B of A- can't neg a debt settlement unless you are 2-3 months past due

Date: Mon, 06/22/2009 - 12:59

Submitted by anonymous
on Mon, 06/22/2009 - 12:59

Posts: 202330 Credits: [Donate]

Total Replies: 3

I confirmed that B of A will not negotiate a debt settlement if you are not at least 2-3 months past due. It is their company policy not to offer settlements prior to 2-3 months. They asked what my income was, if I owned a house, and how much debt I had.

I find it very hard to believe that those questions aren't asked of all debtors when they call and ask for settlements. Do they not ask if you are at the 2-3 month mark?

Guest, Normally settlements are offered after 90 days of deli

Guest,

Normally settlements are offered after 90 days of delinquency, with BofA it is best to settle with them at around 130 of delinquency. There are many examples of people in this forum who have saved at least 60 to 70% with BofA. Be relaxed and patient and let them call you with their offers and make yours before the account is five months delinquent and stick with your offer!

lrhall41

Submitted by debt.analyst on Mon, 06/22/2009 - 13:41

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So what is recomended on how much info to disclose to them? Sho

So what is recomended on how much info to disclose to them? Should you be telling them how much money you make or just tell them my income is down significantly and thats all you need to know.. ??

lrhall41

Submitted by on Mon, 06/22/2009 - 14:32

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i don't think yours in a position to tell them "what they need t

i don't think yours in a position to tell them "what they need to know" if you're looking for them to offer you a nice settlment. be up front with them and negotiate well.

lrhall41

Submitted by on Mon, 06/22/2009 - 17:31

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