B orf A Tricks before settlement

Date: Sat, 08/29/2009 - 18:46

Submitted by gurug
on Sat, 08/29/2009 - 18:46

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Total Replies: 2

The rep at B of A is trying to get me to make a minimum payment on my 180 day late account saying the only way they can give me a deal is if I first make a payment of $500. One rep says they will apply it to my balance, the other says they will subtract it from the settlement amount. I'm not sending a dime until I get something in writing. I've offered 20% at about the 160 day mark, but I keep getting the run around. Are these two just trying to get an extra fee? Any advice would be great!

Don't pay without written terms

I wouldn't have sent a dime to them.

Have you got the settlement proposal from BofA in writing? If so, just stick to it. Making the minimum payment towards the account would make it current again and the company would no longer be obligated to exercise the settlement deal. You may then again have to fall behind payments to get rid of it.

Now, even if you make the payment get the terms in writing from the representative that the fund would be applied to the settlement.

lrhall41

Submitted by on Mon, 08/31/2009 - 00:12

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I could use the same advice on the same line

I'm in the same spot as gurug, I'm wondering though, with Bank of America, after the 180 day mark the debt is charged off. I've heard it will go to their legal department for a 30 day charge off period and they will call to harrass you for a settlement. Any truth to this? I have not had much luck with the represenatives up to this point either. Anyone had a similar experience with this?

lrhall41

Submitted by on Mon, 08/31/2009 - 00:36

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