B of A help!!

Date: Tue, 05/19/2009 - 08:08

Submitted by anonymous
on Tue, 05/19/2009 - 08:08

Posts: 202330 Credits: [Donate]

Total Replies: 1

I have 2 cards with B of A. One that is $17k and near 150 days late. One at $15k and near 90 days late. They wont budge off of settling for less then 45% or $7600. I dont have that much, as I was hoping they would settle both for that amount. Please help!! My husband lost his job a year ago and is working now but at 50% of what he was making. We cashed out what little retirement he had and was hoping to settle with that. If not it looks as if Bankruptcy is next. I dont want to do that!!
Any advice would be great>

Tell them that you can only afford to offer them X amount to set

Tell them that you can only afford to offer them X amount to settle that debt. Be sure they are aware you are considering bankruptcy but would rather offer them something than them getting nothing. If they still refuse 2 things could happen.

(1.) They sell the debt to a 3rd party collector to attempt to collect on that debt. Which would be fine because you will likely have better luck settling with them anyways.
(2.) They attempt to sue you to collect the debt. I doubt this will happen though because they know if they sue you you will likely file bankruptcy and they get nothing. But if it does , you always have bankruptcy to fall back on.

Basically hang tight and keep trying to negotiate a lower settlement and if they won't budge and finally get to the point of actually suing you then you can always file CH7.

lrhall41

Submitted by mobile0311 on Tue, 05/19/2009 - 09:38

( Posts: 1817 | Credits: )