bofa settlement w/ FIA Card Services

They are working for BoA and they are very nice. At least they were to me when I settled at 30% last month.

I settled my Suntrust FIA Card services card( which is owned by BofA) for 27% of the balanace after 60 days late. They will send an offer letter to you.

I had two BofA accounts that became FIA. I was only able to settle one so far and it was 50% on a balance of almost $13,000. They refused a lower offer. I was able to get 6 months to pay though after my lump sum was rejected.

I have another that was just under $3,000. Ended up with Brachfeld & Associates. I haven't heard anything since I DV'd them back at the beginning of March. Once it went to FIA the account number changed for some reason. So in my DV I said I never had an account with FIA, never had an account with the number they showed and never had been notified any account I had was being changed to the account number they listed.

Which is all true even though I know what account they are trying to collect on. But they'll need to do a better job validating before I pay them anything on it. Still waiting for this one to pop back up again since I haven't heard anything in almost 5 months.

I thought I had a settlement with FIA Card Services for 45% of the balance. I got the money and when I called them a couple weeks later because I had the money they said my offer was never put on the computer correctly from the girl that I spoke with and that now I can only settle my account for 70% BE CAREFUL!!

Always get it in writing from the creditor. Creditors Interchange is a receivable management service that could be hired by many different credit card companies to collect their debt. I would only settle if the original creditor is noted on the settlement.

I did a settlement in 3 payments and the last payment I went to pay yesterday. But they said that they are sorry but they never do a settlement for 25percent and 40 percent is the lowest offered. She said the lady that did it shouldn't have and it's not a settlement that they allow. It is Bank of America who did it but FIA letter head is on my agreement. So they all just lie I quess. I'm calling the orginal lady tomorrow and try to make someone honor the agreement I have. My letter is dated May and it shows the payments due and amount. It also states the balance I will receive a 1099C for taxes from FIA.

I settled with BoA at 25%. They faxed me agreements with BoA letter head. Later I received both letters from BoA and FIA. As long as you have a valid agreement stating your accoutn number, balance owed and settlement amount. You'll be OK. It is illegal to collect debt already settled. You can file complaint or even lawsuit against BoA for breach of contract or misrepresentation.

Well back in June I talked to someone and they wanted to settle with me for 30%. Last day of June some lady from BofA called and told me they are going to start new rules about settlements in July. And she asked me if I could send the 30% that day, I did not have it yet and I thought she was just playing games. Found out now they wont settle with me yet at this point. I guess I have to be later then I am, at the time of the offer I was about 30-45 days late. Now I guess im over the 90-day mark. They just keep saying they can get me in a payment program over 60 months but no settlement at this point. But when they say it, they keep adding no settlement at this time but that does not mean we wont in the future just not at this point.

(Continue from message above posted Aug 02) I do have a settlement agreement and called the number and ext. of the lady that did the agreement (she works for bank of america) and I got a recording stating my account closed and the balance. Fia used the payments for the settlement and just applied them to the balance. They have been adding 261.00 interest a month since I did the agreement. I want to pay the last payment for the agreement by the due date Aug. 05. but now they will just add it to the amount due. They just closed my account also and I was told they would do that when I paid my last payment. The phone numbers that I use to pay the settlement are temporary inactive now. I think I do need legal help. The Fia that told me they couldn't settle for the agreement was going to return my payments which was $2900.00, but I was confused and I want the settlement so I said no. I'm still going to call some higher management about it since they never return the call to me.

they are liars...they settled with me and i made all payments and when i was about to make the last payment they said we are sorry someone gave you wrong information and we cancelled your settlement...the money went to balance LIARS

Now i'm worried about this.

I made a settlement with Bofa back in Oct. for about 33%.
I made one large payment up-front, and then scheduled 3 automatic monthly payments for the next 3 months.
I had the settlement offer faxed to me at the time of the settlement. The letterhead said "Bank of America".

I just noticed that the automatic payments are actually being made out to "FIA" and not BOFA.
I can see that my balance on my CC is continuing to go down, but now i'm worried that it won't be honored after I make my final payment next week.

Also, the settlement letter does not state my entire account number, just the last four digits.

Please respond.
Thank You

guest,
Did you get anything in writing? I am in a similar situation.

Thank YOu

FIA card services is BOA's inside collections representative. If you received a fax with your settlement terms laid out, you should be OK as long as you honor the terms. I would request a final letter from them after you've made your last payment stating the account is settled in full. Keep in mind that if they're writing off more than $600, you're going to have to claim that money as income and pay taxes on it.

