BOA Offer
Date: Wed, 01/06/2010 - 08:49
BOA is expecting us to call back on Friday. We are still going to attempt to negotiate a lower settlement, although many will probably recommend that we jump at 20%. If they don't go lower than 20%, our options are to either let these 3 cards charge off and settle with a CA down the road, or retain an attorney for Chapter 7. If we can get them down to 15% and hold them off til the end of this month we will be able to settle and still afford our house & groceries for the next 3 months.
Settling yourself can be done and you can get some great offers. However you go about this, it's still stressful... With the money we have currently, we would be able to settle 2 Citi & 2 GE Money for about 30-35%, and we'd still be able to pay the last 2 installments of 2 of our Chase cards and our Discover hardship payments.
Chase #1 - Settled @ 23%
Chase #2 - Settled @ 23%
Chase #3 - Settled @ 23%
Chase #4 - Settled @ 23%
Juniper/Barclay's - Settled @ 30%
Discover #1 - Hardship program
Discover #2 - Hardship program
BOA #1 - 20% Offer
BOA #2 - 20% Offer
BOA #3 - 20% Offer
Citi #1 - 60% Offer
Citi #2 - 65% Offer
GE Money #1 - 60% Offer
GE Money #2 - 60% Offer
Thank you for sharing
SugarSugar,
Appreciate very much the info you posted and the detail.
As we are just starting this journey, would you be so kind as to clarify some addition points in the process you have been through.
1, When did you stop making your scheduled payments on your cards and how long did it take for your CC's to begin offering you settlement options.
2, What kind of communication did you have in the beginning. For instance, did you call them or answer a few of their calls to let them know that you were unable to pay on your cards? Did you write to them?
3, When the settlement offers started to come, did they send them to you in writing once you agreed to the offers you were willing to accept?
Any other tidbits that you think may have assisted you in getting to the final settlement offers would also be greatly appreciated.
Thanks in advance, and continued success to you in your efforts.
Don
TOCOF If you have any cc with Bank of America first call and t
TOCOF
If you have any cc with Bank of America first call and tell them you are not getting anywhere today and get on thier Hardship plan. In doing so, they will drop rate to very low percentage. After that, stop paying and you will not accumulate tons of future interest and fees.
Hi Don, Thank you for your kind words. I am more than happy to
Hi Don,
Thank you for your kind words. I am more than happy to help you and answer your questions!
1. Our debt began to snowball (caused by BOA) about 2 years ago and we kept up with it and our minimum payments until June of 2009. We also cashed out our 401k (regretfully) to keep up with the payments. Although we were current, we experienced universal default on all of our cards at around 30% on 15 accounts and could not continue to pay. We called all of our CC's and begged for a lower rate many times and were always denied. We had been calling BOA monthly for about 2 years to ask for our original limit and APR and were always denied. I discovered this forum in May of 2009 and after reading all of the good advice, I staggered my non-payments in June, July, August and September.
2. After the 1st day late (beginning in June on some of the accounts), our phone rang all day and all night, beginning at 8:00 a.m. until 10:00 p.m. Discover was the worst, calling the most. We did talk to all of them at first, and as soon as we would hang up they would literally call right back. I told them all I was out of work and asked for a hardship plan - they all wanted my husband's income, how much I was paying for my mortgage etc. They would not discuss hardships with me unless I provided all my financial information and I declined to give that to them. I did not send any letters at any time. We continued to try to talk to the CC's about once a month to give them an update and some were very nasty & condescending. After about 2 months, GE Money asked 3rd party collection agencies to call us (and my family) and we sent DV letters to all of them.
3. By September, the stress of the phone calls were overwhelming. We found that we kept repeating our situation and were starting to tell the CC's that nothing had changed, we would call if/when we had the money and hang up. We got a Vonage phone number and turned off the house phone and sent all calls to our answering machine. At this point, we closed our bank account with BOA and opened a new one. We then started to save for settlements.
