BOA settlement % - how relate to past history
Date: Wed, 04/01/2009 - 05:38
I had excellent payment history (10 yrs) then my husband's job tanked and our BOA credit cards went overlimit and we couldn't make the minimum payments. They are the only ones I couldn't keep up with (still have 401K loan and another cc that is automatically withdrawn from my checking that are still current). My husband however has bad credit and when his other business tanked three years ago, had settled several of this CC (in collections).Â
BOA hasn't called me in over 1.5 weeks and I am 120 days late. I've only got one settlment offer (on my smaller card) for 50%. We have 50K in BOA debt and there is no way we can come up with 50% (we could do 28%). I'm so afraid we won't settle and this will hang over our heads for years.
Most creditors agree to settle for 40 to 50% of the outstanding
Most creditors agree to settle for 40 to 50% of the outstanding amount. But I don't think that BOA would settle for less than 40% as the debt is not very old. However, you can come to a repayment plan and pay it off in installments.
Yes, it is true that if you cannot settle the debt with BOA, they may charge off the debt and it may have a very bad impact on your credit score.
One thing that can help you when settling is have a broken down
One thing that can help you when settling is have a broken down budget of your income - fixed expenses to show them that you are really in a hardship. If you really are in a hardship the budget will show it and they will be more inclined to accept a settlement than risk you filing bankruptcy and them getting nothing.
BoA is settling with me on a 19,800 line of credit for 35% Its
BoA is settling with me on a 19,800 line of credit for 35% Its 90 days past due
Hi Guest If BOA is willing to settle the debt for 35%, I think
Hi Guest
If BOA is willing to settle the debt for 35%, I think that it is a good offer and you can pay it off and settle the debt. Is $19,800 your outstanding debt amount? If it is so, then you need to pay $6930 towards the debt. Now, settling the debt will not only help you to improve your debt to credit ratio, but also help you to avoid judgment which BOA may bring to recover the debt if you do not settle the debt now.
I just received a fax setteling a debt of 32324.00 for 6500. Fou
I just received a fax setteling a debt of 32324.00 for 6500. Four installments of 1675.00. Every month the account was moved to a different department where they would give me better offers to settle. It went past 90days.
I'm the original poster.... Wish I had some of your BOA reps th
I'm the original poster....
Wish I had some of your BOA reps that you talked with.
Last week after some back and forth, they offered 35%. But I can't do that.
This week puts me at 150 days over. They called today, but they did say much. And I just said everything was still the same.
Do I need to tell them how much I can actually do? (they never asked- rather they asked why I couldn't do their offers)
Yes, I think that you should call them up and try to make them a
Yes, I think that you should call them up and try to make them agree to settle the debt to 25 to 30% of the outstanding amount. If they agree then pay it off after getting the settlement agreement in writing. Now, if they do not agree, and you cannot afford to pay them off, then you have no other option but to wait for them to take legal steps. Even if you sign up with a debt settlement company, I don't think that you can reduce the settlement below 35%.
BOA settlement
The method I use is to not even talk percentages with them. Give them a fixed dollar amount that you can afford based on approximately 25% of the debt. Stick to your guns and tell them that is all that you have and you cannot give them money that you don't have. Tell them they can have it within 24 hours and it is ready to go. Also tell them you have other creditors and it will be 1st come, 1st served on the available funds. You can get 25% from BOA, you just have to know what to say and be persistent.