Contacted BOA about two credit card accounts. Was given the option of a payment plan over 60 months which we took. Was told we would receive paperwork in the mail to sign. That was January 3rd. Called back January 15th and was told they couldn't offer that and we were misled. I am trying really hard to work through this. I now have letters going out with an offer. Have to wait and hope I guess. Good Luck to everyone.

well, I would say it will be their loss, because many people wait to 4-5 months late and settle for 25%. If you could do this over 10 payments you would be done with the debt this year, rather than in 2015.

I have settled with BOA/FIA on $56,000 for $17,000 or 30%. I have it in writing, so I'm not too worried. Some of the differences here might be over BOA and outside collection agencies, or individuals in the companies. I found BOA/FIA quite easy to settle with in October. The key is to have the $$ to settle and to wait until near charge off (6 months late they have to write off the debt), that is when the best deals are. Don't believe we only settle for 70%, 50% or whatever--they are just trying to get you to pay.

My husband just recently contacted B of A when we fell only 2 weeks behind on a monthly payment, to see if they could reduce our monthly payment. They gave him a different number to call, and was never told about FIA. After speaking with someone, he was told they would lower our interest rate to 4% (after being at 18%) and lower our monthly payment slightly (by $60). Wow, that sounds great right? Nothing mentioned about settlement until a week later, he gets a call from FIA confirming that we are entering their "program" and rattled off all our personal information, including our checking acct number to which they are debiting our monthly payment. They say they are sending us a packet with the terms.

I'm very concerned about how this situation happened and feel like we were deceived and B of A used practices that have to be legally unethical. I'm assuming this is being listed on our credit now as a settlement? and we weren't even 30 days late yet.
I would appreciate any feedback.

Thanks!

I believe the payment program is very different from settlement. Suggest you search this forum because there is information there. To get a settlement with fia/boa it seems like you need to be 120 days or more late.

FIA Card Services is affiliated with BofA. If you call the number on the back of your card they will give you a number for BofA Loan Recover Group. That is FIA.

They have been calling me for two weeks offering me a settlement that sounds too good to be true. However, they refuse to send me an agreement in writing. I have told them over and over again that I can not secure the funds without something in writing. If they send me anything outlining our agreement I will get them the funds today. The more they refuse the more I think they are playing games. I see lots of references to people mentioning their settlement agreement faxes in this stream. Has anyone experienced this where they refuse to send anything in writing?

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If you can not pay for the purchasesyou make than why do you buy it.
This whole settlement thing is just a more polite way to say you are stilling the money.....I bet you will not be able to get 50% off a shirt if you ask the clerk for a settlement.
Just be responsable with your money and work, stop drinking and smoking ....those things do cost money that you could use somewhere else....Like paying your purchases.
Im not a rich person but I dont use money if I cant pay it, I have loans and a credit card to and im unemployed at this moment but guess what, I dont run my credit card out.

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Bofa bought my credit card a few years back. My credit limit has been decreased and my interest rates increased and I have been a good customer. I recently moved to Alaska and missed a payment which prompted calls from FIA Card Services and Bof A both, daily. One day I was contacted 6 times. I spent an hour on the phone with BofA and they said that they couldn't help me with a lower interest rate because I had too high of a debt/income ratio. A few days later FIA Card services called and said I could settle my debt with a 6% interest and a 5 year pay off, then they called me back and told me that I qualified for the plan. 2 weeks later, BofA called back and said that I actually didn't qualify and where is my payment? Then I have had late fees and overlimit fees adding up. I have talked to probably 6 different agents from both companies and the experience I have had has been very difficult. The story just goes on and on and I am out a lot of money. If they do this to many customers for 1 month, just think of the extra finace and fee monies that they can collect.

"Stilling" is better defined in the SEC - Bank of America judgement case: http://www.courthousenews.com/2010/02/22/SEC-BofA.pdf in which BofA hid 3.6 billion dollars in "bonuses" to Merril Lynch, the judge was disgusted but had to abide by the law. I would state the same: "if you don't have a suggestion or a similar situation, don't post here." I was a good customer too, not late, no overages, paid them $7,000 on my $7,500 business credit limit. They reduced that limit to $1,000. I now am moving my money somewhere else and getting other financial institutions to take over the debts I have with them. I've moved 3 savings accounts, a checking account, and the business credit limit (that is paid now). I don't know what happened?? I am saddened that my financial institution has "abandoned" me, and then furious that I'm just a number, and sympathetic to anyone else who has experienced the same. They have become the TOP financial institution to show unethical and unsympathetic results to their dedicated customers. The TOP to accept "bail-out" monies. The TOP to be on the bottom of the "10 Most Worst Financial Institutions." Always, always have your agreements in writing, send it in the mail, send it via fax, send it in email, just have a written copy. I wish I could tell you not to "settle", make B of A "suck-up" their debts, but I know not everyone can do that. I most probably won't return to this site, if you'd like to send me email: [EMAIL="skinny31@aol.com"]skinny31@aol.com[/EMAIL].

