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Hardship Plan then Settlement

Date: Tue, 01/12/2010 - 12:57

Submitted by anonymous
on Tue, 01/12/2010 - 12:57

Posts: 202330 Credits: [Donate]

Total Replies: 6


New to debt settlement and have a quick question: I successfully settled a BOA account today - 25% settlement on $17,800 owed. I may have screwed up my USAIR Visa however, at least for the time being. The had offered a 40% settlement last week - I wanted to be sure we would have enough funds to settle both accounts simultaneously and didn't want that one to charge off. The USAIR rep talked me into making one payment - then I got a letter in the mail that I was enrolled in a hardship program - not what I agreed to. I want to settle the account, and they are still willing, but I was told the settlement amount right now is 65% - not 40% - because I made one payment. Do I have to go another 6 months without paying to get back into position to get a good settlement figure?

Thanks everyone!


When and how did you get a settlement with BofA? I'm at 120 days and they're only offering me 40%.


lrhall41

Submitted by on Wed, 01/13/2010 - 06:30

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Just spoke to BOA yesterday - they were still offering 40% and I told her we could only do X dollars (which amounted to 25%). She put me on hold for a brief time and came back and said that was fine. I'm supposed to get the settlement letter soon. I'm paying $320 this month, and three extra payments after that. I am at 120 days. They were actually really easy to deal with.

Question on waiting past 120 days to get better offer - don't they have to charge off after 120 days? Doesn't that ding your credit more than just having the late payments for 6 months?

Thanks everyone!


lrhall41

Submitted by on Wed, 01/13/2010 - 07:03

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Quote:

Originally Posted by Anonymous
Just spoke to BOA yesterday - they were still offering 40% and I told her we could only do X dollars (which amounted to 25%). She put me on hold for a brief time and came back and said that was fine. I'm supposed to get the settlement letter soon. I'm paying $320 this month, and three extra payments after that. I am at 120 days. They were actually really easy to deal with.

Question on waiting past 120 days to get better offer - don't they have to charge off after 120 days? Doesn't that ding your credit more than just having the late payments for 6 months?

Thanks everyone!


180 days or 6 months is usually charge off not 120


lrhall41

Submitted by OZZIE69 on Wed, 01/13/2010 - 12:15

( Posts: 555 | Credits: )