this is when they put out offers. has anyone heard this before?

I agree with this! We negotiated and negotiated and could not get below 30% and they charged us off at 180 days. If you get 30% and you have the funds I would take it and run.

Greetings To All of Y'all boa-the snake-Settlers,

I could not get the boa-the snake folks under 30.1%.

Beleive me, I tried every trick, resource and even tactical disarming charm in King "Kash" Jabba Labba's book.

If you've got the dough....settle the snake out.

Off with the snake's head!
Grab a garden tool and start hacking!
Run it over with the riding mower.

Wait a minute, I'm just getting caught up in the heat of battle.....

Regards,
King "Kash" Jabba Labba

1. do not inform BOA of your inheritance.

2. they will set you up on a 93 day payment plan. (if you let on you can pay it all now they will want to know why you can't get current and pay the whole thing....)

3. set up a specific account only for those payments (separate from your personal accounts)

4. Do not submit any payment until you have your settlement letter in hand.

5. A 30% settlement of your balance is the norm at this time if you are at the 120 days late. See other post about BOA...


We just settled w/ BOA on July 13 of 2010. The offer started out at 40% (they offered) we kept countering. Our other account is w/ Cap One. They notoriously will not settle and are quick to sue. With the money we saved from BOA's settlement, we will now be able to pay off Cap One and be debt free. (aka strategic default)

Its a tough process but worth it. Good luck.

ANyone have luck with Bank Atlantic? I am having trouble keeping up. thye offered to lower apr form 11% to 5.75% Said it was they best they could offer, give me 1% payment and close account.

nic1, what percentage did you settle for and how late were you?

I received an offer that was 33% and it's been chargedoff for months. I still can't afford this and was trying to get 20 or 25%.

My b of a account was settle at 15%, that's because I ended up convincing financial hardship.

Anything below 45% is consider a goal. Keep in mind that if your account is charged off then you will end up settling at much more rate.

"Anything below 45% is consider a goal. Keep in mind that if your account is charged off then you will end up settling at much more rate."

That's not necessarily true. Collection agencies buy the debt for pennies on the dollar. Unlike the large bureaucratic banks, they have the ability to accept whatever they want.

I have personally settled one debt for 20% from a CA after chargeff, when Chase would not even talk to me.

Of course, the risk is that the CA sues you, but even then you can settle before or after a judgement for a fraction of what's owed.

sorry for the delayed posting.

We took negotiations until right before the 180/charge off date. Literally did the agreement 2 days before charge off.

We settled at the 30%. Our last payment is Oct 14.

I just wish Cap 1 would do any type of negotiation. The relief of resolving this debt is great. I cannot wait to pay off the rest.

Good luck.