3. We received so many late notices in the mail that I went out and got an accordian folder and filed everything. I kept copies of my DV letters and certified mail receipts with the original bills. By October, I was able to identify which CC was calling me by the 800 number on my caller ID. I started to receive offers in the mail (particularly from Chase) that had pictures of happy people on them, jumping in the air - telling us to call them for help. We got offers for hardship programs in the mail, balance liquidation programs, etc. I think at the end of October/beginning of November, I started to tell the CC's that I still couldn't pay and that the only way I could would be to borrow money for settlement. At the beginning of November, I was either declined or offered a very high percentage. By the end of November/beginning of December, we reached a 30% settlement with Juniper/Barclay's. We also took a hardship program with Discover because they were absolutely relentless. They called my house, my cell, husbands job, his cell, my family, etc. I have another long thread about Chase. I settled those myself a couple of weeks ago (4 accounts) for 23%. They faxed & mailed us settlement letters.
As far as other tidbits - I have checked this forum many times a day, everyday since May. I read every post I could find about all of my CC's. I would wake up in the middle of the night and login to read some more. There is a BK forum that I frequently visited as well, so I knew all the options that were available to us. As I mentioned, you can absolutely do this yourself and no-one can do a better job for you than you. It is still extremely stressful and I think the hardest part is the first 4 months because it is still the very beginning of the process, the phone calls, and the waiting for your accounts to age long enough to settle.
When I wrote my post this morning, I was feeling a little discouraged but I bounced back right away. After 6 months, I am much more positive and have a better outlook since I'm more than halfway finished. I don't read this forum obsessively like I used to, but I do check a few times a week. Be prepared that you may run out of money for settlements and have a backup plan. Don't bother worrying about your credit score until after you're finished settling with everyone. People have said to wait until the end of the month for the best settlements but I've had some great offers at the beginning of the month also.
As far as BOA is concerned, I think we're going to hold them off until the end of the month and keep trying for a lower percentage (since they've inflated it SO much). We may have to take the 20%, but if they are calling us today and are charging off at the end of the month I think I have some time to negotiate. We do have a couple of months before Citi & GE Money charge off, and we'll use our tax returns to settle those.
Other than that, I can't really think of anything else to add. Please feel free to ask anymore questions!
Great TIP!
Ozzie69,
Great tip...that makes total sense. I have read in other threads how the late fees and overlimit fees on top of the accruing interest rates increase the balances such that when settlement offers finally do start coming, the actual balance you are settling on is much higher than the point you actually stopped making your payments.
Based on your suggestion, it would curb the increase of the balance such that when the settlement offers do start coming, its on a lower balance than would otherwise be the case.
It would seem to make sense to do this with my other CC's if they offer a similar program to BofA's.
Thanks again for the great tip!
Don
Thanks for the additional info
SugarSugar,
Thanks you SO MUCH for such a detailed response. You sharing the details of the process you have been through is a great help to me, and I am sure to others, as has been this forum.
Like you, I have been reading this forum continually when it became apparent that my girlfriend, whose job at a school district cut back her hours, was heading for financial hardship. I have started a thread to document our journey through the debt settlement process, as she now understands the fruitlessness of trying to continue to pay on her CC's when it comes down to food and gas or paying her CC's. She has been encouraged by the the many posts she has read here of others journey's through the debt settlement process. Her last payments were in Nov and Dec, so as you mentioned, the calls are starting.
It appears you have done a great job of managing your way through this process, and I would encourage you to persevere as it seems your are so close to the end. I wish you the best in your final negotiations with BofA. I am curious if you have asked them to base your settlement offer on the balances in place when you originally stopped paying on those CC's, or if its standard proceedures for the CC's to use the current balances which include all the various accrued fees an interest rates.
All the best,
Don
Thank you Don! I wish you and your girlfriend much success as w
Thank you Don! I wish you and your girlfriend much success as well! I never post on forums and the only reason that I posted here was because there were so many people who have helped us by sharing - especially at a time when we felt so helpless.
When it comes time for you to settle, CC's will settle on the current amount only with added fees & interest. But when we talk to BOA on Friday, we will definitely mention all of the thousands of added on fees - and we're not giving up negotiating. On the BK forum that I mentioned earlier, I read at least one person got 11%, many 15%, and many on this forum got 15-17%. A small difference in percentage can mean thousands and they are our largest accounts, so we will persevere!
