BOA, Need Advice

Good questions; I'd like to hear advice on them as well. Sounds like a great offer.

Is a fax not as binding as a mailed letter?

On the bank account issue, I can understand not wanting to give them access. Could you just go create a free checking account somewhere just for this purpose?

How did you negotiate this offer? Did you have to refuse other offers first?

I have just read on this sight many times, have them send a letter, I guess I could set up another account for this purpose, as far as negotiating with them, This started about 1 week ago, because I would not have the funds to pay them, The first offer was for 4700.00, but I just did not immediatly call them back. When I did , he offered 4000.00 but insist payment this month. I would really like to start next month when I will have more available,

I would wait until Friday and offer them less. They will try to get the 1st payment to secure the offer, but you should still demand the settlement letter for your own protection.

Should this letter be signed or is simply on company letterhead acceptable?

I would expect that the letter be signed. Again, probably just for protection.



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You could try requesting a faxed letter, but I had no problems with them scheduling the first payment first. If you wait too long, the deal may pass. You can schedule the first payment with a bank account for a lower amount. Then you will have the letter in hand in a few days detailing the settlement and payment due dates. BOA was really easy to work with. I scheduled the first payment, got the letter, then scheduled the next payments. After all the payments, they reported to the credit agencies that it was settled. I got a letter saying it was settled. It was like clockwork. No problems.

Quote:

I was getting offers beginning at 120 to 150 days. The last offer was 25% before the account was charged off. Too bad my family would not help me.

I was getting offers in the mail around 4 months late but they were not very good - 80% or so. Meanwhile this lady from BOA kept calling me saying she had a way to help me that I might not be aware of so and to call her. Right around 6 months late she said I would have to call by Monday or she would not be able to help me. So I call her and she offers 22%. Maybe I would have had the deal sooner but it worked out in the end.

I did settle with card services/BOA for 4000.00, I was worried that they might take back offer, They were all right, I have to make 4 payments to them.

seuq, thanks for the update. did you manage to get a mailed letter? also, what about the money-order vs. bank withdrawal question?

Yes They did say they would mail out a letter with our agreement, And then after this was paid they would send a paidin full letter. I did not want to but I had to use my account and schedule two payments, After that, I am suppose to be able to call and pay the other two. They said that was the only way they would process. I hope I can believe what they are saying, Anyhow I will be watching this closely