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BOA Special Repayment Program

Date: Sat, 12/05/2009 - 09:51

Submitted by anonymous
on Sat, 12/05/2009 - 09:51

Posts: 202330 Credits: [Donate]

Total Replies: 28


Here is my situation. I have not found a similar answer on the forums yet. I have entered into a special repayment program with several BOA cards we have. It is about $28,000. The program lasts for 60 months and is like 1-2 percent of the balance each month. I can afford these payments now and entered into the program because I am on unemployment and can do it now. However, once unemployment runs out for me sometime next spring, I am going to have to suspend these payments if I don't have a job by then. That will obviously put me back into default and "reset the clock." Can I still work out a settlement with them do you think, if I default on their "special repayment plan?" Or will they be ticked off at that point and not work with me and just send me to an attorney. They were very nice and helpful before when I defaulted the 1st time and couldn't make the payments. Any thoughts or experience with this type of thing?


well if you are still making payments you wont be able to make a settlement unless you default so if you are prolonging the enevidable you miswell not make the payment plan if you know for a fact that your gonna settle at some point. but if you feel you can make the payments the whole way through do that but if you know your gonna have to settle at some point dont commit to it just start negotiations now and stop paying


lrhall41

Submitted by love_my_things on Sat, 12/05/2009 - 10:05

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Well, I have already entered into this special repayment program that is supposed to last for 5 years. But come next spring, if I don't have a job and unemployment runs out I am going to have to call them and tell them I can't continue with the program because I will need all available funds just to pay for food and the house. Does anyone know if they will be ticked off at that point and refuse to work with me towards a settlement? If I can't find a job by next spring, I am going to have to ask a family member for a loan to try to do some kind of lump sum settlement. I just hope they won't want to send me directly to an attorney or something at that point. Thanks for your response!


lrhall41

Submitted by on Sat, 12/05/2009 - 10:14

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They have offered me 40% , I was on the "program" too. I am 120 days out. I owe 40K.Of course I cant do the settlement.I told them that too, they told me to call back Monday and see if they could do better.
When I first was late, they told me over nad over that since I was on the "Program" already that they could do nothing.Thats not true.Stop making payments, stick to the same sotrey and they will offer you something in about 4 months.Dont pick up all the calls , they arent too bad for the most part. Its a waiting game.


lrhall41

Submitted by on Sun, 12/06/2009 - 09:23

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gettyopgo: Thanks for your reply and good luck to you in getting the settlement you want! I have authorized an EFT withdrawal from my bank account each month for payment to my "program," so I figure they will hit the wall if and when I have to call them and tell them to suspend the monthly EFT withdrawals. Hopefully they don't make it difficult to do that. I am shooting for somewhere around 20-25% with BOA....from others on the forum I know this is possible, but don't know what kind of deals BOA is currently offering. Anyone have a recent BOA settlement and the percentage please? Thanks everyone...love this forum!


lrhall41

Submitted by on Sun, 12/06/2009 - 11:25

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Quote:

Originally Posted by Anonymous
gettyopgo: Thanks for your reply and good luck to you in getting the settlement you want! I have authorized an EFT withdrawal from my bank account each month for payment to my "program," so I figure they will hit the wall if and when I have to call them and tell them to suspend the monthly EFT withdrawals. Hopefully they don't make it difficult to do that. I am shooting for somewhere around 20-25% with BOA....from others on the forum I know this is possible, but don't know what kind of deals BOA is currently offering. Anyone have a recent BOA settlement and the percentage please? Thanks everyone...love this forum!


I just settled a $15,041 balance with BofA for $3,500 (or 23%) last month. BofA was more difficult to settle in the beginning but it was pretty easy once I let the account go to about a 150 days or so late. They will require you to submit the payment electronically. I tried to get them to take a money order but they said "no" because I have a checking account with BofA, I could use that account. So I did. It was pretty simple.