My best recommendation to you is to pay for your food, gas, and your home. If you can possibly afford to get another phone line, it is such a wise investment just for your piece of mind. I would hold off on any hardship programs for another month or two - because the hardship program offers get better with time the same way that settlement offers do. All you can do is take one step at a time, one day at a time and know that none of this will last forever. There is light at the end of the tunnel, wherever you are on your journey!
Sugarsugar I also have 2 personal BofA set to charge off at e
Sugarsugar
I also have 2 personal BofA set to charge off at end of month. I was offered 30% today. Would you wait till end of month and counter with 20%? I received 20% on two business cards with them.
Thanks
If you're looking to settle at 20%, I would offer less (15%) so
If you're looking to settle at 20%, I would offer less (15%) so that you can meet in the middle and agree on 20% - but that's just my opinion, I'm by no means an expert - just another person trying DIY. I will keep updating as my situation progresses in the coming weeks.
BOA offer - great job
Thank you very much for sharing your experience in such detail. You did an outstanding job in dealing with your creditors. I hope you don't mind me asking a few questions.
I currently have two Chase ccs with high balances (around $35K combined) and a small BOA cc. One Chase cc will be 60 days late and the other soon to be one month. Did you find it difficult to work with Chase on settlements and did they handle each cc separately? I have not heard anything from Chase; but would like to work out a settlement, if possible. Did you take their calls or let most of them go to vm? One card has not used in almost 3 years, just been paying on it; the other card was used until May 2009. Do you think this is a factor with the cc company's decision to settle or sue?
I will be happy when all of this is behind me.....very nervous and scared; I can feel the tightening in my chest.
Hello Guest & thank you also for your kind words. Regarding Cha
Hello Guest & thank you also for your kind words.
Regarding Chase, as I mentioned above I only took calls from all my CC's about once a month to give them an update. I always asked them to verify my payment history over the years so that they know my history and that this is a hardship and not a habit. I started a thread about Chase awhile ago and it has almost all the details about my journey with them.
I was very worried about them too because I've read that they're quick to sue. I just continued to talk to them and trusted that we could come to an agreement that we could afford. I'm sorry I just don't know when/why/who they decide to sue. I'm not an expert, just another person trying to settle by myself. I hope this helps you, and even the other thread that I started about Chase.
Also, please don't allow your circumstances to compromise your h
Also, please don't allow your circumstances to compromise your health! I've been where you are and felt the same way, had sleepless nights, etc. As long as it does seem to take, it doesn't last forever and there's always a light at the end of the tunnel!!!
BOA offer - great job
Thank you for the words of encouragement, you have been exceptional in detailing your ordeal/journey thru this maze of cc. I will search for your comments on Chase and try to educate myself as much as possible to best deal with this situation. I am trying to take it one day at a time, and pick and choose when to talk with creditors (when I am feeling my strongest). I know it will probably get worse before it gets better; but nothing is worth risking my health. It will all work out one way or another, hopefully something agreeable to both me and the cc.
Quote:Originally Posted by SugarSugarAlso, please don't allow yo
Quote:
Originally Posted by SugarSugar Also, please don't allow your circumstances to compromise your health! I've been where you are and felt the same way, had sleepless nights, etc. As long as it does seem to take, it doesn't last forever and there's always a light at the end of the tunnel!!! |
I couldn't agree more- when you're stuck with letters upon letters from creditors/CAs that are threatening lawsuits and judgements, it can become VERY overwhelming. However, just know that a lot of us here on the board have been through the same and more importantly- we survived it!!! I started my own debt settlement journey in August 2009 and am now already halfway done with my CC settlements. It is really draining explaining my situation over and over again each time a new rep calls wanting to settle but I honestly believe it has made me learn the TRUE value of every single PENNY I make and because I know how hard I work for every penny, I work twice as hard to get good settlements for myself.
It is true- don't let this debt keep you awake at night and put the strain on your body/heart. Easy for me to say, I've let that happen one too many times to myself already- I'm pretty much a worry wart, not a good personality trait when you're dealing with CCs that threaten lawsuits :cool: but what SugarSugar is saying is true- you have your life to live still, don't let this time of your life be a miserable time. You still have to be happy, enjoy yourself and know that there are more important things in life than money :p
You are so welcome Guest! I will try to find my other thread fo
You are so welcome Guest! I will try to find my other thread for you and bump it up. I have 2 installments left and then will be done with Chase. To be honest, I found them to be extremely difficult in the beginning, but were very friendly and helpful at the very end.
