BOA 28% settlement

Date: Thu, 04/30/2009 - 15:52

Submitted by anonymous
on Thu, 04/30/2009 - 15:52

Posts: 202330 Credits: [Donate]

Total Replies: 9

I have been dealing with BOA for a few weeks now. I settled 47k on 2 of their cards for 28%. They said on the phone that they will take 3 pmts., that they will fax me a letter with the agreement & that it is going to be reported as "paid as agreed". I got tired of waiting for the letter so I consulted with a couple of attys. who advised me to file chapter 7bk. I do not want to file bk, so I called BOA to tell them that since they never faxed me the letter I had not put the money in the bank to make the 1st payment. They reasured me that the settlement was still good, worked up new dates for payments and finally faxed the letter today. 1st payment is due tomorrow, BUT the letter doesn't say anywhere that they will report this accts as "paid as agreed". I am beginning to think this is just a tactic from them to get the $$ and not keep their end of the bargain. Should I pay tomorrow or not?????

I probably would not pay unless I had the "paid as agreed" in wr

I probably would not pay unless I had the "paid as agreed" in writing. But I'd be afraid to lose the 28% offer too... I guess it depend upon how important you think it is to have it reported as "paid as agreed".

lrhall41

Submitted by ball_mich on Thu, 04/30/2009 - 16:38

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How many days in default were you? Does the agreement mentioned

How many days in default were you? Does the agreement mentioned "settled"?

lrhall41

Submitted by on Thu, 04/30/2009 - 22:05

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I settled for 25% last month. The letter that BofA faxed and se

I settled for 25% last month. The letter that BofA faxed and sent to me stated "By completing this payment plan, your account will be considered settled, and you will not be obligated to pay the remaining balance, provided no additinal charges appear on this account after the date of the letter." I too asked about "paid in full" and BofA will only agree to that if you actually paid the entire balance in full.

Make sure they also send you a signed hard copy of the letter in the mail as well.

lrhall41

Submitted by txchi_mama on Fri, 05/01/2009 - 06:24

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For those who settled with BOA, how many months or years were yo

For those who settled with BOA, how many months or years were your accounts behind before you approached them to settle?

lrhall41

Submitted by on Fri, 05/01/2009 - 12:12

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The letter they faxed me is exactly the same as the one mentione

The letter they faxed me is exactly the same as the one mentioned above by txchi mama. I am grateful for the 28% I got specially since I stopped paying on 12/08. I was offered 56% on my 2nd. conversation with them and the next day I got 28%, couldn't get them to go lower. I am grateful yes, but I also feel kind of duped becuase the letter he read on the phone to me is not the one I got by fax, however I did pay today only because I know myself & I know I will regret not taking this chance. I kind of let go of my credit score a while ago, and will pay for my actions when the time comes.

lrhall41

Submitted by on Fri, 05/01/2009 - 12:27

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How did you get them down to 28% I cannot get them to budge

They wont go below 40% for me how did you guys get them to go below to 28%? Please give me some advice,

Have not paid since 12/08 they give me so bull that the government now controls how much they can forgive.

chaka