Debt Settlement - Bank of America

BofA would not settle with us either. After charge off, we got a letter from a law firm and sent a debt validation ltr to them but have heard nothing yet You may have to let the cards charge off. Good luck.

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ok, so how do we, the consumer, get them to settle our debt for 20-50% w/o having to pay your agency, or are you just advertising here ?

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i just settled 2 accounts for 25%.i did nothing but ignore them for about 4 months.when i finally answered the phone they offered 25%.I didn't ask they just offered it,i took it.

At 120 days BOA did not want to talk settlement I had over $45K past due. Then at 150 days they offered 30% However, at that time i told them I had talked to a Brankruptcy attorney they asked who, I gave a name and number. They said we will call you back. They called back and approved a settlement for 15%.

I had a Bof A business card owing $30000, couldn't pay since June. Every timethey called I repeated that my business went under and I had no money to pay them or any other debtors, including my mortgage. After a while I stopped answering the phone and they left msgs for me to call them. This went on for 3 months. Then out of the blue they left a msg that they had a "super super deal" for me. So I called, and it was. They would settle for 22% of the balance owing, in 4 monthly payments and would note the account as Paid-Settled. I insisted on receiving an agreement letter before making my first pymt, and am now one month into the arrangement. It is a stretch financially but I can manage it. Compare this to Wells Fargo and Advanta who won't consider less than 50% in two pymts - no way can I come up with that! Needless to say, they will end up probably not getting anything because BofA was first to offer a settlement I could afford and will get most of the cash I put aside for settlements.

Congratulations! I also settled with BofA today. Settled for $4700 on a balance of $14,200 over 4 payments. Now on to CitiBank.......but they'll have to wait until I replenish my settlement funds.

today I called at 90 days out and they said they had no way to settle with me or to even refer me to someone who could.Nothing was noted on my screen on the PC she said.I owe 24K on one card and 26k on a credit line.She told me they ahve a "team" who looks and decides who gets a settlement offer and who does not depending on the situation.
I had paid all but these 2 cards and 2 Citis off which all had huge balances I could not do anymore.they were not willing at all to cut me slack or settle.
I hope they dont sue me, but I geuss if they do they do..I do ahve a mortgage they can attach but there is no equity in it at all.I have arealtive who could loan me money to settle if they will.
I might note I ahve been talking to them all nicely and weekly for 90 days now.

I read somewhere that someone here had the bank take the money out of their checking account, to pay a debt.

They are not allowed to do this by the way. Its called the Banks Right to Set Off, and they have to the right to set off, before they do it, other wise, you can sue the bank for damages. This is written in the loan documents if they do have the right to take the money.

On the BOA settlement for 15%. Were all of your other creditors deliquent? I would imagine they would have pulled up your credit bureau and seen that you were going deliquent with everyone? Or were they only one deliquent.

Thats a good question. I am hearing that if you are not deliquent with everyone, then this increases the chances of a settlement. But if they see you are paying everyone else, then, they will not be so inclined to work with you.

I only stopped paying the accounts where I would make a payment, and then they would shut the line down. So I expect for them to not want to work with me, and will send off to legal or whatever. Me and my husband have come to grips with it, because through all the banks they purchased, they have a lien on our house anyway, and we will never be able to sell it. The property values in our area dropped so much, with all the foreclosures, we stuck here for life anyway. They can put a lien on the house, and it will just sit there forever I guess.

I cant pay them so I guess thats the best option without having to come up with anything, at least right now.

what did you guys do with all the things you purchased and are not paying for.
14 grand on a charge card I mean really, and now you brag about settling for less. That is the reason our rates go up, because of people who do not pay.
You guys are shameful

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Be prepared you will get a 1099 for the amount . You will need to declare it

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I don't think these people are bragging about it. Unless you have walked in their shoes you don't know why they had to charge what they have, not everyone is financially minded. I'm sure it's a major relief to not have creditors calling you day and night. Maybe you shouldn't be so quick to judge, you never know what's lurking around the corner for you.