Need some advice on settlement with B of A
Date: Wed, 03/11/2009 - 06:47
I have 2 B of A accounts. One has about $16K and is 3 months behind, the other has about $15K and is 2 months behind. They havent really been harrassing as of yet and I did answer the phone today when they called. The first time I talked to them when they called late Jan they offered settlement at $27K, I told them I couldnt do it, they were also very rude and basically told me to sell my home, or borrow money to pay my debt, I told her wasnt B of A getting bailed out by the gov't and today when I talked to them they didnt make any offer and were really nice and just said to call them when we could make a payment.
Here is my situation, my husband lost his job last May making $102k a year was out of work for 6 months went back to work making $50k a year and having to pay over $600 a month for health insurance. We have no money extra for monthly payments but........ we cashed out some stock to pay off some medical and a car payment and have about $10k sitting in savings hoping B of A will settle with us. How long before you think they will talk settling?? I dont want them to know we have money to settle, but would like to get this done and over with. What should be my next step? Should I go through a company or deal on my own? So far dealing on my own has been ok. Any advice would be great. Thanks for your help.
Most companies are a nightmare to deal with once you sign up and
Most companies are a nightmare to deal with once you sign up and probably more of a hardship than doing it yourself, not to mention how much money you have to pay them.
I'd say keep trying doing it yourself and research for a decent company in the meantime in case you hit a wall where you really need one.
BofA will most likely approve a 20% settlement, and they will co
BofA will most likely approve a 20% settlement, and they will combine the two accounts. So, you are talking around $6200 or a little bit more because of late fees and interest added on to the balance that is already there. I settled a BofA account for 17% just a few weeks ago, on my own. I just kept in constant communication with them and when they brought up settlement I jumped on it. We haggled back and forth a little bit but finally they approved the settlement amount at about 17%, payable in 3 payments. They are desperate for money right now, and if you can give them one lump sum you will have more leverage. I would personally wait until your account is nearing the 150 days past due mark (definitely at least let it pass 120 days) and then call them up and tell them that you borrowed the money from a family member or whatever and chances are they will approve it. Luckily BofA is one of the better companies to deal with and relatively easy to settle with. I never spoke to a rude person once with BofA and they were very sympathetic and willing to work with me. Good luck to you, keep the forum posted! :)
Should I wait for them to offer settlement or should I call and
Should I wait for them to offer settlement or should I call and offer that I have x amount of money to settle???
Thank you all for all your help. If we can get rid of this debt then maybe we can work on health insurance!!
Let the debt season and let them call you. You'll recieve corre
Let the debt season and let them call you. You'll recieve correspondence in your mail plus phone calls with offers. Remember that's only Offer#1, so haggle w/ these folks.