BofA - 1st offer

You may wait for a couple of months to see whether they agree to settle the debt somewhere around 40% of the outstanding amount. However, I don't think that they will agree to settle below that.

BOA setteled over 100k for 17%, just had to wait them out and keep telling them you hardship. It will take a few months but the offers keep going down. Started with 35k finally settled for 4 payments of 4300. Good Luck

NaplesDebtor, how long ago did you get that settlement - the 4 pmts? I keep reading that no one will go longer than 3 anymore.
I have read that quite a few were able to settle for 17% and some as low as 15% so I figure maybe if I wait it out I can get lower than this first offer.
Thanks.

Honestly, I think $3400 on an $8000 debt is a pretty good deal. I don't think they'll go any lower than that since that's less than 50% of what you owed. You could wait and try again in a few months, but I don't think they'll go lower.

While $3400 on $8000 debt may sound good to you - When others have posted settling recently with BofA for significantly less - some as low as 17 or even 15% - I think I will wait a bit longer.

$3,400 on an $8,000 dollar account is pretty good. I would take the offer.

I do not have $3400 so I can't take the offer. I have a set amount I can afford and it is about half that much.

Ok than tell them you can't afford that and see if they will accept what you can afford. If they say no keep saving your money in the meantime and either they will contact you with a counter offer or they will have to wait until you come of with something that you can both agree on.

Crazy the variation in settlement stories.

I'm approximately 90 days past due with BofA now, and it seems as though they have no interest in settling with me for any amount. But that have a wide array of hardship programs they want to sign up for. And this is after I tell them I can't afford any minimum payment. Oh well, my time will come.

My debt settlement co just recently settled 27,000 with boa for 6,600~ 25%. that is the lowest they would go and that was with a supervisor involved. I was near the 180 day mark. There is no way I woulkd do this on my own, I am gladly paying my co to do this for me.

Guest, which company did you go with that settled with BofA for 25%?

Superior debt services out of fort collins Co.

You can get a low settlement like 25% too....but you will have to be considered by BofA to be a true hardship. They really don't care that you are trying to clean up your credit or whatever. Only the accounts that are HARDSHIPS will get the lowest offers. And yes it is true that all credit card companies and I am pretty sure collection agencies as well can only take payments in 3 monthly installments. It has something to do with the bank bail outs and Federal guidelines.

I had two BoA accounts. One they offered a settlement of $2500 (over 3 months) on a $13500 balance. The other $7500 one they refused anything less than 100%.

I have two BOA accounts right now and need some advice on how to proceed. I have not called them at all yet and have not heard from them, I am now about 30 days PD although it has not hit my credit report yet, I check daily. I am wondering how the people getting 17%-20% offers did it. I owe them about 30k on one card and only 3k on another. To be honest the first one is the main one I am concerned with but if they offer a settlement on the other I guess I should take it since my credit will already be ruined from the first settlement anyways so whats one more. I owe 20k on a few other cards spread out and am going to pay on them. This 30k is basically from a HELOC that I transferred to a 0% card and and when my HELOC was frozen I couldn't transfer it back, now my house is going through a short sale, but that's a whole other story. My other debt is at good rates and I am current on all of it and worst case I could transfer to a friend and pay him directly if the other card jack my rates. However does BOA seeing that I owe all these other creditors and am Past Due for a while on a mortgage give them more incentive to settle on almost 30k right? Should I call them or wait for them to call me and just be honest or what? Settling 30k for 6000 or so would be great but how do I do it.
I see others are only settling for 40 and 50 % and some they refuse to settle so whats the key? Is it a large amount, a lot of other outstanding debt, something else??? Thanks to everyone on here, there is some great advice!!!

I have three accounts with B of A right now the largest is for 15,000 and I am going through Halo debt settlement (which I am getting nervous about them already) B of A already wants to settle for 50% of the total but I don't have that kind of money. I have only been with Halo for 3 months so they are still taking their cut first. I am afraid that B of A won't want to settle any further and I will be sued. Can I hold on and wait for a better deal or will they just walk away from me and sue me?what good is Halo if all they do is say here is a offer take it or leave it. If I had the money in the beginning I would have paid the people myself. I am not sure what to do now. How am I going to pay off even 50% of 15,000 it would take along time and B of A will only take 4 payments total. I tried the home loan and the bank loan route and no deal. We had already taken money from our 401k awhile back to try and pay down or debt but we just couldn't make it. I had health issues a few years ago and thats how this all started. Just need some advice please. ali :shock: