BofA calling & only 2 weeks late! New & need help...
Date: Mon, 02/01/2010 - 20:19
In January I decided to stop paying my cc bills in an attempt to get them negotiated. At this point, I am basically two weeks late on several accounts. I have already been contacted multiple times by BofA and FIA Card Services (who, I think are the same). Is this normal for them to contact you this soon? When they start calling you, do you take their calls and tell them anything or do you just wait and see? At what point do you start actually talking to them in an attempt to negotiate a settlement? Even then, how do you approach the topic - we are in a hardship situation and cannot afford the payments - or what type of wording is most effective?
Again, any guidance you all can give - especially pertaining to BofA or FIA would be excellent.
Thanks much!
I'd have taken the call to let them know about my financial hard
I'd have taken the call to let them know about my financial hardship and reason for not being able to pay. Just play the ball into their court and then wait for them to come up with an offer.
Regarding advices, many members have commented the BofA is particularly easy to deal with. You can also search the forums to read more about their experiences with this creditor.
Regarding FIA, check out the following thread.
http://www.debtconsolidationcare.com/identity-theft/boa-fia-cardservices.html
Letting your bills go in an attempt to "negotiate" is a bad ide
Letting your bills go in an attempt to "negotiate" is a bad idea in general. I would hate to think that people might get the wrong idea. Typically in order to negotiate, your account weould have to go to collections. Which means it's already on your credit report as a negative mark. BofA tries to collect anything less than 60 days in house I believe. Once someone has "purchased" your debt at a substantial discount, they are more willing to negotiate so they can make a profit.
I fear the only thing you'll negotiate at this point is a repayment plan for the balance in full.
What country are you living in debt free?? Creditors RE settlin
What country are you living in debt free?? Creditors RE settling accounts every day in house all the time, especially in this economy. The big credit grantors use third party collection agencies...they are settling accounts at substantial discounts on behalf of the creditor.
Read peoples experiences
Bank of America
If you want to settle with Bank of America, I think the best way is to ignore their calls until you're 4-5 months late - they will call incessantly, but then you will be able to settle for 30% or less with them at that point. It will ding your credit - just depends on how badly you want to lower your debt load. They are particularly easy to work with - I just settled $17,800 for $4,550. If you just want to lower your monthly payments, then you could talk to them and I'm sure they will give you a reduced monthly amount.
Good luck!
if you ignore calls they will just try other numbers, as in rela
if you ignore calls they will just try other numbers, as in relatives. I take the call once every 2 weeks. After all, I am asking them to basically give me money so I don't find that to be unreasonable.
