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

ball_mich, I'm the Guest who has the 20% settlement.

Well, first of all, I have my checking account at B of A so it's entirely possible the reps were able to see how little money I have, - but I don't know that for certain.

I just explained to them what had happened. Not a long story - just that I lost my job and got a new job at a lower salary. When I called, I did not mention settlement actually. I called to ask if they could set up a dmp with me directly and lower the rates from what CCCS had negotiated. But the rep told me that those rates were as low as they could go. I said - I want to pay this off, but I can't make those payments.

I also mentioned that I was negotiating with all of my creditors (mortgage and credit cards) because I had fallen behind with all of them, and the dmp through CCCS had not helped.

I was very nice and polite with the rep, which I think helped. And I was just honest with her. She told me they couldn't lower the rates. I told her that I couldn't make the payments. Then I thanked her for her help and then she said, Wait a sec - let me put you on hold while I try something.

She put me on hold for a few minutes. Then she came back with the settlement offer. She didn't put it in percentages. She just asked me - can you pay this amount within 90 days? It was 20%.

The original rep and her partner were very kind and helpful with me. They even let me postpone setting up the settlement for two weeks so I wouldn't go over the 90 day limit.

I think they could look at the history of my accounts (I'd had the cards for several years and had always been on time with payments until my job situation changed). And they could look at my credit report and see that I was behind with everyone. And they knew I'd tried to work with a credit counselor. And they could look at my checking account (probably) and see that I was bringing in less money.

When they left those messages about 'more generous offers', I assumed they meant lowered interest rates. I had never settled an account before.

If you have a genuine hardship, I think they will work with you. I didn't mention bankruptcy except to say that I didn't want to declare bankruptcy and that's why I tried to work with CCCS.

Good luck!

I just settled last week with B of A for 30% of $18K would have liked to have settled lower but took it the day before charge off. The week before they told me they couldnt go any lower then 35% so when they offered 30% i took it. Cleaned out most of my savings but feel relieved its gone!! Now working on one more account with B of A thats not to far behind yet and they offered 4% intrest on this account till paid off. B of A was really easy to work with. No rude employees, very helpful and understanding and I did it myself.

Hello all. I'm new to the whole settlement idea, but it seem's like it's the best alternative for me right now. As my family is heading into some rough circumstances. I just want to get rid of this debt and start moving on. I currently have a $9,800 card with BofA and I am in good standing. From anybodies experience, do you think they will settle with me if I take it to 90, 120 or even 150 days? Also what percentages have they been offering. Thanks alot!

100k!!!! are you freaking serious? How do you incur that much debt on a Credit Card? How do you get that kind of credit line?

It's real easy, just picture a snowball rolling down a mountain. I have 200K in credit card debt, just kept robbin peter to pay paul and realized peter didn't have any more money. It doesn't take long.

Hello all. I'm new to the whole settlement idea, but it seem's like it's the best alternative for me right now. As my family is heading into some rough circumstances. I just want to get rid of this debt and start moving on. I currently have a $9,800 card with BofA and I am in good standing. From anybodies experience, do you think they will settle with me if I take it to 90, 120 or even 150 days? Also what percentages have they been offering. Thanks alot!

I originally was offered a settlement on roughly $45k back in the end of January, begining of Feb ~ They agreed to allow me to pay in 3 payments and a lump sum at the end. I made all of my payments if not on time shortly after they were due.

Once it came time to make the final payment, I called in and spoke to representative just to make sure that I had the correct amount written down - She actually gave me a much lower amount (roughly $3500 less than what I originally thought) I told her that was incorrect and she told me she would double check with management and get back with me the next day. She did not call me back, however, I contacted her. She told me the figure she gave me was correct and that I would receive a final letter stating it was paid off.

Several weeks had passed and no letter. I contacted BOA and they told me the settlement was not paid in full and therefore I would have to do a new settlement - I was shocked and sick!!!! I explained what happened as I kept detailed notes but they didn't care. One rep told me "your situaion sucks" and he agreed that it was not right.

I am so fed up and don't know what to do now - I struggled to get the money for them and there is no way I can come up with it all over again...

Any advice would be great.

