BOFA setlement or repayment

Date: Sun, 10/25/2009 - 10:38

Submitted by anonymous
on Sun, 10/25/2009 - 10:38

Posts: 202330 Credits: [Donate]

Total Replies: 3

I am currently 5 months late on chase and 4 months on BOFA accounts. I received a great settlement offer from chase after 90 days late. BOFA however turned my account over to collection 2 months after i became delinquent. In 5 days it will supposedly go to the litigation department to start lawsuit. They told me this is because I sent a do not call letter. Either way BOFA will not speak to me at all. I had to speak to the CA. They were very courteous on the phone but there settlement offer was too much and repayment was not favorable either. Even if I started making payments the account would stay in collection. The problem is now my only option may be to start making payments again to avoid a lawsuit. I have not accepted the chase offer because of the BOFA situation. My question is if I have to start making payments again will I have trashed my credit for nothing? Does settlement really add that much extra damage? Any advice? I don't know what to do at this point. I am at a point where i may be able to handle repayment, but it seems insane since my credits already screwed whats the point. I will take several years for me to repay and if I settled today In 2 years my credit will have recovered enough to qualify for an FHA loan. Any advice on how I can get my account back over to BOFA so I can negotiate with them? I plan on calling and speaking to a supervisor on mon.

You're right that since your credit has already tanked settlemen

You're right that since your credit has already tanked settlement wouldn't do further damage to it, rather it would have somewhat positive effect once the accounts get paid. Since you are sufficiently late on both each would stay on your report for coming seven years no matter what.

Quote:

Originally Posted by Anonymous

Any advice on how I can get my account back over to BOFA so I can negotiate with them? I plan on calling and speaking to a supervisor on mon.

I don't think its possible. I'm sure that the CA too would agree to a settlement proposal. Have you tried negotiating with them yet? Further, a settlement amount is negotiable, you can check out if they would lower the amount. Tell them that you can really make it happen only if they agree to a more favorable amount.

lrhall41

Submitted by SC on Sun, 10/25/2009 - 21:32

( Posts: 3937 | Credits: )

once your score is tanked, frankly it doesnt hurt to go the rest

once your score is tanked, frankly it doesnt hurt to go the rest of the way. honestly i was paying on time but my score was tanked and settlement really did not hurt it much more than it already was. as for getting your account back i dont see that happening. usually once its closed its closed. I would accept the good offer before they take it away then deal with the other. good luck

lrhall41

Submitted by love_my_things on Mon, 10/26/2009 - 06:09

( Posts: 1434 | Credits: )

Yea the chase offer was very good. The only reason I haven't ac

Yea the chase offer was very good. The only reason I haven't accepted is because of the bofa account. If i get sued and a judgment against me I would have to pay the whole amount unless I file for BK. bofa account goes to litigation dept supposedly this week. Don't know what kind of deal they will offer me. Hope fully better then CA did. CA wanted 50% in one payment and I just don't have that. I told the guy on the phone if i had that kind of cash sitting around I wouldn't be in default on my accounts. LOL at least I can laugh about it. The stress has probably taken years off of my life.

lrhall41

Submitted by on Mon, 10/26/2009 - 11:41

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