After about 3.5 months into our settlement journey, we started to feel so different and it seems that almost overnight our attitudes changed. We weren't so consumed by our debt and didn't spend every second of every day talking, thinking, reading & dreaming about it. Very soon you will wake up and realize that you passed an invisible timeline, and know that your settlement process is approaching its end. I can't really describe it, but you can almost sense it in the posts of others as they reached their settlements. I can't say that it's stress-free, but how we feel today (1/2 way thru) is a million times better than the first 2-3 months. I'll be rooting for you along the way...and in the meantime, I'll bump up that other thread...
BOA offer - great job
I just read your forum on Chase, thanks for bumping it up. I bet you felt somewhat empowered once you were able to get the cc to work with you on settlements. I think I am stressing over that I don't know what to expect and possibly dealing with some very rude people (which sounds crazy considering I am an adult). Plus I feel extremely bad about not being able to deal with my debts.....but I am sure most folks on these forums feel the same.
It's still early in the process for me, so I will try to be calm and wait to see what happens. From these threads looks the older or more delinquent the cc get, the better chance I have of hearing from the OC with a settlement. I would be very happy with a settlement and would jump at 30 - 35%. I just need to be patient and wait to see. And if they do decide to sue, hopefully I will be able to work out a settlement before it actually goes to court. I do have trouble sleeping and anxiety attacks during the day, but also know that once this is behind me, I will feel a huge burden lifted and can focus on rebuilding my life.
If and when I have success, I will post my experience.
Sugarsugar..Thanks very much for ur extraordinary details,,very
Sugarsugar..Thanks very much for ur extraordinary details,,very much appreciate ur time!!.Can you please tell me if your BOA balance includes any cash advance taken in the past...I took cash advance in early 2009 and couldn't continue my monthly payments after Oct'09, due to unemployment...does cash advance in the past matters, wile trying to negotiate settlement...can you please advice??? Thanks in advance.
Thank you John512. I wish I could offer more help in this area
Thank you John512. I wish I could offer more help in this area and I'm sorry but I do not have any experience with cash advances, as I have never taken a cash advance. I have read about others who have taken them out and were worried about the outcome of their settlement, but were still able to settle successfully. I'm sure someone will be along very soon to comment about their experiences and can offer good advice...
I had a B of A line of credit, I took 6k or more(cash advance ch
I had a B of A line of credit, I took 6k or more(cash advance checks written to other parties) cash out over a few months .Then 9 months later I couldnt keeppaying payments, lost job ect..B of A was easy after 90- 120 days.
I just settled at 25% with them at 120 days late.. they didnt mention the cash..
However Citi, now thats another storey, my last card and they are pinheads so far..and I only took about 2k in chase off a 10K balance, but they wont settle right now at going on 120 days..
Thanks very much SugarSugar and Dana De!! Your replies were info
Thanks very much SugarSugar and Dana De!! Your replies were informative..and I appreciate your time!! Good Luck with your settlement journey!!
Do we need to keep calling BOA for settlement offers or just wait for them to send settlement letter..any advice??? Thanks.
No dont call them, no more than once or twice a month or even no
No dont call them, no more than once or twice a month or even not at all, pick up when you feel lik eit.. I dont think they routinely send out settlement letters, I think that is hit and miss.I never got one from any company so far
SugarSugar THANKS
SugarSugar please know that your willingness to share your experience is greatly appreciated! Your knowledge is helping our family too! We just started our journey on 12/25/2009. I plan to stagger so all 9 cc's don't charge off at the same time. I'm hopeful to use this forum for info and support. THANK YOU!!!
