Bank of America Settlements?

what much do u owe?

Charged off is simple a term that the bank uses to signify that they no longer consider the debt collectable. It does not necessarily mean that the debt has been sold to a collection agency. Even if a collection agency has started calling you, it does not necessarily mean that the debt has been sold. Some agencies 'rent' the debt and get paid on what they collect, but after a certain amount of time the original creditor can recall the debt because technically it never left.

The best thing to do is to call Bank of America and specifically ask where your debt is, or try to settle, and if they have sold off the debt they will tell you so.

Protip: If the collection agency is FIA Card Services, that is still Bank of America, just under a different name.

banks arent settling much these days, unless they think your going to claim bankruptcy. I work for BOA/MBNA and they offer settlements as soon as it goes del on certain accnts. the longer you wait the crappier the settlement will be on your end. "i would look in the notes on certain accnts and looking in the history of an accnt i would see

****sttlmnt**** ****60% *******

then as the months progressed you would see in the notes

*****sttlmnt**** *****20%************

and so on.. so it really is up to the bank and how they see your circumstances

Isn't 20% much better than 60%??

Yes you can still settle the debt. More cases than naught, settlements will be better when they jump to a CA.

i had an mbna card that i could not afford anymore. the balance was $10,500. after 60 days, mbna settled for $2700.00 in a one lump payment. moral of the story, mbna will settle your debt for less despite what mbna worker said. mine never went to the collection agency, i settled before that happened directly with mbna and avoided charge off status. keep working on it-it can happen! good luck..