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 Posted: Tue May 06, 2008 10:52 pm Subject: can i settle for exactly half or does it have to be more som |
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bank of america gave me an auto loan, which i couldn't pay on time and ended up being in debt, so basically if i owe bank of america $27,000 !. from beginning i made 6 monthly payments of $600, then i stopped for six months and they seized my personal checking account, so i asked to settle for half which is $13,500 AND they wont do anything nothing less than $14,500 , is that ok?
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nazrul122984
Joined: 06 May 2008
Posts: 1
Debtcc Points: 25
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| Posted: Wed May 07, 2008 12:46 am Subject: |
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Hi nazrul, I think it depends upon the particular lender. They may or may not agree with your terms. There isn't any set rule that suggest that the lender has to settle the account at 50%. However, you should try to settle for an amount that you're comfortable in paying-off.
Depending upon your financial situation, if paying $1000 more can eliminate the account from your report, you should consider doing so.
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nothing4less
Guest
Debtcc Points: 100
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| Posted: Wed May 07, 2008 6:54 am Subject: |
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Hi Nazrul. You said this was for an auto loan, did the bank also take back the car and auction it? If they did what was the sale of the car v/s the amount you owed them. I was under the impression when the loan is actually secured they take the car sale it and you're left owing the balance which that is what I would think you'd be negotating on the amount left after they sold the vehicle. I'm really not sure about this I'm sure others will be along who know more but that's the way I always understood car loans to be.
Hope this helps,
Johnita
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johnita
Joined: 28 Apr 2008
Posts: 78
Debtcc Points: 1105
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| Posted: Wed May 07, 2008 12:14 pm Subject: |
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I assume the car was a repo and sold and that the $27000 the deficiency balance. If so a settlement if $14,500 isn`t bad considering they could just sue you and garnish your wages which they will likely do for that kind of money.
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mobile0311
Joined: 05 May 2008
Posts: 1350
Debtcc Points: 7169
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