Bank Of America Credit Card Settlement: Willing to settle for $11k.

Do you think you realistically believe you can raise the $8100 in 6 months?

how many months behind are you? is this the first settlement they offered you?

Great job pls share with us how you did it.

shah

Good job. I settled 60,000 for 12,500. Borrowed the money off a friend and will pay him back through income taxes for the next 2 years. I lucked out there but now I am strapped for my other accounts.

Bank Of America Credit Card Settlement
My cousin just settled yesterday with FIA / BofA and owed about 17k ...he settled for $4200 and will be making payments til end of Feb 09.

You need to make sure you can swing the deal on your end before you do any deal.

Good luck

I am going to make bigger payments for the first 4 months, most likely $1500 a month..and then use money from a family member to swing the rest. However Amex is not being paid and is about 5 months behind (also the bofa is the same). Thanks

Did you send a letter to negotioate the debt settlement or did you call them?

Did you write letters or make a phone call to Bank of America for your debt settlement?

You definitely should try to settle with Bank of America ASAP - many people are having really good luck lately, with very good settlements. I thought mine were great, at 30%, and then I keep reading about the 25% and 20% ones people are getting! BofA is in a generous dealing mode right now. And although I am in a debt settlement program, my payments were spread out over several months.

They contacted me and originally offered me a 30% settlement in 4 installments and couldn't do that, so I told them I could do 10% over 12 months. They came back with 17% over 6 months. I am just hoping that Amex doesn't start any type of litigation with me in the meantime.

What does Amex have to say ? have you made them an offer or have they made you one yet?

What does Amex have to say ? have you made them an offer or have they made you one yet?

We settled with BOA recently as well. Our credit card was 20K and they settled for $5K. Really GREAT! They even extended it at one point b/c we had to push back our large payment for one month. They are really great to work with and they called us about the settlement.

ONLY THING: They recently sent the final settlement letter stating that the balance had been paid....FOR less than the amount due (which they told me they would say we paid in full). They also said that since the variance was greater than $600 that they would be sending us a 1099 to claim on our taxes next year...

I asked about both of these things prior to our settlement and they said that our account would be settled & counted as PAID IN FULL and that we would NOT receive a 1099.

owed BOA credit cards $100K and are 3mo past due, is it a time to call or should I wait a little more? Does anyone have a number to call at their settlement dept? Thank God I found this site and any advice is greatly appreciated

I have not heard anything from Amex as of yet, however I am waiting another 30 days until I contact them. In my experience it's best to workout a settlement right before charge-off. 120-150 days delinquent.

B of A just told me at 120 days just prior to charge off that the lowest they would settle on $53k is $24000. I know that is a drop, but I don't have it... Was hoping for 10 - 17%. :cry:

Okay, called me back and offered to do $13,500 over 6 months but I have to pay 900 per month with balloon at end. Dang, now I have to figure out how to come up with $900 a month til I can get the lump!

Owe B of A $27K in credit card and 50K unsecured loan. 60 days past due. Owe about $25K on AmEx - current. Those of you who have settled - did you called them or sent a letter? Any suggestions how to deal with them? Thank you very much for your help!

60 days they offered me 35k, at around 120 days past due it was 24k. Told them I didn't have it and they called me back within an hour and said $13k. I received a letter saying they were just about to charge it off when I called and got the last offers,

Just settled a 39k debt with BOA for $5,500 over a six month period.

carter, how late were you on the cc?

Yeah, no kidding Carter. Could you share a few more details? Settling at 14% and letting the payments stretch over a 6-month period would seem to be a pretty nice settlement. How past due were you? Any medical hardship involved? Delinquent with other creditors (and how much)?

I've got about $24k due to BofA, and I'd take a 14% settlement...

Yes details please! I offered $4,000 lump sum on $12,832 but was turned down. This was through Nelson Watson and has already been charged off. Now I'm trying to offer 50% but paid over 6 months...

BofA is not the ONLY Bank that steals from the public. They just lost a Class Action Suit for a Billion because they were paying insufficient funds and taking the money from Social Security Benificiaries.
There is what's called THE ANTI-ASSIGNMENT LAW. This means that no one can garnish or take your Soc Sec or any Governement money unless the Government does it, like collecting back taxes.
I just told Wells Fargo to stick it, because they wouldn't be reasonalble with reducing Over the limit fees, since I went back on Chemo. I owe them $200.00. They have a year to collect but already wrote it off and a Bill Collector bought it. Bill collectors have 3 years and have to renew in 3 years to still try to collect. After 7 years your total will be 0. Through the mail in the trash!
Now...if they try to get a Judgement, you go to small claims court and the Judge will decide. This means they can take your money, but NOT your Social Security! Each state is different and usually the Judge will write it down when the Judgement ends. If the Collector wants to try and go after you again, they have to renew the Judgment before it ends.
I am now getting harrassed and threatened to pay through Unifund which usued Attorney status to bully. That is against the fair credit act. They just told me they renewed it and it ended Oct 08, so I will file a complaint. As long as they just try to collect, tear it up and pitch it! You'll probably get new credit within the first year of being harrassed. DO NOT FILE BANKRUPTSY!!! Put your money under your mattress!!! lolo! Good Luck

The Banks are raising insuffienct funds fees this year. If you thought $40.00 was bad....it should be called Savings and Stealing! There's no way you can save in a Bank and if you think so...you'll go broke. Open a couple banks and put a little in both. Put the rest where you can get it or invest it in something like property, but do your homework.