FIA is an illegal operation. They steal from people's checking accounts. Anyone on here saying they are "nice" is part of their company, making it sound like their settlement deals are a bargain. After they "settle" with you, they sell the balance you did not pay to other collection agencies, and you have to settle again for the difference. Sound Fair? It's not fair, but it is illegal! They do not validate debts before their thievery and do not follow th FDCPA federal law. I sued them through the Federal Courts. You should too, and you WILL WIN, as I did!

They have been nice to me...respectful at every point. I have 3 cards. They have offered 30% and I am offering 20%.

I just got a letter in the mail from B of A offering $1400 off of a $9800 balance. Hilarious. Yeah it was that last $1400 that put me behind! lol Anyway - let the negotiations begin! I would take 30% in a heartbeat to get this over with, but they would have to spread that out over several months to make it work. 20% I could pay today.

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You don't have any deal with any settlement unless it is in writing. This does NOT mean FIA is crooked. If it is not in writing, it is not enforcable. If we want to be successful at moving on past this debt as quickly as possible, we need to use our brains and protect ourselves. We are practically acting as our own attorneys, for Gods sake. So if you cannot handle the details, have somebody do it for you. Good Luck

Have two BofA CC that I'm paying off. One had a monthly payment agreement but the other didn't...been struggling to make payments on both and have missed several payments since 11/09. Just started -- at least trying to -- making payments again this month. FIA has been calling nonstop since 12/09. I dont take their calls. I can only pay what I can afford so the only way they can help me is to voluntarily discharging my debt - fat chance of that happening LOL! Try paying BofA directly at this link... https://www.myeasypayment.com/. I've been using it to pay whenever I can.

Good luck!

FIA Card Services is a real ripoff group. Especially now, when we need our creditors the most, they are pulling all decent offers/deals off the table and lowering peoples credit limits as they pay off their balance so that you become less of a liability later when they go bankrupt and steal more gov't money like the rest of the thieves. Dont pay anything, see how they like that, tell em to go get their bailout check, we financed it anyway. Then cancel all your cards, grow your own food and maybe for once in your life you can live with some dignity instead of being a slave to corp masters and conditioned to spend money we dont have on stuff we dont need. Only in America!

I owe "PNC Bank" about 20,000. Yes this card started with PNC, went to MBNA, BOA, and now FIA. I didnt make the payments that some posters are saying because I became disabled and couldnt pay on the card. I thought this was "unsecured" credit and they couldnt do anything to me but screw up my credit. WRONG... After a while, by law, they are allowed to take action to collect their money owed by putting a levy on any asset you own. The only asset I own is my house, so they can take my house away from me and sell it at a sheriff's sale. I have no $$ to settle on a one time cash basis. I was sued by them and therefore am in the situation where they can take my house. I have an attorney that is trying to negotiate a settlement for me for payments over time for a lesser amount but I'm not going to get the 40 and 50 % discounts that you guys are talking about. I have to wait and see what my attorney can do for me. So dont think this will go away if you just ignore it and hope they just wait for their money with interest racking up. I did that on advice that was wrong.

I spoke with Creditors Interchange yesterday. They offered me a 37% lump sum settlement which they could possibly extended to three payments or continue with the minimum due. At this point, I'm 90 days past due. FIA double my rate which doubled my payment. If they can reduce my rate to what it was, I would be more than happy to pay.

Wachovia CC was transferred to FIA and for 6 years they increased my limit without my consent. Now I get a letter in the mail about a $4800 credit line decreasePyments always on time. I received no prior notice of this change and now I have no emergency fund through this credit line. FIA are bullies that get away with it because they are seen as doing something good for the economy by taking away credit lines for no legitimate reason.

ok there are alot of negative things being posted on this thread, i know from reading others that people say how easy b of a was...here is my question; my credit union visa was bought by fia card services and i am told they are bank of america, are they one in the same or different branches of one company or what? also can some of the people who have settled with fia let those of us who are in the process know how they faired...thanks

FIA was a piece of cake. They combined my 3 cards, including my biz card at about 90 days so I only had to deal with one phone call on all 3. I then settled all 3 at 30% over 3 payments. I waited til close to 180 days only because I was holding out for 25%, which they never entertained. Once they offered 30% it never went lower. I am a strong negotiator and had to pay another large card at 50% bc they were going to sue me, so fia was cake in comparison.

