BOA
Date: Fri, 03/13/2009 - 06:57
3 acct. total of 56,000 lowered to .30 cents per dollar.
paying first the lowest acct for 4 mo. at same time paying minimum for the 2 acct.
meanwhile, im under debt settlement program
is tihs good deal?
should i disenroled from settlement program? sooo confused.
Hi evotn, Wow, great settlement! Yeah, settlement companies a
Hi evotn,
Wow, great settlement! Yeah, settlement companies are largely a waste of money (unless you have payday loans). Is BofA all you had with them? If so, then sure, disenroll. If not, take them out of the program.
chrys
It means that the Bank of America has agreed to settle for 30% o
It means that the Bank of America has agreed to settle for 30% of the total outstanding debt. I think that it is a good deal and you should take steps to pay off your debt to BOA through this settlement program.
jstncredit, Thank you for the clarification of the obvious (exce
jstncredit, Thank you for the clarification of the obvious (except for your last 4 words)...
Oh, and evotn, make sure you ask for a settlement letter before you make any settlement payment.
This type of settlement offered to the consumer usually comes wi
This type of settlement offered to the consumer usually comes with strings attached. So of course get everything in writing and have a lawyer review it for loop holes and conditions. Yes it is a good settlement but depending on who your settlement company is there offering as low as 16 cents to the dollar. Also it sounds like they want you to make installments on one while continuing to make min monthly payments on another which is still gaining interest. They want you to settle directly because they will get more out of you then they would through a settlement team, just make sure you know what would breach the agreement of settlement. Usually they want a settlement from the consumer in one lump sum or broken in maybe just a few payments at large sums of the debt. Just make sure you are able to meet those conditions even in emergency cases. Read the offer agreement very carefully. I've seen cases where there was an offer, it was paid and then the remaining balance above the settlement was still active or it was sold to collections where they pursued the the remaining debt even though the debt was settled and was suppose to be closed out with paid zero balance.
they said as soon as paid them all im free from debt. other t
they said as soon as paid them all im free from debt.
other thing i have another acct. outside BOA that currently in debt settl. program but i think i can have same offer.
How much are the min payments on the other two cards for the 4 m
How much are the min payments on the other two cards for the 4 mos you are settling the first card? This doesn't sound quite right.