Wish you luck......


lrhall41

Submitted by on Sun, 12/06/2009 - 18:25

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i havent personally negotiated anything with this company but it looks like they are willing to work with the debtor. there are some great settlements posted here so i wouldnt be to concerned. it may also look like you are attempting by paying the hardship program. but it sounds like to me that you are prolonging the enevitable. If you are really in fear that you are not gonna find a job by spring i would start saving every dime you have right now and start the settlement process but thats just my opinion.


lrhall41

Submitted by love_my_things on Mon, 12/07/2009 - 05:59

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Thanks everyone. LoveMyThings...the reason I agreed to the special repayment program was because there was no way I can do a settlement right now and I was already like 120 days late from when I defaulted back in July. I am trying to get money from family and friends in order to do this settlement since I don't have any extra funds of my own. I used all my savings and such to fund other settlements. If I can get enough from family and friends to offer 20-25% I am going to propose settlement sooner. I just hope they won't put me on the "naughty list" if I default on their "special repayment program." Happy holidays everyone!


lrhall41

Submitted by on Mon, 12/07/2009 - 08:49

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Today I was on teh phone with a guy.He said he could do 16K on my 40K but I only have 8K they looked at my CC report while I was on line with them and saw that Im on a card with my daughter and it is in good standing, plus a car payment that is current(I only have one left)My mother is making my mortgage for now, I told him that. He said since these are on my report he cant go to bat for me for 20%.Of which I can barrow from my Gpa.
The guy said instead of taking that, they will cahrge it off in 60 days and go to collections and get more than the 8K I said, well I geuss Ill have to do that and I thanked him for his help and said goodbye.
Do you think they will actually do the charge off? or should I just wait it out and try again or see if they offer?They are rtying I can see that but I jsut cant do 10 to 16K.. I have a settlement with Citi to and that is being paid Wed in full.Im releived but this one is not so bright looking.


lrhall41

Submitted by on Tue, 12/08/2009 - 11:26

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gettyopgo....My guess is that BOA won't want to do the charge off given the financial mess they are in, but of course it is impossible to predict. I don't see how a current car payment and mortgage should prevent a good settlement either. I mean they obviously know that your home and car payments have to take priority over unsecured credit cards. The people at BOA I have talked to haven't acted liked my current car and mortgage payments would prevent a good settlement. I say that if you still have 60 days, wait them out. I have heard the best deals often come after the 150 day mark, even up to the day before charge-off. Good luck!


lrhall41

Submitted by on Tue, 12/08/2009 - 18:38

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B of A will not settle with me because I had jsut purchased my house (right before I got a divorce) and they say I need to sell it and pay them My Mom is making the payment for now. I have 8K that can be loaned to me to settle the 40K debt they wont agree to it, This A hole I was talking too said they will send it to collections and get a judgement. It will be 180 days in 2 more months..
What a jerk.He said they will settle for 16K But I cant.. my mother is trying to refi the house so I can stay here.Looks like I will see a court at some point.. the guys name is BILL, I was so upset when I got off the phone I was crying.


lrhall41

Submitted by on Wed, 12/09/2009 - 08:26

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Im seriously thinking of getting aDebt settlement attorney involved here with B of A, its the last one I need to get done.I cant afford to sell my house and take a huge loss, they wont get thier money anyway.I cant settle for the 16K they want on the 40K I owe.Thats only 40%.
Im in Northern Calif, anyone know any firms that do that here? I cant find any in the phone book.Only BK lawyers.


lrhall41

Submitted by on Wed, 12/09/2009 - 09:47

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Wow gettyopgo must have been the same B of A jerk I got..I called last nite and got a nice lady and she was appalled at how I was treated,She looked at my file and said in a few days I will get a call as it is going 120 and told me not to worry things will be fine. She also told me, depending on what time of day youc all will depend on what state office will pick up as the numbers we call roll over.Im in Cal and so wa she I called about 8pm last nite.She said you can always reqeust to talk to a manager and that you don not have to talk to the person that calls you if it gets hot or abusive.And you can complain.SHe said they MUST give there full name if you ask them.
Anyday Im hoping for a call like she said, Im hopeful its good news>Most likely not the same dep. everymonth it goes somewhere else..


