MBNA accounts sold to BOA

So this is an unsecured debt right? Have u registered with this site?? U can always get a free consultation and they can guide u along.
Good Luck,
Ang

I would also suggest what Ag did with getting a free debt consultation.
I think it depends on how much you have paid altogether, if you have missed any payments, etc. I tried to get a debt settlement with a credit card and they said since I hadn't missed 3 payments in a row they couldn't help me. I just kept trying and it ended up being worst then to just give up. This might be a really bad example but I really hope you have better luck then I did.
I hate when loans are sold or transfered to another company.

BofA bought the entire MBNA Credit Card product....all MBNA including current and delinquent loans.

I just read that. And BOA is one of the top worst in customer service. I believe that settlement only can happen if you are in default. They won't do anything like that until it is. But beware of BOA they don't like to work with any companies. They want their money and that's it. Go with the counseling it won't hurt to just find out what they have to say.

Yesterday I called BOA and told them my financial situation - I asked them to lower rate or extend line of credit to reduce my payments; I've never had a late payment with them. They advised they could not help. This morning I check my account with BOA and they increased the credit limit on my credit card; can you believe that - giving me more rope to hang myself.

Not surprising, so they can't lower ur rate but yet they can increase ur credit limit huh? Typical! Higher rates + higher credit limit = MORE $$$
SIGHS,
Ang

I have never felt that way about credit cards - but it's obvious to me that they keep pushing me further in debt. I called them to give me a line of credit for $35,000 - they increased it to $50000 so they could give me a better rate - then they wired it into my account and charged me a $1500 transfer fee and raised my limit to $53000. I called them and confronted them about $1500 transfer fee they did not disclose and they said "sorry" - that was it.

Hell yea they want u further in debt then they can make lots of money off of u! It's so sad... i will never get caught up in their game again... learned the hard way and took a LONG time to get out of.
Not going there again! I am working on becoming debt free and hopefully within the next 2 years it will be a reality for me!
:D
Ang

I took that transfer three $927 payments ago, debt settlement says I have to pay three more payments at least or they can take me for credit card fraud - it's not "fraud" it's playing the balance transfer game that I've been doing for years, paying one card with another card and on and on ... my credit card payments are about $2500 a month - very difficult without borrowing and now I'm maxed - and they can take me for fraud?

Further to that, I don't know how I'll make the payments for the next three months - I'm in the mortgage business and my income dropped 40% this year.

I guess since u kept transfering balances and now can't keep up they can say that u transfered these balances with knowledge of not being able to pay it back... just my opinion!
We also for many years took the offers over and over again... we even paid for 2 cars on credit cards with no interest! We just kept transfering the balances with new 0% offers until they were both paid off. When u think about it, we paid for 2 cars with a credit card! :shock: Luckily it worked out for us and all credit cards are paid off and closed out except for 2 small limit cards, one for hubby one for me...
I hope this all works out for u over the next 3 months, just do the best u can and go from there! Things always have a way of working out and most times for the best and with lessons learned!
:D
Ang

Ang,

Did you have recent transfer balances when you stopped paying?

Stopped paying what? The only card i ever stopped paying was an old card that i had for a few years and they ended up suing me and won on default. So i don't suggest this to anyone!!
Just try to make the payments as best u can, u may even wanna call them and ask if they can lower the payments for a few months as something has come up! It may work, u never know til u ask....
Do waht u can and 3 months goes by fast! It'll be over before u know it.
MUch Luck,
Ang

Since I owe so much debt and my income has dropped so much, I can't afford to keep paying ... I want to do debt settlement if possible. What state are you in Ang and what card sued you? I've consulted a lawyer here in VT and they say that they most likely will not sue me here, especially if I can settle.

I am in Louisiana and it was a Chase card but they sold it off to a collection agency, CACH, LLC. They are a very shady agency but i ignored them hoping they would go away... they don't!!
My mistake and my life lesson, an expensive one at that!
Ang
P.S. And if u CAN settle most will not sue, they really dont' wanna sue but if they feel they have no other choice they will.... but before they will settle u will have to default.... :(

Thanks for all your encouragement and advice. I have no choice but to default and toughing it out will be hard but I'll make it somehow - I have a 401k but you can't have that unless you are delinquent on house payments and I don't want that to happen.

Well i dont' think u should touch ur 401K! If u feel its bad enough that u can't make it 3 more months is there anything else u can come up with?? the 401K would be LAST resort and i'd really think hard on that one before using it!! :shock:
Much luck to u Sherrie!
Ang