You need to call her back and see what happened. You need to learn to NOT EVER make verbal agreements. Everything must be in writing. No exceptions. Call that lady back and see why and what exactly is going on.

ok...reading with hope some of the outcomes with B of A...I have $13,000 bal...just missed my first pymt...can someone tell me from their experience the steps to take..Best thing to say and who to speak to when calling...etc...Thanks for taking the time...It will come back to you one day....

HOW DID YOU EVER GET A $64K credit card limit?

Hi all, I am new to the site and am working on being pro-active. I have an account with BofA that is @ $21,000 and one with Chase that is @ $10,000. I am currently on time with both cards. The problem is going to be that the "promotional interest rates" will be running out of time her in the next couple o fmonths. There is no way I can keep up on the payments when they are at the "new" interest rates of 27.9% vs current 4 and 5.99%.

I would think it would be to my advantage to contact theses companies and negotiate with them prior to the interest rate hikes to come to a written agreement on the set interest rate. I don't want to have to settle nor do i want to have to get behind on my payments. I took out the money and would like to take responsiblity for my own situation, but not at those new rates. Not feasible unless I get a seocnd job, just to pay those new payments.

Any input would be greatly appreciated. Trying to keep a clean credit report, before it gets dirty.

Michele

SDO, they won't talk to you after just one missed payment. It will take several months of missed payments (and your credit history becoming trashed) before settlement is offered. And you will receive lots of collection calls and letters in the meantime.

I would answer the collection calls and explain the situation (why you can't pay, etc) They enter all of that info into your file. And it does matter that you talk with them throughout the process. They will tell you to call if anything changes. Then, about three or four months after the first missed payment, they will mention settlement. Good luck.

Michele, I would recommend doing what I did with Citi - which is, tell them you cannot pay the new minimum payments. Citi was NOT pleasant to deal with, but they eventually gave me a lifetime 0% offer if I paid in full over 36 months. And they closed the account. Closed accounts will hurt your score, but usually it's a requirement if they set up a payment plan.
I wrote that Citi 'eventually' gave 0%. That's because they wouldn't work with me at all until I'd missed two payments.
I understand that you want to keep your report clean. I did, too.

This is the same thing I am going through right now. paid the amounts for a settlement agreement of 20 cents on the dollar for all 4 accts, paid them and now they are telling me that it was not a settlement agreement, but a payment plan. I told them that I was losing my my home and that the only way I agreed to this is because It was a settlement agreement. They said they would send it in writing, never got it, sent 2 certified letters return reciept, and still nothing.. I feel like I was lied to and misled. The rep was great, as he originally called me to make the settlement offer, because i had been with b of a for so long. Was he nice because he lied to me... makes me so angry. I have detailed notes as well, and all of my figures are in line with the settlement offer. I printed some of these out and out them in my file so if they take me to court, i can show the judge... Hope it doesn't come to that, but I upheld my end of the bargain that THEY initiated Oct 29,08.

that is why i always say.get it in writing before paying a dime.they did lie to you,but without it writing well.i would just save all receipts that show you made payments,and they accepted them.that will show that you did your end of the deal.

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I just settled with BOA on $22K for $6K. Had to really play hardball though. They were refusing to give the settlement in writing before I sent the money. So I said "I'm done. I'm filing bankruptcy" and hung up on the lady who was telling me she didn't care. Two days later a different guy called back and asked if I was filing bankruptcy and I said yes. He said the offer for $6K was still out there and he promised to get a letter if I made payment. I told him if I don't get a letter in 24 hours I am putting a stop payment on the electronic check (you have up to 60 days to request a stop payment under banking laws). By 5 pm the today I still didn't have a letter. I called BOA back, spoke to the same guy and told him I was starting stop payment proceedings. Within 5 minutes I had a "Final Settlement" letter stating all was now paid and done. If they try to come after me for more later they can suck an egg! 1 down, 3 to go. BTW - BOA will NEVER work with a 3rd Party but I am using an excellent firm for my other three and they coached me through the whole BOA process. Hoffman Brinker Roberts (Mark Brinker) is an outstanding and reputable firm that does NOT ask for money (other than a very small retainer) until debt is settled. Don't go this alone. Stay the course.

The best offer I got was 30%.... The card is now headed to chargeoff status. I had the card for 15 years too. Yes you will receive a 1099c if the amount of forgiveness is over $600. My story... laid off in 2007. Both parents diagnosed with lung cancer. The economy tanked while I was taking care of them. I was able to pay the payment up until March of this year. My credit is trash but I have no need for a house payment or car (don't drive anyway). I will explain things to someone who asks why my credit is trashed.

