Charge off/ Bad Debt
Date: Wed, 01/27/2010 - 21:25
What will happen if It charges off, I've been told by BOFA the options they might take once charged off, i've heard about atty's putting liens and garnishing wages. My main question is, can they go after my wife? Or is it just me? The debt is solely under my name. I feel helpless, i've got close to $100k in debt, which half is this BOFA and I don't know what else to do, I'm still afloat with my other cc's(in good standing), it's just this one that I can't pay $928/month on.
Is this 50k a personal credit card or a business line of credit
Is this 50k a personal credit card or a business line of credit ?
Seems odd because so many inlcuding myself have gotten good sett
Seems odd because so many inlcuding myself have gotten good settlements from Bank of Am.
it's personal credit, it wasn't a credit card. A couple of year
it's personal credit, it wasn't a credit card. A couple of years ago, they sent me a letter saying I can consolidate my debt into on payment and the limit was $50k, so I did it. I got it down to $43k until 6 months ago when I couldn't make payments, now it's back up to $50k. I don't know, maybe they see me making payments to the other CC companies and think that I can make a payment. I'm only making min. due payments, nothing extra.
If you are wanting to do a settlement, you need to stop paying o
If you are wanting to do a settlement, you need to stop paying on all your cards, I would keep 1. Do not send in small payments, it just starts the clock all over again. Yes, they will tell you it's about to charge off and that is when you get good settlement offers, if you don't pay. The only way they can get leins and wage garnishments is to sue you and win in court and that costs more money, so they will not be in a hurry to do that.
Guest59, I just can't get myself to just stop paying on all of
Guest59,
I just can't get myself to just stop paying on all of my cards. The main reason i'm having issues on this one is the $928/month that I have to pay. It is tiring paying every month to the CC companies. I'm pretty much working to pay them. It would be nice not to pay every month, but I'm totally scared on what could happen. I know my credit scores care down the drain already but still can't get myself to take the dive.
Quote:Originally Posted by AnonymousGuest59, I just can't get
Quote:
Originally Posted by Anonymous Guest59, I just can't get myself to just stop paying on all of my cards. The main reason i'm having issues on this one is the $928/month that I have to pay. It is tiring paying every month to the CC companies. I'm pretty much working to pay them. It would be nice not to pay every month, but I'm totally scared on what could happen. I know my credit scores care down the drain already but still can't get myself to take the dive. |
Right, after never missing a payment for 30 years, it was a little difficult (or very difficult) for me to pay nothing and let everything default. But it gets easier the first month you do it. Then save the money you would have paid and use it for settlements. Otherwise, just pay your bill. Nobody here can help you if you are willing and able to pay. Good Luck to you.
Update: my acct was moved to the charge off dept. at BOA and I t
Update: my acct was moved to the charge off dept. at BOA and I talked to the rep last week. The rep offered a $16k settlement and while we were talking I had mentioned that I was going to call a Bankruptcy atty to discuss the possibility of filing. After hearing that the rep told me to do it and and call back after I talk with the atty. I did talk with the atty and I called the rep back and gave her the atty's name and number. Once she got that, she told me that they are willing to settle for half of the $16k which is $8k and I can do it in 4 installments. I was so happy hearing that. Of course now I need to find out where I can get that money and the rep gave me till next week to accept the offer. I'm definitely going to take it. What a big relief. I'm so happy right now. I do thank BOA for being patient and understanding of my financial troubles and the willingness to work with me.