Bank of America

Date: Tue, 06/16/2009 - 11:05

Submitted by anonymous
on Tue, 06/16/2009 - 11:05

Posts: 202330 Credits: [Donate]

Total Replies: 7

Trying debt settlement myself and seems to be going ok. I only have 2 accounts and both are BofA one is credit card one is loan. Both around 16K. One is 120 days late one is 150 days late. They told me today they would settle at 35% which is better than 60% a month ago. They are saying that at the end of June it will go to collections. SHould I settle before collections or are they easier to deal with after it goes to collections. They have been really good about not harassing and only call about once a week. I have been speaking to them every time they call. My husband lost his job and took a huge paycut. The only reason we have debt is we lived off the cards for the 6 months he was out of work and now a huge cut we cant pay them. No other credit cards and we have about 10K from profit share in cash we can settle with but dont want to use all of it in case of emergencies as we dont have health insurance now either.
What should we do hold out for lower or take the 35%

Take the 35%, that is the lowet they will go. From experience I

Take the 35%, that is the lowet they will go. From experience I will say it has been a blessing to get the cards settled and move on with my life without their threats or phone calls.

lrhall41

Submitted by on Tue, 06/16/2009 - 13:06

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I am with a settlement co and they settled with boa for 25% It w

I am with a settlement co and they settled with boa for 25% It was just getting ready for charge off and BOA let me pay it off in 3 payments. I am happy to say that next month this will be settled. I went with a settlement co because I would have made a mess of things and probably gotten worse deals. My co is now working with discover but since I don't have extra funds not sure how that is gonna go. Good luck

lrhall41

Submitted by on Wed, 06/17/2009 - 07:23

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Did the bank ask for any personal financial information when the

Did the bank ask for any personal financial information when they decided to give you an offer? Or did they just blindly over it to you? What did tell them to get them to give you an offer?

lrhall41

Submitted by on Wed, 06/17/2009 - 10:51

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My hubby lost his job, and now is working at 50% less income. W

My hubby lost his job, and now is working at 50% less income. We have no health insurance, we only have the 2 cards and we only had $1800 on one when he got laid off. We lived off them for 6 months. They have been pretty easy to work and really not harassing. They call maybe once a week and are very understanding and ask if any thing has changed. They offered us the 35%. They did in the beginning ask us our monthly budget and said we had more expensives then income (well there is no brainer!!) Its been an easy process so far but not settled yet.

lrhall41

Submitted by on Fri, 06/19/2009 - 19:37

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did you have to provide the cc with proof that your husband lost

did you have to provide the cc with proof that your husband lost his job? Is the 35% based on your current balance?

lrhall41

Submitted by on Sat, 06/20/2009 - 02:34

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Bank of America

It is best to settle both accounts before they Charge Off, BOA is offering you great deals, why deal with the added stress of speaking to a collection shark? Think about it, if I were you I'd settle with BOA and bury this thing once and for all.

lrhall41

Submitted by debt.analyst on Sat, 06/20/2009 - 11:10

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Quote:They are saying that at the end of June it will go to coll

Quote:

They are saying that at the end of June it will go to collections. SHould I settle before collections or are they easier to deal with after it goes to collections.

Clearly BofA does settle for less than 35%, and there is evidence of it in this forum if you search the posts. Some have posted settlements as low as 15-17%. But, I'd say that not all cases are equal, and BofA certainly has their "black box" that they use to determine what they will settle with you for. I don't know what those factors are, but probably age of the debt, if it was purchases or cash advances, if there are medical hardships involved, etc.

I hope to settle at somethign around 20-25%, but I'm not getting that kind of traction yet. We'll see.

lrhall41

Submitted by ball_mich on Thu, 07/02/2009 - 09:44

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