B o A about to charge off tommorow...I'll have the money in a week

Date: Fri, 06/26/2009 - 21:30

Submitted by anonymous
on Fri, 06/26/2009 - 21:30

Posts: 202330 Credits: [Donate]

Total Replies: 4

Have an account with Bank of America, balance is 30K and settled for 30%. In the beginning of the settlement, I made a couple payments however within the past 4 months haven't been able to make any. I bounced one check. I spoke to the account manager and he told me that it would charge off tommorow if I didn't come up with a minimum payment of $2K. I told him that there was no way I could come up with the payment, BUT I will have the settlement amount in full by the end of next week. (and I really will) He told me that there is no reason for them to believe me, which I understand, but I will receive the funds to pay it off next week. I told him that if it's not available by next week, to go ahead and charge it off.

Will they give me another week?

If not, if it goes to collections what is the difference between me settling it within B of A or settling when it goes to collections? Will collections settle for less than what B of A was offering if I pay in full?

sspured, Was this a documented settlement when you made your

sspured,

Was this a documented settlement when you made your first couple payments? If so, you are already off track having had a payment returned and 4 months go by. If you were to magically get them to take a small good faith payment today, to hold it from charge off until next week, be sure to get a new document reflecting the acceptance of the new arrangement. My concern for you is that the couple payments you made toward your settlement will have been a waste due to your inability to follow through. When they charge off, those earlier payments are going to have been applied as balance payments only.

BofA will do one of several things with the account post charge off. This would include; Assignment to contracted 3rd party debt collector, Arbitration through NAF (utilizing Mann Bracken), sell the debt as part of a portfolio to a debt buyer, assignment to collection law firm with no teeth, assignment to licensed attorney in your state with big teeth. Whichever occurs, it will be negotiable. It is unlikely, though not unheard of, that you will be able to settle it for less than 30% immediately post charge off. You do risk never seeing 30% again.

The biggest benefit to settling with BofA pre charge off is that you get 30%, which is good, and time to pay.
You also avoid a charge off (R-9) in your credit profile. This would help you recover your credit score quicker, once you are back on track financially.

If you cannot do it, thats just the way it is. You roll with it. It will take a little time to locate the account after charge off. If you are motivated to handle this, call BofA in 10 days and find out where the account landed. You will be starting from scratch on the balance though.

Mileage may vary

lrhall41

Submitted by on Sat, 06/27/2009 - 08:11

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thank you for the reply... i spoke with them this morning and th

thank you for the reply... i spoke with them this morning and they said that if i do not pay the 2k by the end of the month (tue), it will go to collections. the acct. manager also told me that the settlement offer of 30% has been voided and that there is no guarantee of what the next offer might be. the 2k payment only buys me another month to negotiate another deal. will i be able to get the 30% again? i asked the manager and he told me more than likely no.

what do i do here? i am going to have the lump sum at the end of next week, they won't extend it any longer, i can possibly come up with 2k by tuesday to keep the debt at b of a, but if i do that, there is no guarantee i get the 30%. do i just let this sucker go to collections and deal with them? if i go that route, how long do i have to wait before trying to negotiate with them again to get a rate close to 30%?

lrhall41

Submitted by on Sat, 06/27/2009 - 10:14

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Why give them another 2K when they might already have charged it

Why give them another 2K when they might already have charged it off. The CA will probably deal with you and maybe you can get the same deal.

lrhall41

Submitted by on Sat, 06/27/2009 - 15:54

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I have 3 B of A accounts - each for $25,000 ( my story is posted

I have 3 B of A accounts - each for $25,000 ( my story is posted here somewhere). They all went into charge off status since my husband has had 6 operations in 18 mo. and I don't have the money to pay them. They are all being handled by collection agencies - in fact- I believe we are on the 3rd CA for each of the "unsecured" loans.

I did just settle one of the $25,000 accnts for $3500. I hope to have some more Real Estate closings end of the month so I can settle the others. I just told them ( for 3 months in a row) that all I had to settle is $3500 and it they didn't want it I would give it to another creditor- since they refused I did just that. On my 3rd attempt to settle they accepted.

This is what I did.
1. Offer your settlement amount. Let them know you need a response in 2 days or you will give the money to another creditor ( but don't bluff and don't say these things unless they are tru).
2. If they don't respond give the money to another creditor... right away and let them know that since they didn't respond the money is gone!
3. If they agree get the agreement in writing before releasing any money. I had them fax me their agreement to settle.

Good luck to you. I have:

a. 2 more B of A's
b.Totota left over of over $10,000 from a voluntary repo
c. GEMB leftover $12000 from voluntary repo on 5th wheel
I'm no longer freaked out about all this. We had perfect credit for 32 yrs of marriage before all this and I won't let this send me to an early grave and don't you either.

All We can do is our best........I no longer have control ( I guess I never did!) Good luck and let me know if you need any more B of A info.

lrhall41

Submitted by teambonisolli on Fri, 09/04/2009 - 05:27

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