I'm in settlement discussions with Creditors Interchange (CI) for an unsecured loan from BofA with a bal of $44K. They are willing to accept 35% of the balance or $15,400.00. I think this is a good settlement. I will call them back this Friday to continue settlement discussions and I will be offering them $13,500. The only concern that I have is wether or not CI is authorized to settle with me. They're a collection agency. Has anyone dealt with CI? If we do agree on a settlement amount, I am going to request that I have a settlement letter on BofA letterhead before I give them a dime.

I have about 100k in debt. I havent been late missed any payments but I see that I will not be able to keep up with payments, what should I do, should I contact credit people now or wait until the start contacting me.

Just called one last time, the man said they were doing settlement deals for awhile but have completely stopped offering them altogether. So now will file bankruptcy on this last card I suppose, it's either pay them or back taxes. And I don't want to mess with the IRS.

BOA call today about my wifes 27k unsecured debt... has not paid on it since may
nice guy so it seems... offered to forgive 15.5k and let me pay the balance @ 210mo interest free until paid... he said no 1099 would be issued this way vs if i paid it off at a reduced rate then they would issue a 1099... even paying the extra $210mo will be hard but if it's what i have to do... I can always go clean gutters or cut yards

it was their first offer and I want to be fair... it's not like she didn't get their money and now they just want it back... it's her fault not theirs... I just want to help get it resolved

thanks for any input advice

I have huge amounts due to Bank of America, as they purchased three other banks I had balances with. I am not behind yet, but I plan on defaulting on these since I can no longer keep u pwith payments. I've heard excellent things about people settling with them, and I am going to wait around the 90 mark, but here is my question.

Who do you call? I would prefer to deal with people ONLY in writing, since my experience with Bank of America reps are horrendous. They lie, and tell you things that are not true, and you can never count on a verbal conversation. Half the times, people do not even give you their last names!!!

I am ready for everything to go into default.. Just dealing with Bank of America, since they merged with my other banks has been an utter nightmare. I look forward to just changing my phone number, (or letting it go to voicemail). If the collectors want to call, they can call, I do not care, and if I get sued or served a summons, I am ready.

If your debt is unsecured, I would not consider bankruptcy, just play the odds and let the account be charged off. Thats a lot better than bankruptcy.

I do not trust BOA or their settlements anyway. I agree with what the moderator said, they are going to issue 1099s as debt forgiveness, and then probably sell the rest to a junk buyer. AND I do not beleive that will put it on the credit report as "settled"

I have a hard time dealing with this type of stuff over the phone, especially bank of america reps are the worse! Ever since the merger especially getting anything done on the other side of the phone is nearly impossible.

I am way over the $100K mark, I had several business accounts. Now I am not paying on any of them. If my accounts go to collections, I've hired a debt attorney and hopefully they can get me out of this mess based on a technicality. (like criminals do) since collecting agencies do such botched up jobs.

I have missed my payment to BOA gold loan-it was with MNB. They called me for a while-not long-I have sent them letters but they have not replied or called me. It will be 6 months late but they have 3 on my credit report. What do you think they are doing? What do you suggest I do? It is for 32K. Please help-

Bank of America says that they cannot settle on my 2 B of A accts. Is that true, or should I just be persistant. I mean, would they rather get nothing?

cheiercat, they probably sent it to collections and you will have to just wait to hear something or call them and see if they can tell you were the account is and who you need to speak with. but in my case usually once it got sent away they had no clue as to were the account went, so i just had to wait.

buffmin, how late are you?

My debt is $13,000. I spoke to BofA and they are willing to settle for $3,300. They said that is the best they can do. They are giving me an hour to decide as my account can be charged off anytime. In regards to the letter they send, they said it cannot be changed and my account will be marked as "settled." Any advise? Does this seem like a good settlement? and is that true, they cannot change the letter to read paid in full or settled in full?

That is a very good settlement. It is correct they will not change letter. You did not settle in full so no one will give you that letter. Settled is what is to be expected.

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They say my account will be charged off at the end of Feb. My debt is about 10K. They currently have me at a 30%, but I would like to get 25%. Any opinions?

