Bank of America

The best offer I got was 25% before charge off. BofA charges off at 180 days.

those are both pretty good offers but you can only pay what you got, but keep in mind the longer your hold out the more likely you are to get sued.

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see thats the thing you can only do what you can do. do the best you can with what you got to work with, and hope for the best. they will either take what you got or not, but in the end your doing the best you can with what you got at the time.

good luck to you

I have a 40% offer from B of A. They originally offered 30% and then reversed it. I am at 180 days. They said they will not budge from 40% and I got a letter from them offerring a settlement at 40%.
They said it will go to the legal department if I do not settle at 40%. I am tempted to wait for a better settlement, but am considering the ramifications if I do.

They have a collection agency that I have been dealing with, but the collection agency says they will send the account back to B of A if I do not settle. The collection agency is obviously not making the final decision, B of A is.

Please, don't say Verify the Debt, that is useless now.

Any ideas?

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I settled for 35%, but that was what I was offering

If you can swing it, do it. See if you can get it in 3 or 4 payments. they offered me 33% over 3 payments and I jumped at it.

I am thinking about taking the 40%. My question is, the Collection Agency said they would send it back to Bank of America If I do not take the 40%. Well, if Bank of America still owns the debt, why don't I just call them up instead of dealing with the collection agency? I have the settlement letter from the CA in my hand, I just am worried about stirring up another can of worms if I call the creditor. My debt is 50K, so you can understand why 10% is a big deal.

What would happen if the CA sent it back to B of A? Would they immediately sue me? I think they are just trying to scare me saying it will go to the legal dept of B of A. I mean, if I could settle with them for less, then why not?

But the advantage of the 40% offer is that it is on the original debt which was 6 months ago with no interest since then. What kills me is the originally said 30%, and then they said you have a line of credit somewhere's else, so there is no way we are going to accept 30%.

I need to make a decision before the settlement letter expires.

Thanks

BOA offered me a 15% settlement around 180 days with 4 payments. That was their only offer.

thats a pretty amazing offer, maybe the difference is the time frame. say you got a debt for 3 years paying the minimum verses 1 year were the actual debt hasnt even been paid yet. you can understand why maybe they wont budge from a certain amount. how old is your debt?

It is 3-4 years old. I guess that could be the case, since they collected so much over the years.

well depending on the size of the debt, they most likely have gotten the origional debt plus some so they are more willing to settle with a better offer than say someone who charged last year and are still paying the origional debt

Makes sense, I never thought about it that way. Thanks for the insight.

BOA just got really nasty this morning with my husband. The rep tried to put words in his mouth and say that we are definitely filing for bankruptcy, when my husband only alluded to it. He has 2 accounts with them.

I called later this afternoon - and I got the same rep who talked to my husband. I tried to talk about my account. He said he can't because it's with a collection agency. They would not give me anymore information - how many days past due, if BOA sold my account, etc. So I called FIA Card Services, and they said BOA still owns the account and will still work with me, but they are with my state's "affiliate". So, this rep LIED!!! I called them again and talked with a different rep. The offered me 40% last week, but because I refused, their offer went up $200. I offered 15% (round number). I'm at about 140 days now, and thought they'd be willing to settle b/c it's at the end of the month.

They are being particularly difficult - and if they don't settle for a more reasonable amount, we're going to have to file BK...we qualify for Chapter 7, but really didn't want to do that. They are the ones who started our whole debt snowball, reducing our available limit so far below our balance, and their outrageous 30%+ interest rate.

Play the waiting game and stop calling them. You made your offer, now wait. They will come around. Time is on your side.

Thank you for your advice! I have lost alot of sleep over what BOA did to us. Yesterday they mocked me about losing my job. We cashed out our 401K just to keep afloat with them. We qualify for Chapter 7, but really didn't want to involve the government in our lives. However, I'd rather do that than to have BOA keep calling trying to degrade me, after they took such a hefty handout.

BOA is probably the easiest to settle with. They will come up with a good offer. Turn the ringer off on your phone and let the machine pick it up, no need to talk to them. When it is time they will call with a great offer.

Exactly. Just stop picking up the phone. Let your answering machine do the talking. You're only 140 days late. At around 180 days they will make a good offer and you'll have 4 months to pay it off which will be a lot better than a bankruptcy.

Through a debt settlement company, I settled with BofA for 15%, the fee for the company was 10% of my debt.

this was right around 180 days as well, btw.

I only dealt with FIA when it was actually with BofA. Right now it is assigned to a CA by BofA. They sue me and I will just do bankruptcy. The reason I am not doing the bankruptcy now because upon my mom's death (which could happen soon), I own 1/4th of her house. I do NOT want to involve the house in a chpt 7 bankruptcy.

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