Bank of America - HELP!

is this a loan with bank of america?

I am having the same problem with BOA, they are hardnose and don't want to reduce the interest rate. Go to clarkhoward.com and see what others are going through with Bank of America.

No, it's not a loan, it's a credit card account. I had a look at the site, doesn't surprise me at all.

Another call at work from BOA's collections, just checking to see if I had come up with anything before they leave for the day at 4:30pm EST. Yep, I'm gonna pull $5,137 out of thin air in just over an hour. Wow, think of the possibilities if I could do that!

Can you call your settlement company to handle the negotiations with BOA's collections because they are going to apply the new changes today and merge with MBNA?

I have heard that Superior Debt does negotiations with MBNA also.

I thought about that, but I haven't been with Superior Debt very long, so there's not enough in the acct. for them to negotiate/settle with BOA/MBNA. BOA is my biggest debt acct. with Superior, so will take the longest to settle. I last paid BOA at the end of April, and they just sent the acct. to collections in September and are now threatening to turn me over to their litigators. I've heard that getting kicked out of your house due to foreclosure takes longer than the time that has lapsed since my last payment to BOA!!!

Thisis what I have never totally understood about many of these consolidation and settlement programs. You turn your accounts over to them and start making payments to them. Mean while they begin trying to negotiate settlements, etc but if you haven't paid enough, they have no money to pay the settlements they negotiate so the creditors get upset and proceed with their efforts.

I'm not bashing on these programs, I just am trying to understand how they work, if you have to pay in to them for 6 months to a year before they have enough to fund anything, mean while they creditors keep dinging your credit reports? If any one can help me understand this, please explain it.

Seems to me if you have (for example) $30,000 in debt , you would need tohave at least $10,000 paid in to the program for them to be able to do anything for you.

You think collectors are bad? Bank of America really is Satan. They should Bank of Fee's with theit motto You keep on paying and paying and paying.....

LCW,

Hi...

Settlement companys are supposed to help you keep from filing bankruptcy. They are not a quick fix, as you did not get in debt over night. They don't play to be a quick fix. It is a process for someone to take the settlement option over a 3 year period rather than bankrupt and end up in worse shape.

You mention you would at least need 10,000+ in the settlement account for them to help you on a 30,000+. You are right, however over the 3 year period, you will have paid about 10,000+ to them.

Some cards will not sue and others will. Sometimes it totally depends upon the day and how the companies feel that day on if they decide to sue.

I have been in my settlement program for over a year now!!!! I am settling my first 5000.00 acct with Sears for 1500.00 That leaves 7 cards now to go. I have paid almost all my fees to the company and I will be able to rebuild my reserves quickly. I am excited and feel blessed.

Also, my settlement company don't leave you high and dry if you are sued. They do everything in their power to keep that from happening to a person.

Yes, they say they can not keep company from sueing us, however they say 85% of the time they can work out an agreement with the CC to keep that from happening.

Hope this info helps....

Thanks Linda. I have never really looked into one of these programs. I guess it works if the creditors are willing to wait, or at least negotiate with the program until you have enough to pay them their agreement. It seems like a lot of people go into these programs expecting a quick fix and all the calls to immediately cease, and then become disenchanted, or even disgruntled when it doesn't work out that way.

As far as my personal dealing with B of A in particular, I have never really had many problems with them, and when I did , with a a little effort and communication, I was able to resolve the problems, and actually was refunded about $100 in fees, and given a $50 Amex gift check for the hassles and inconvenience.

I do not currently have any CC's or loans with B of A, but with my personal accounts, I have found them to be the fairest in regards to fees of any bank I have dealt with.

if any one is interested, there is an interesting article in Business Week this week about Capital one and their policy of excessive fees and multiple cards to individual consumers to help increase those fees. After reading that article, I'm glad I have only one Capital one card, and its current, so I don't have any problems with their fees.

I have to say I wasn't expecting a quick fix by any means and know that it's going to be a process before this is all over. I guess I just wasn't expecting to be threatened with litigation a month after the acct. went to collections, and not receiving any feedback or communications from my settlement company who seem to have a good record from all the research I have done.

At this point, I just can't take the stress any longer. If they want to sue me, arrest me, garnish my meager wages, whatever, I just can't sit awake worrying about it any longer. What will happen will happen.