lrhall41

Submitted by Dana De on Thu, 12/10/2009 - 09:36

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It does depend a lot on who picks up the phone when you call doesn't it? I have gotten some great people and some jerks, all with the same company and seemingly in the same department! Best of luck to you Dana on getting the call back you are hoping for. Keep us posted on what percentage they offer you. Thanks!


lrhall41

Submitted by on Thu, 12/10/2009 - 13:56

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Quote:

Originally Posted by Anonymous
Im seriously thinking of getting aDebt settlement attorney involved here with B of A, its the last one I need to get done.I cant afford to sell my house and take a huge loss, they wont get thier money anyway.I cant settle for the 16K they want on the 40K I owe.Thats only 40%.
Im in Northern Calif, anyone know any firms that do that here? I cant find any in the phone book.Only BK lawyers.


You can try this link: http://www.fairdebtforconsumers.com/


lrhall41

Submitted by Shazzers on Thu, 12/10/2009 - 14:10

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gettyopgo: I really think BOA is bluffing on saying they will only accept a certain amt. If it was 180 days then I would say that is the best they can do. But Credit card companies bluff all the time about sending people to an attorney or collections when all they are trying to do is intimidate you into paying. That is their job after all, to get the most money they possibly can. I read that somewhere around 1 in 100 of defaults will actually go to an attorney. They simply don't want to do that because using an attorney with all the associated fees will cost them more. So I say, keep waiting. I know it is hard but they are just trying to get you to cave in first. Just my two cents....Good luck!


lrhall41

Submitted by on Sun, 12/13/2009 - 11:53

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Quote:

Originally Posted by tfalkenb
Here is my situation. I have not found a similar answer on the forums yet. I have entered into a special repayment program with several BOA cards we have. It is about $28,000. The program lasts for 60 months and is like 1-2 percent of the balance each month. I can afford these payments now and entered into the program because I am on unemployment and can do it now. However, once unemployment runs out for me sometime next spring, I am going to have to suspend these payments if I don't have a job by then. That will obviously put me back into default and "reset the clock." Can I still work out a settlement with them do you think, if I default on their "special repayment plan?" Or will they be ticked off at that point and not work with me and just send me to an attorney. They were very nice and helpful before when I defaulted the 1st time and couldn't make the payments. Any thoughts or experience with this type of thing?

I have about a $26-28,000 indebtedness to BOA, too. What worked for me was that I hired an attorney ($300) and she settled the account for $18,000. The terms of the settlement are that I make monthly payments of $200/month until the $18,000 is reached. I have $17,000 more and am required by the settlement agreement to pay the full amount (of $26,000) if I miss one payment.

In retrospect, I should have called them myself and negotiated a deal if possible; but she knew the attorney for Bank of America and he was only able to bend the rules so much.

Check the terms of the agreement that you have; it may say that you must notify them of any need not to make payments. You may be able to negotiate directly with them; I was able to negotiate directly with Target for 30% of the owed amount of $15000 and I bet if I had offered less, they would have accepted less.


lrhall41

Submitted by on Sun, 12/13/2009 - 12:23

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teamrn: That sounds similar to the deal I currently have with BOA although my current payments are for the balance in full not a settlement at all. Only issue for me as I said is I won't be able to keep up the payments if my unemployment runs out and I am not working. Thanks for the info. on your situation though, information on this stuff is always golden.


lrhall41

Submitted by on Wed, 12/30/2009 - 11:01

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tfalkenb

I went on that plan early 2009. In June business dropped and I stopped paying them. Nice thing is interst stays low and no late fees. They will call one or twice a month and you tell them your problem. They were very understanding to me.

This month I just settled on $22,000 for 20%. These were 2 business cards. I have another $10,000 personal same age old 120 days. They have not made any offers yet but I believe they will soon.

Good Luck


lrhall41

Submitted by OZZIE69 on Wed, 12/30/2009 - 12:09

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