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FIA Card Services( BofA) Settlement Negotiations

Date: Mon, 05/18/2009 - 09:52

Submitted by anonymous
on Mon, 05/18/2009 - 09:52

Posts: 202330 Credits: [Donate]

Total Replies: 13


Hi Everyone,
I have been reading this board for a few weeks and it has been very encouraging. Thank you to all of the posters.
I am in the process of trying to settle my Suntrust/FIA Card services Credit card(which is actually owned by Bank of America).
I just wanted to post my experience so far to help encourage others.
I have always had excellent credit and paid my bills early. After my husbands job loss, and my income decline, we decided to try and settle out of accounts for a fresh start.

My card is presently 60 days late. The balance is approx. $18,000.
I called the credit card company after it was a few days late and offered to settle the card for $5,000. They would not take that, but offered to settle that day for $14,000( about $4,000 less than the balance). I said NO.
They call me twice a day with their automated system. I just don't answer the call.
I finally spoke to them again at about the 60 days past due mark, and they offered to settle the card for $7300, aprox 40% of the balance owed. I said No again, I only have $5,000 to settle. So, I will call them again in 30 days.I am prepared to wait the settlement out until they can meet my terms.

Good luck to everyone trying to settle out there.


Just settled my debt for 30% of the loan due to loss of employment for more than 8 months. Such a relief to get rid of some debt.

Scared of the tax repercussions.


lrhall41

Submitted by on Tue, 01/08/2013 - 13:41

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I have tried to talk with someone for months. After 5 months of hang up, on hold for 30 or more, rude attitude, etc. I finally talked with someone. Same thing, "They do not do settlements. Only lower payments & interest." My husband passed away and I had to move out of our house. Unemployed. I would gladly try for a settlement but they won't even discuss it. I owe about $14,000. Any suggestions?


lrhall41

Submitted by on Fri, 12/18/2009 - 16:02

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Quote:

Originally Posted by Anonymous
I spoke to FIA services, after 60 days delinquent and declined my settlement offer. The reason they gave was I took cash advance an year ago..I am curious to know if anyone had similar experience. Thanks.


I had a similar experience with the cash advance. They told me the same thing "your account is not eligible for settlement". However, at 150-160 days late, they settled for 23% of the $15,041.00 balance in one lump sum.

Hang in there.


lrhall41

Submitted by on Sat, 12/19/2009 - 07:32

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My request is very simple . I just need your assisstance in having MVQ PRIVACY charges of 2.00 and 1.00 constantly added to my bill. I have emailed them twice - no reply. Thought you might help Their phone number 888-697-0719.

All personal information removed by Shazzers for your protection, please contact this company directly as we are not affiliated with them, we are a public forum dedicated to helping people get out of debt.


lrhall41

Submitted by on Tue, 01/05/2010 - 09:40

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Spoke with FIA today. I owe $5300 and let the lady know that I have been out of work for over a year and I that I feel bad that I am over 8 months late. We worked out a one time payment of $1,700 and I am free and clear. I prayed before the phone call that I would have someone on the other end of the phone that would be understanding & HE did.
Thank you soo much. What a weight has been lifted.


lrhall41

Submitted by on Thu, 03/31/2011 - 14:25

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Dont forget that once you are "free and clear", there is still the taxman to think of. The balance that you were "forgiven" from the creditor is still taxable income. Just had my taxes done.:cry:


lrhall41

Submitted by on Wed, 04/06/2011 - 18:41

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Verify you are insolvent, then you will not have to pay the tax man. This means your liabilities exceed your assets. If you are upside-down on your mortgage you may be insolvent. There are some good excel worksheets out there that can help you determine if you are insolvent.


lrhall41

Submitted by on Wed, 04/06/2011 - 19:52

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I just settled $20364.34 with Bank of America on two cards today for $6900 (just under 33%). Both cards were at 150 days late and I had been calling about monthly and never got a settlement offer.

In the last few days I got an email notice with a new phone number for FIA Services (1-888-800-2520) and the first rep I got offered me the settlement at 33% with no negotiating. I don't know if this is a different department or what but they were very pleasant, professional, and matter of fact.

Having read this board for some time, I knew this was a good and fair offer so I took it. I'm sure it helped that I had the funds to settle both cards at the same time. I also know my account was marked "potential bankruptcy" for some time and once I confirmed I was NOT pursuing bankruptcy, they took some mark off my account and then the offer today.

Best of luck to anyone else working on this.


lrhall41

Submitted by on Thu, 04/07/2011 - 19:45

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I just got off the phone with FIA CARD SERVICE BOA they are so rude. They claim they don't offer settlements on balances less then 1,000.00. They are not willing to negotiate. Any suggestions? In addition I looked at my statements and my credits weren't even credited correctly when I spoke to a BOA representive they absolutlely swore that they war. Ugghhh....


lrhall41

Submitted by on Fri, 11/16/2012 - 09:27

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