Bank of America setlement and HSBC - what have you been getting

Perveen,
I just responded to SunnyMay on our settlement @ 15c/$1 with BoA in the summer08.

Our last monthly payment was on 10/18/07, my husband contacted them on 2/8/08 (3-1/2 months without a payment towards the balance) and they offered $850 in 3 payments of $283.33. My husband held out until they offered us the settlement we took on 5/16/08 for $530 over 3 consecutive months ($177, $177 & $176.). He had nerves of steel.
Hope this helps.

HSBC is impossible to deal with. I sent them a registered letter asking them for arrangements to pay and they sued me instead for 300.00 or so. I wound up owing 900.00 because of legal fees and court costs.

Wow frogpatch - they wouldn't even allow you settle before going to court? That's tough! I thought if you tried you could get a settlement right before going to court. That is scaring me now.

HSBC sent my husband a settlement offer in Dec for 58% of his balance. Unfortunately we could not accept at that time due to the holidays, we've not heard from them since, but we are going to try to contact them in the next month or so and see if they are still willing to settle. My HSBC was sent to West Asset Management....

Oak view law has settled with BoA at 37%.

Oak View Law is claiming that it has settled with HSBC at 50% in their success stories section.

Sorry I meant they offered to remove 58% of his balance.

I just recently (at the end of February) got a 17% settlement with Bank of America. I was 120 days past due. I have heard that lately they will do 10% settlements right before charge off. I was happy with the 17% and decided not to push my luck.

FYI HSBC is closing its American operation. On the news this AM

wow really this is what I found

"Its retail bank and credit card business also will remain intact, the release said".

Looks like they are only closing certain parts of their business