There are a couple of ways to get good settlements from BOA. Try to get your account to the legal recovery dept. They will settle for 35%

When does BOA start to offer Settlement arrangements?

I own $100,000. to different Credit card. do you think I could do for my self the settelement or go to debt relief.

Help me. I owe 100k to different Card. and this month february I cant paid them anymore. Can I do my self the settlement. Please I don't know where to the answer. can you email me [email]mercysm@aol.com[/email]

PLEASE HELP!
We currently have about 10-15 ccs with a total owed over 40K. We have several different accts. with boa, chase, capital one and then some others. We live pay check to pay check. We are current on payments, but would like to settle since business is already slowing down.

Because of the # of ccs, I lose track of due dates and am occassionally late. The interest rates are very high on a few (over 20%). Just got word the other day that Chase is raising their rates. We only use 1 Cap One acct and 1 Discover for business purposes (husband is a sole proprietor). Some - that we don't even use anymore we've been paying on for over 10 years but haven't been able to pay them off; we have more than paid back the orig debt. Most are less than 5k, and a couple are close to 10K.

I don't really want to stop making monthly payments. Will the cc companies still settle for less? I could pay off all of them if I could get 10-15% settlements.

Does anyone have the address to write to BOA to propose a settlement?

I have missed 3 payments, am about to miss my 4th, on a $40k debt with B of A. I defaulted because of extreme medical bills. The account manager told me as of Jan 2009, B of A's policy is no more than 3 months on settlements, and they were only authorized to offer me 40%. Last month was 60%, so I am making some progress. I am hoping for 25% spread over 3 months, so I will call them again next month at this time. Now... on to the same conversation with Chase.

i need that address also to send in a settlment offer

I recently settled with BofA for 17% on a $40K balance, payable in 3 payments. Others have asked me how I did it and all I can say is that I stayed in communication with BofA from the day I stopped paying them until the day we settled. I answered all of their calls and NEVER sent any letters to stop them from calling. As long as I spoke with them once/week, the calls really were not that frequent. During that time I saved saved saved as much as I possibly could. I waited for them to bring up settlement and when they did I jumped at it. They first offered 50% at around 90 days past due. I told them I was interested but I just could not come up with it. Then when it was 120 days past due I asked them if they would accept $6800...all that I could manage to scrounge together. They accepted. There is a lot to be said for good communication. Use common sense. If your story makes sense, you are consistent, and they believe that this is all they will truly get from you, you will get a good deal.

Thanks, Sara33. I have also stayed in touch, and my story is consistent-- extreme medical expenses and about to be laid off. I have just missed my 4th payment, so i am only about 100 days past due. They offered me 30%, 4 equal payments, which I am afraid to reject. but, I think I will hold off until I miss that 5th payment, and reach the 120 mark, and try again for better terms. By then, I could actually do 20% lump sum. Sigh... I wish this was all over with.

They came back with 25% over 3 months which I took. i feel so much better, and a one hour delay while I debated saved me $2K :-)

I just settled a 35k account with BOA for 5300.00

In this economy the banks will take what they can and write off the rest.

And issue you a 1099 for the amount of forgiven debt and likely sell off the balance to a JDB

Legally they can't sell off the remaining balance to a JDB if you settled with them.

Depends on the terms. Settled in Full being the best possible but using the words BofA and legality - hmmmm.......

Good point. B of A sucks pole.

i've called BoA twice now and was told both times they do not do settlements. my wifes company shut down back in december. her income was 1/2 of our household income.
we used our savings and borrowed from 401k trying to survive. now lossing our home because wells fargo will not work with us. they did come back with a payment about three hundred lower but after lossing 1/2 our income it may as well have been nothing.

please tell me who all of you are talking to. what department?

I called BoA and was offered to settle. I asked for a writing before making initial payment. The guy told me he had no document to send out, and BoA has reputation, blabla...I told until I receive any writing to confirm the deal, I'll make payment. He asked me for banking info, I said I'll send money order. Then he said he had to note that I did not accept the offer? How can I get them writing?

The banks have powerful friends on Capitol Hill and in the Administration. There was an article today in the New York Times about how they are fooling around with the loan modification programs, delaying tactics and so on. THEY got bailed out and WE didn't. In fact we the taxpayer bailed them out.

"and BoA has reputation"

It sure does - a reputation for being bailed out by the taxpayers because of gross financial mismanegement that almost (along with others) nearly brought our country to a halt.

"and BoA has reputation"

It sure does - a reputation for being bailed out by the taxpayers because of gross financial mismanegement that almost (along with others) nearly brought our country to a halt.

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Call 866.826.9048 to discuss settlement of debt with B of A. When they answer, just ask to speak with an available account manager.

However - I have that number because they called me after I missed several months of payments. I enrolled in a debt management plan but could only survive three months of their payments. B of A called when I missed the sheduled dmp payment and left a message - 'We noticed you did not make your payment through the dmp. Please call us because we have much more generous offers to help you.'

I had nothing to lose so I called. Settled my account - two cards, 31k total - for 20%. It has to be paid within 90 days.

As for 1099 and paying tax on forgiven debt - it's not so simple. If your liabilities exceed your assets, you won't pay tax on the forgiven debt.

Good luck!

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