Quote:
Originally Posted by SugarSugar Hi Don, Thank you for your kind words. I am more than happy to help you and answer your questions! 1. Our debt began to snowball (caused by BOA) about 2 years ago and we kept up with it and our minimum payments until June of 2009. We also cashed out our 401k (regretfully) to keep up with the payments. Although we were current, we experienced universal default on all of our cards at around 30% on 15 accounts and could not continue to pay. We called all of our CC's and begged for a lower rate many times and were always denied. We had been calling BOA monthly for about 2 years to ask for our original limit and APR and were always denied. I discovered this forum in May of 2009 and after reading all of the good advice, I staggered my non-payments in June, July, August and September. 2. After the 1st day late (beginning in June on some of the accounts), our phone rang all day and all night, beginning at 8:00 a.m. until 10:00 p.m. Discover was the worst, calling the most. We did talk to all of them at first, and as soon as we would hang up they would literally call right back. I told them all I was out of work and asked for a hardship plan - they all wanted my husband's income, how much I was paying for my mortgage etc. They would not discuss hardships with me unless I provided all my financial information and I declined to give that to them. I did not send any letters at any time. We continued to try to talk to the CC's about once a month to give them an update and some were very nasty & condescending. After about 2 months, GE Money asked 3rd party collection agencies to call us (and my family) and we sent DV letters to all of them. 3. By September, the stress of the phone calls were overwhelming. We found that we kept repeating our situation and were starting to tell the CC's that nothing had changed, we would call if/when we had the money and hang up. We got a Vonage phone number and turned off the house phone and sent all calls to our answering machine. At this point, we closed our bank account with BOA and opened a new one. We then started to save for settlements. 3. We received so many late notices in the mail that I went out and got an accordian folder and filed everything. I kept copies of my DV letters and certified mail receipts with the original bills. By October, I was able to identify which CC was calling me by the 800 number on my caller ID. I started to receive offers in the mail (particularly from Chase) that had pictures of happy people on them, jumping in the air - telling us to call them for help. We got offers for hardship programs in the mail, balance liquidation programs, etc. I think at the end of October/beginning of November, I started to tell the CC's that I still couldn't pay and that the only way I could would be to borrow money for settlement. At the beginning of November, I was either declined or offered a very high percentage. By the end of November/beginning of December, we reached a 30% settlement with Juniper/Barclay's. We also took a hardship program with Discover because they were absolutely relentless. They called my house, my cell, husbands job, his cell, my family, etc. I have another long thread about Chase. I settled those myself a couple of weeks ago (4 accounts) for 23%. They faxed & mailed us settlement letters. As far as other tidbits - I have checked this forum many times a day, everyday since May. I read every post I could find about all of my CC's. I would wake up in the middle of the night and login to read some more. There is a BK forum that I frequently visited as well, so I knew all the options that were available to us. As I mentioned, you can absolutely do this yourself and no-one can do a better job for you than you. It is still extremely stressful and I think the hardest part is the first 4 months because it is still the very beginning of the process, the phone calls, and the waiting for your accounts to age long enough to settle. When I wrote my post this morning, I was feeling a little discouraged but I bounced back right away. After 6 months, I am much more positive and have a better outlook since I'm more than halfway finished. I don't read this forum obsessively like I used to, but I do check a few times a week. Be prepared that you may run out of money for settlements and have a backup plan. Don't bother worrying about your credit score until after you're finished settling with everyone. People have said to wait until the end of the month for the best settlements but I've had some great offers at the beginning of the month also. As far as BOA is concerned, I think we're going to hold them off until the end of the month and keep trying for a lower percentage (since they've inflated it SO much). We may have to take the 20%, but if they are calling us today and are charging off at the end of the month I think I have some time to negotiate. We do have a couple of months before Citi & GE Money charge off, and we'll use our tax returns to settle those. Other than that, I can't really think of anything else to add. Please feel free to ask anymore questions! |
We are missing our first payment in three days. We owe (2) B of
We are missing our first payment in three days. We owe (2) B of A cards and one FIA which I have learned is B of A. My real concern is the phone calls. They have my cell and that is it, although that is also my only number. How often should I speak to them or should I ignore them at first? Does it do any good to tell them before defaulting, and what is their demeanor throughout this process. We are making enough to settle, but owe $42k total, and that is impossible for us to ever pay down, at least as far as I can see.
Any advice is appreciated. We have ruled out a hardship program since we have planned this for a while and saved for a settlement outcome.
Kind regards.
One more quick thing? If I have three cards, all owned by BofA,
One more quick thing? If I have three cards, all owned by BofA, will they call separately on each one, none are business cards.
