BOA Settlement Questions- Please help

Also when I offer to settle, will they settle on the amount that it was at when it first started to go Past Due, before it went from 11% to 28%? If not, that would add a few thousand on to my settlement and is more than I can really do. My concern is that if I have to wait another 3 or 4 months to get a good settlement % that it will add another 3 or 4 thousand dollars in interest to what it is now when I write this. Thanks

why do you run up such a credit card bill , and then want to settle. If you owe it why not make arrangements to pay what you owe. Why is everyone on this site wanting to get out of paying their debts

Oh for heavens sake, a guest who THINKS they know EVERYthing. Never assume ANYthing guest! Now, go get a life. :wink:

Thanks for the stupid comment! Now is there anyone out there with real advice. It seems most people on here are serious, then you get the ocassional jackass like the poster above. I did not run up at debt and then try and get out of it. It was related to the housing market but there no need to get into that. If you bothered to read what I wrote you would read the part that said "current with all my other cards......and do not want to ruin my relationship with these creditors as well.

Anyways, any good current advice on BOA settlement in regards to my above posts would be helpful. Some of the ones I have read are a few week and months old and I know with whats going on in the economy these type of settlements and the terms and such change daily. Thanks in advance for any help!

Well last time I talked to BofA they said I could settle 55k for 30%. But that was like 3 or 4 weeks ago. I am waiting to see what the bank says about my home loan modification. Hope I know the next few weeks. I have told BofA and chase this and both have only called me a few times to see if I have heard anything from the bank. Once I find out about my house I plan on trying to settle with them for 15k thats about 25% otherwise I guess 30% is still not to bad.

How far past due were you before they would settle. I called the # on the back of my card yesterday and the guy I talked with said he was the one to talk to and they couldn't offer a settlement. I assume I'm not far enough past due. My last payment was over 2 months ago but I think I'm between 30-60 days right now. My credit only shows 30 but I know its more than that. I guess by the way the calculate it, its just under 60.

Also with the settlement amount. How is this determined since the balance keeps going up with the default interest rate. I can afford to pay 20-25% now, but won't if it keeps going up. Thanks!

I talked to someone today at BOA and they said they no longer did seetlementts period!! Can anyone confirm this?

I've written about my experience at other posts.

BOA told me - actually, two separate reps told me - that ALL settlements must be completed within 90 days. I do think this is a firm rule because I couldn't pay my amount within 90 days and the rep said - Okay, call back in 2 weeks and we'll set everything up then. (I'm paid every 2 weeks, hence her advice.)

I was worried the settlement offer (20%) would change in the intervening two weeks, but it did not. I have to say that BOA was very friendly and helpful.

I made my first payment on July 10th so settlements were still being set up as of last Friday.

I was 120 or 150 days late, and had been on a CCCS plan for a few months. That didn't work out - a big waste of time and money.

They did not waive late fees or over the limit fees or care that I'd been charged the default interest rate for almost a year. And yes, that had run my balance up considerably (from 25k to 30k) on my two cards.

So when I say I received a 20% settlement offer - well, if you discount the various fees they threw at me while I was struggling, it actually becomes 25%.

This is the number I called - 1.866.826.9048. You ask to speak with an account representative.

The reps I spoke with were great. I know it's intimidating to call - Discover is horrible and Citi was very grudging about giving me 0% on my balance - but BOA was by far the nicest.

To the original poster - They are probably going to make you wait a few more months before settling for 20%. For 90 days or less, I think they're like Citi and Discover - they put you on a hardship payment plan which lowers your rate temporarily (thus reducing your payment.)

Also, let them call you and take it from there.

And I would STOP using the other card immediately. After I told the second rep my hardship explanation and that I wanted to pay off the cards, she said - 'Well, I can see that you haven't used the cards in almost a year. I know you haven't been running up the bill and now want to get out of it.'

Good luck.

I settled my BOA card at 27% after 60 days past due. The balance was just over 18K with the late fees. I paid one lump sum.Good luck.

has BofA reported you to the credit companies when you are 30-90 days late? before the settlement?

Oh yeah, you're reported late the moment you go 30 days late.

A couple of points that have been made but should be stressed. If you are current with your other creditors, they will know this and will not settle with you. 'Why can you pay others but not us' kind of a thing? If you are going to settle, you need to settle ALL of your accounts. Stop paying them all. After 90 days you may get an offer, 120-150 days you could settle if it's a good deal. before 180 days, they will be interested in settling for sure.

The deal is, the only real fear they have is bankruptcy, if you pay your other creditors, they will just sue you because they believe you have the funds to pay them.