Bank of America

Good Job. I'm right with ya but had 34k; Set to charge off at end of month. Got letter offering 30% and told them I could afford 25, they agreed. Got Chase to settle at 25% as well this morning. Both broken up over 4 payments 93 days.

Good Job OZZIE69- I know we're pretty much in the same boat. I settled my BOA last month at around 32%, mine was a lower balance though- 4 down, 4 more to go (and they are all charging off soon- YIKES!)

We're starting with 8 cards. By the end of this month, I will have missed 2 payments on each card. I contacted all creditors well before running out of money. 3 helped with hardship programs. Others chose to close our acct and raise rates, go figure. I've answered some calls, but many I just don't answer. They want our income down to the dime. My husband with injured in August, required surgery and rehab. Lost 56% of our household income. Did u keep in touch with BOA and Chase? What do I say? I don't have the money. I'm fixing to sell everything I can to save for settlements. You are all very inspiring. THANK YOU!!!

Good Luck. BOA was great. Never raised my rate even and really never called. They called once at about 45 days late and offered 50%. Then really never called again. I had to call them every now and then just to see if we could get something lower. At about 5 months past, they said 40% was as low as they'd go. Then 3 weeks later I got a letter with 30% offer. I called back and said thanks but still to much. they agreed to 25% right then and there. super easy, super nice. Got a letter yesterday with details of payments and that the card will be settled,etc.

Chase called nonstop. I did talk to them and told them my story. I would encourage you to talk to them but don't feel obligated to disclose personal information as it really isn't required. they'll act like they need it to see if you qualify for assistance but the fact you're missing payments, will do that. Also, if you talk to them they'll atleast stop calling for a week. They were much tougher. never really coming down on the settlement much until the last second when I told them I only had $xx money and BOA was getting it if you don't step up.

Both are breaking it up in 4 payments over the next 93 days which will be tough so I may have to borrow some money but getting this settled is such a huge relief. I really do recomend talking when they call though. It will relieve the stress of the calls and I think it helps when they see you working with them. Just keep explaining why you're missing and when they wanted details, I just told them it really doesn't matter, and I don't have all those details with me now, and I'm also at work and don't have time to go over my life budget with you; but trust me; my expenses are higher than my income and thats why I'm struggling to make payments.

Not sure how attrative the hardship programs are you got offered but both Chase and BOA both offered me zero percent over 5 years to pay off balance. Also, not sure if that will affect your settlement offeres if Chase and BOA see you paying others on your credit report yet you're telling them you're broke. Best of luck though. Just hold strong, know that you can get low offers, it just might take some time.

Ozzie, did you get your letter yet from them? I just got mine yesterday and it looks pretty good with details of payment dates, and few disclosures about 1099C, and some other stuff. It isn't signed by anyone, just has "sincerely, Customer Assistance Department".

Is that what yours says? I'm not really worried about it but more curious.

Guest

Yes I got my letter faxed today and they read the same as yours. I am not worried about signatures. I believe Bank of Am is fair in their settlements and will not screw us.

I'm 5 months late(going on 6) on my BOA I owe a total of $50k and they offered a 40% settlement about 2 months ago but I couldn't afford it. At the end of december they were threatening charge off and I had to scrounge to borrow money to make a payment of $928. Now i'm still in the same boat, if I don't make another payment by the end of this month, they said It will go to charge off. I asked about settlement and the guy said it's at 80% now, he doesn't understand why it's gone up. Am I screwed? What will a charge off do if they give it to an atty office or collection agency? Can they go after my house?

I am 90-120 days late with BOA/FIA on 3 accounts totalling $38k. They have not sent me any offer and have not called for weeks. Has this happenned to anyone else? I wonder what they are doing.

They usually called me once a month. Never did send any settlement offers and probalby won't. You might want to call and find out status. Unless you just want it to charge off.

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My terms for Bank of America on $2,700 were 1/4 by 1/30. Then the balance over the next 3 months. Could not get to 20%.

In regards to Chase, others have said they ask for personal information. Most say do not give to them as they really don't need it.

So I just talked to BofA and she told me they have the debt until 1/30 and then for the next 27 days from Feb 1-Feb 27 which is 150-180 days delinquet it will be in the Charge Off Dept, her lowest offer at this point is 30%, so it sounds like with OZZIE and others around here you have to get into the 150-180 days delinquet and/or into the Charge Off dept phase and then that is when they will get down to 20%-25%. So I will wait another 2-3 weeks and once I get 20%-25% I will take it and run! Thanks for all the info, I am almost there. Now, with Chase Bank I am guessing this will be the same process for the most part, anybody have there thoughts?

Yes just wait it out. Chase should be handled same way. Most on forum say Chase is pretty easy to deal with.

So far I have settled with NCO/Amex for 35% over 6 payments after being 75 days or so late. I have 3 cards with BOA and 1 with Chase to go. My BOA cards are now at 90+ and so far they have been combined under a single letter from FIA Card Services. The only offer I have is to lower interest rate. I am waiting another 2 months for settlement offer, it seems. Chase is at about 100 days and nothing yet except the balance over 60 months. It is tough to be patient but I know that necessary. Thx to everybody. In total I have $270k to settle over 11 cards and a second mortgage plus trying to modify first. Home value dropped from $600k to $225k.

I see some comments about charge offs, and I'm wondering why you'd want to avoid that? As I understand it, once it is charged off and sold to a collection agency, you can avoid the 1099 because the collection agency is actually making money on it and hence not forgiving debt. So again, why not just let it go to charge off and get a settlement with no tax liability?

I can't make my BofA settlement. I gave them $$ to hold off charging off. Had major car repairs. They won't stretch it out for a couple more months. Now I'm thinking that maybe it's to my advantage to have it go to collections and not pay taxes on a 1099c?

I would have settled and received 1099c for $8,000+. and since I own house I would most likely not get it forgiven.

Hmmm, any advice?:confused:

Audrey

No real advise but do have question. Are you saying if a card charges off and goes to collections, no 1099 is sent????

That is what I read in another thread, and I posted the question to the MODS. No response yet. Read the post below mine.

Oh I don't know about that, my buddy settled his 2 Chase accounts last July/August. He settled 1 direct with chase, balance 20K they agreed to 4 payments of 1K. His other Chase account was charged off and shortly thereafter he settled that one bal 19K settled 4 payments of 1K with a CA named creditors interchange...He just received 2 1099's...

Regarding the 1099's, if you are insolvent, meaning your liabilities exceed your assets, it's not included...So unless you have 100K in the bank it'sprobably a wash...See irs form 982 and related worksheets/publications...

My understanding is that they are required to 1099 you if you settle for $600 or more owing, regardless of whether it is the original creditor or collection agency. For one thing, that is how they are able to take the deduction with the irs is by basically passing the taxable basis on to you. I just cant see the irs not requiring them from ca's, because then everybody would just let them charge off.

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They offered 30% and I said I just can't do that. One week later they were at 25%. Not sure why you are having all this trouble. I think that new hires are trying to be hero's and get maximum settlements.

You still have 30 days and end of month is good time to settle low.

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Does anybody else have any other insight/advice or opinion?

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90 days on all acoounts.

Bob

I did not get an offer from Bank of AM until 150 days late. Most companies are like this. Many will wait till almost chargeoff or 180 days before the best offers come.

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!

I have yet to see anyone in this forum get less than 30% from Chase.

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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.