Thanks

Guest. I am in same boat $10k charging off 2/23 and offering 30%. I told them hard to raise funds and 20% would be do able. Have to call rep back in 1 week to see what they can do.

Remember you still have almost 30 days to negotiate. I don't think they want it to charge off anymore than you do.

On Tuesday I was offered 30%. I balked. Today 3 days latter 25%. Just a waiting game.

I have a Line of Credit Loan and a credit card with BofA and they have been closed for quite some time. I have been in a payment program since 7/2008. Last year they said I could settle for about 27% of what I owed but I couldnt do it last year. I called this year after knocking about $3500 off the debt amount from last year and they said that they decided not to do settlements any longer. They said it wasn't beneficial for the account holders to do that because of the 1099 form and having it marked as "Settled" on the credit report for 7-10 years. Why? I really think that settling the accounts is my best option right now. Any advice

Are you still paying? If so, that may be why they said they will not settle. Bank of America is settling accounts daily. I just settled 4 after 6 months of non payment for 20-25%.

Hi Ozzie,

I'm the guest from above with the 10K. The account manager you are working with - Are they firm at 30% right now with you? Or Did they say they would settle lower than that the closer it gets? My account closes on the 26th. Also do you know if there is a person higher up we can talk to besides our assigned manager. I offered to send $2,500 one time payment if they could settle on the spot, but they didn't take it.

Thanks

Guest

Bank of America is now at 25%. I am planning on settling today. I do not know if you can talk to a different rep. You can always try but when I called in they sent me to my rep. I would try again offering $2,500 later this week.

We have a BoA cc with a 17k balance. Our monthly pmt is $365 and keeps going up. They have not raised our rates (suprisingly) but every month is getting more and more of a struggle to meet our payment.
The account is current but we are looking into the settlement process. (we also have a cap 1 cc at 15k).
Please clarify. It looks as though if we want to enter into settlement negotiations we have to stop paying the monthly payment. At around 4 months delinquent is when they start negotiating at around 30%? If so, we would need a lump payment of about $5000 to settle?
If they are willing to settle, do you require a written letter prior to payment and in what form is it safest to pay?
Advice is appreciated.

it is also my understanding that cap1 is very quick to sue for nonpayment. If we go late on boa will that lead to an automatic rate raise for cap1? Its my understanding the new cc legislation prevents this but not too clear.

I'm 5 months late(going on 6) on my BOA I owe a total of $50k and they offered a 40% settlement about 2 months ago but I couldn't afford it. At the end of december they were threatening charge off and I had to scrounge to borrow money to make a payment of $928. Now i'm still in the same boat, if I don't make another payment by the end of this month, they said It will go to charge off. I asked about settlement and the guy said it's at 80% now, he doesn't understand why it's gone up. Am I screwed? What will a charge off do if they give it to an atty office or collection agency? Can they go after my house?

Guest

If this is personal credit card (not busniess) try calling 888-682-9390

I think you are talking to the wrong person.

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I am several months late with American Express. How do you find out when they will charge off? Is it best to settle before charge off, or wait for collections?

You can simply call and ask when chargeoff will occur. If you can, it is better to settle before charge off for credit score reasons and/or lawsuits. Although most say you can get lower settlement from collection agencies after chargeoff.

Choice is yours.

I am about a 100 days past due and I owe about $9400.00. Is this a good time to make settlement offer? What is a reasonable percentage to start off?

Still a little early to make offer. Generally 120 or more days. I never made 1 offer on my $30,000. They made the offer. You need to continue to not pay, talk to them and keep explaining your situation. As time goes by they will make you and offer. I more or less played dumb when they did mention settlement. But of course gladly took 20-25%.

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To guest w/ 9,800.

Keep waiting...it's most likely that the closer you get to 180 days the lower your payment will be. At 150 days they offered me 30% and that's the lowest they said they could go. However I spoke to another associate that told me at 180 days I moved to a new department and said that if I didn't reach an agreement with them they would charge off. My 180th day is today (2/02) so I have until the end of this month to make an agreement - or else...charge off to collections (Which I don't want). I'm hoping for 20% of 10K. I will keep u updated.

I received my first settlement offer... I owe $9600 and they offered $3800. Should I counter, wait or persue it? Your thoughts...