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

I am 153 days late and can only get a settlement of 50%. I've carried a $40k balance for 2 years. How do I get B of A to budge down to 20-25%? We have been out of work for quite a while.

Hey Everyone,

I currently have a balance of $10, 417 on my MBNA. The account has been closed by BoA and I'm now 60 days past due. Unfortunately, I wasn't able to keep up with the monthly payments in addition to unforeseen health issues which affected my income for 2.5 months. Now the minimum amount due is $1007 and there's no way I can afford that.

What would be my first step in getting this taken care of? Would it be better to pay what I can or settle? If settling, what's a good amount?

Any help would be greatly appreciated.

please tell me what to do my charge off dead line is on tuesday 9/28/2010
should i wait for them to call me? i reject 39% offer from them last month they said they cant go lower.
Dont know what to do now should i just wait for them to call me

By the way my business credit card balance is 25000

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I have two charged off credit cards. One with BOA. I do not know if they still own the account or not. I have been contacted by collectors in the past and sent prompt request for validation of the debts to everyone of them for both accounts. I have never received any validation responses. They seem to just pass the account on to someone else. I have received offers to settle, too, with the first written contact, but I will not pay anyone who can not validate the debt.

I will soon have the ability to pay these debts. But I am not sure how to go about it. If they can not validate the debt, how can I pay them?

If I have a home pay off already, will they after my home if I owe them 50K?

:confused:I owe 65K and I am 3 months late on the payment due to wife's job loss and my income reduction. When negotiating the settlement do they make you feel as if they are not going to do anything for you at first because that is the way the are treating me. I really cannot pay the debt at this time but settlement I shoud be able to handle with some family help. Any advice on how to work the settlement?

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what type of settlement have people gotten on a 27,000 charged off account with bofa? Has anyone ever been sued by them? If you got a low percent, please advise how you got that.

This is radical--but we did it. We actually used the remaining credit on another card to draw out cash and settle cards. Do you have any remaining credit? I don't know that it would always be a good idea but we did it, then settled on those checks later.

We were advised to do this by someone else. We would have never thought of it.

You sure can I owed 140K in credit card debt and with hard work and a lot of patience I am around 51K on a settlement...

Just got off the phone with BOA, I was able to settle my $8600 for $2200. Glad that i made the call today. I'm 180 days past due BTW

Good for you on your settlement from B of A

hey guys going forward.. i can advise how u can settle ur balances at like 20 to 25%.. its very simple. and now they don't let u do 6 payments everything has to be done within 93 days. but again.. i can help out tremendously.. any questions at all.
knowledge is key!!!

with that 140k i coulda knocked it down to 24 k lol.. guys plz let me help!! refer me to friends !!!

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I settled with BOA on my own for 35% of my balance. Missed 5 payments. Prior to the the 6th payment I sent an internal email via BOA's website and got a 45 % settlement in the mail. I called two days after the letter and negotiated to 35% ! Very easy and I only had to make 1 call. They were extremely professional and courteous .... good luck all !!!

Just settled 42K balance with BofA for 12.5K. That's 30%. Will have do do 4 installment payments. They will be sending 1099 for the difference.