Early on they will call separately but will eventually be combin
Early on they will call separately but will eventually be combined.
Clarification. They will give to one rep to deal with but settl
Clarification. They will give to one rep to deal with but settlements are handled separately.
B of A
Ozzie, I have been getting calls from B of A about the same card, and it seems as though the left hand doesn't know I have spoken to the right hand. Did you run into this?
They want a payment plan, I flat out said no way. Settlement would be our only option. They said no way. Sound familiar?
Ozzie, I have been getting calls from B of A about the same card
Ozzie, I have been getting calls from B of A about the same card, and it seems as though the left hand doesn't know I have spoken to the right hand. Did you run into this?
They want a payment plan, I flat out said no way. Settlement would be our only option. They said no way. Sound familiar?
st8ca I got the same response from BOA/FIA. They said settleme
st8ca I got the same response from BOA/FIA. They said settlement is not a option but payment plan is available? This is day 75 for me.
Quote:Originally Posted by st8caOzzie, I have been getting calls
Quote:
Originally Posted by st8ca Ozzie, I have been getting calls from B of A about the same card, and it seems as though the left hand doesn't know I have spoken to the right hand. Did you run into this? They want a payment plan, I flat out said no way. Settlement would be our only option. They said no way. Sound familiar? |
I had none of these issues when I settled my 4 cards. I am working on 2 more that are 150 late. The rep mentioned settlement yesterday but said she need my "financials". That is a first. I think when you get a new rep to the company they are trying to prove something.
BofA just settled with me for 25% (debt was $11,895), perfect, t
BofA just settled with me for 25% (debt was $11,895), perfect, they said I'll get a letter with the settlement info in 5-7 business days! Now I just have to get Chase to do the same thing, they are playing hardball I just got off the phone with them and the lowest I got them today is 30% but I still have 3 weeks before charge off so I will take it to the end to get 25% from Chase also. Anybody out there have problems with Chase? Are they going down to 25% or is 30% there lowest, period? Like I said I will drag it to the end to get 25%. Any Chase info with help.
Thanks!
Quote:Originally Posted by OZZIE69I had none of these issues whe
Quote:
Originally Posted by OZZIE69 I had none of these issues when I settled my 4 cards. I am working on 2 more that are 150 late. The rep mentioned settlement yesterday but said she need my "financials". That is a first. I think when you get a new rep to the company they are trying to prove something. |
I am 91 days past due and Bank of america now informs me that I have been sent to a collection agency ? They never even offered a settlement. ! What do I do next ? What does this mean ?
It's probably their in-house collections. Call 800-214-3544 and
It's probably their in-house collections. Call 800-214-3544 and see what you can negotiate.
Quote:Originally Posted by whaat1881BofA just settled with me fo
Quote:
Originally Posted by whaat1881 BofA just settled with me for 25% (debt was $11,895), perfect, they said I'll get a letter with the settlement info in 5-7 business days! Now I just have to get Chase to do the same thing, they are playing hardball I just got off the phone with them and the lowest I got them today is 30% but I still have 3 weeks before charge off so I will take it to the end to get 25% from Chase also. Anybody out there have problems with Chase? Are they going down to 25% or is 30% there lowest, period? Like I said I will drag it to the end to get 25%. Any Chase info with help. Thanks! |
Chase offered me 35% today.
The collection agency is called Penncro. Have you heard of them
The collection agency is called Penncro. Have you heard of them ? Could they be their in house collections ??
Done Deal! I just got off the phone with Chase and they settled
Done Deal! I just got off the phone with Chase and they settled me for $1000 on a debt of $4955, which is 20%. I just stuck to my guns, I told them yesterday that I could $1000 that's it, my house foreclosed and I had another card I was trying to settle and if they didn't take my $1000 then the other bank was going to get it and they wouldn't get nothing because if they didn't settle I was filing bankruptcy, of course they did ask where I was getting the money and I told them I was borrowing it from my brother and thats why I had only $1000, period. They said all they could do was $1950, I said fine "bye" and he said wait I will put it through and see if can be approved, today he called and said it was approved and I set everything up to settle!
Thank you for everybody's help here all the information has been tremendous, I hope you all get what you are hoping for.