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It looks like 30% is the best you can do now. They were offering 20% last year.

does it make a difference if you make one payment with fia? what is the time frame for fia to offer a settlement? i spoke to them yesterday and at one point they said that on september 1st i will be 120days late, then a bit later in the conversation they told me i am at 90 days right now. so from aug 18th -sept 1 i am going from 90-120?

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A few weeks ago I was able to get 25 cents on the dollar on 35k worth of debt spread over 4 cards.. They were very easy to work with and every start of the month leading up to the 180 day mark the offer would go lower and lower. It was stuck at 30% for about a month and all the way up to the 170 day mark. I rejected the offer and told them I just could not borrow that much.

Later they came back with 25%... So I settled on 35k worth of debt for about $8,700.00 payable over three months.

Pretty good. And in my opinion they were easier to deal with than citi. Citi I settled for 30 cents on the dollar but for some odd reason it had to be lumpsum and not 3 month payments.

The only bad thing is I let a HBSC debt slide and its somewhere between collections. I fear an attorney may have it by now. Those guys normally dont go under 60% which sucks and they will seek judgement and always win.

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Just settled two BofA cards this afternoon totaling $19k for 32% at 200 days (payable over 3 months)....could have held out but just wanted it over (were very nice and easy to deal with)....this is the 2nd and 3rd settlement for me...1st was Advanta $20k at 25% at 180 days....Good luck to all

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since FIA is aka Bof A can a settlement be paid in person at a bank of america branch? i paid my chase settlement with a bank check in person at one of there branches. what about citi? at citibank?

IF they send you a 1099 then you have some issues. First, whe you receive the 1099 you need to send them a letter stating that you never agreed that you would have "earned" anything in the settlement. Explain that you understood that the settlement was 1. Agreed value settlement 2. non-recourse.

Accordin gto federal law...they cannot illegally or unethically send a 1099.

(Do not tell them this but, the reason they settle is because they will get the $$ from you which creates value, and because they will probably recover MORE with a settlement agreement than if they do it any other way, such as sell off the debt or sue you. This means your settlement made an agreement that the VALUE was only the payment received.)

The if tehy do not adjust it, send a 1099 correction form BACK to them and the IRS. Show that you paid an agreed balance.

All of this is only relevant to your actual credit card company files:

ALL credit card companies WILL accept a negotiated settlement. It is usually based on YOUR ability to repay the debt. This involves age, income, education, and physical/medical conditions including. It also takes into account how long you have been unemployed and the average wages in your area and average expenses in your area.

Any credit card company that says "we never take less than" is lying. I have seen banks accept as little as 5%!!

RULES:
Pick an amount you can settle at and can get the $$ for. Then call and ask. If they say no, then hang up. Call back a day or two later, a different person may accept it. If you are consistent the files will show it. They may accept.

Tell them that you have MANY other creditors and bills. Tell them that the $$ you are offering will go to them IF they say yes. If not you will settle with others.

Remind them that you have already called and talked with (name attorney) and can hire him as bankruptcy attorney for 500 down and 500 more later and owe them NOTHING. Tell them that you are willing to pay them the 1000 instead.

If they tell you that you would be in "bad faith" (a cause to throw out a bankruptcy) for settling with another lender....tell them this is untrue as your action...paying a reduced value is an attempt to avoid bankruptcy..whoever takes it first gets it.

MUST include the entire account number, the credit card holders names...every credit card holder on the account or issued a card!!!. They also MUST include a statement that the bank is accepting $XXXX as non-recourse payment in full against the account. Nothing else should be included. Make it SIMPLE. DO NOT let the bank state that you will be billed a 1099 later on this document.

The bank will tell you it is the law that they MUST 1099 you. You tell them that if that is true they do NOT have to state so on the document. It is NOT part of your offer to have this on the document. You are offering a NON RECOURSE settlement value.

Make sure that any offer is signed and the name printed there as well as title within the bank.

YOU do not have to research the rights of the title and person t sign the document. If they sign it you assume they have authority (good faith).

I am in the middle of a lawsuit by FIA through a local attorney. I am really confused as to who is suing me... as the original CC was for BofA, FIA is suing me, and yet the letters from the Attorney say that they are a debt collector.

Interestingly enough, the amount requested in the lawsuit is less than what was owed on the BofA CC, and so this confuses me. I have attempted to Motion for a Validation of the Debt, but the Attorney has countered, saying my opportunity to do so has passed, and they are going for a default judgment.

Do I have any possibility? Can I do an affirmative defense stating that the debt collector has not demonstrated a contractual relationship, or is that part of the VOD process?