BOA - Care One DMP - will they accept?

Date: Thu, 04/16/2009 - 11:09

Submitted by anonymous
on Thu, 04/16/2009 - 11:09

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Total Replies: 1

I just wanted to see if anyone else had this experience. We have 3 CC with BofA. We were charging actively on all 3 accounts when we finally realized how far in debt we came. We immediately contacted the bank directly to see if we could lower rates/go on payment plan and they said they could not do anything for us. We contacted several credit counseling agencies (I took the advice of a member from this forum) and got in touch with Care One. Care one said they would be able to work out with BofA a payment schedule and reduced rate, but I feel worried that BofA won't accept the DMP since they flat out denied my request when I called last week. The care one person said that BofA will work with them, but I'm second guessing it. We will find out in five days whether they accept, but until then, any input?

I've currently been offered to settle my 2 Bank of America accou

I've currently been offered to settle my 2 Bank of America accounts for 25% on the dollar because I'm 5 months late, income is down and in pathetic conditions with other CC too.

I've read many posts that B of A is one of the easiest to do settlements with and that has been my experience but I owe 110k and really need 20k not the 28k they are offering.

I talked with the B of A manager and he said some debt management companies let your account suck air for a few more months in order to get low % offers (they then pay it) and get you to pay them for 3 years in which you pay 2 to 4 times the amount they settled for.

If you sign up and pay for month after month with them, then they might even have most of your $ to pay without taking much risk. I've done mine all directly.

My point is be careful even if you are "accepted" to see if it was really accepted with B of A or if your account is sucking air for a few months (killing your credit along with it) and then you end up getting exactly what you thought in regards to payments, but not really knowing what actually happened.

The other alternative if you don't care about killing your credit officially is to do debt settlement which is what I've been forced into simply because of my financial situation (It was either that or bankruptcy).

One more note. It could be completely on the up and up. The fact that you are receiving an answer within 5 days is maybe a good sign that they are not trying to drag your account for months.

I hope that helps.

lrhall41

Submitted by ed1111 on Thu, 04/16/2009 - 12:25

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