91 days and boa sent me to collections help !!

They can send you to a collection agency any time you are past due. In some cases, the CA will perform a function that we called "early outs"....a lot more customer service oriented, getting people back into repayment. Major banks will do this when their in house collection departments get bogged down.

Call and ask them about a settlement.

Soaplady now when you say settlement you are talking about like other settlements discussed in this forum like 35% etc ?
When a collection agency has your debt (sorry I'm a newbie) My debt now belongs to them? I pay/settle with them? If i do settle with them is it removed or reflected on my credit ?

Its probably already on your credit as past due. The only way out is to find out who they sent it to. Understand, BOA probably doesn't even own the debt anymore, they probably sold it to a collections agency. You will now have to deal with them and not BOA.

As for a 35% settlement, that is laughable. For one, the account is 91 days late, not 5 years late. Depending on the size of the debt and who they sold it to, you may be looking at court. Some agencies specialize in debt that is less than 6 months old and will sue first, ask questions later. Now the company probably paid about $0.50 on the dollar which means they spent $2500.00 to buy your debt. Do you really think they'll settle for 35% and take a 15% loss one day after buying it? I hardly think so. You can count yourself lucky if you get an 80% settlement and thats only if you settle in full. The time for making payments was when you had the account with BOA.
The only thing that will change on your credit report, until it is paid in full, is how many days late you are.
If you settle in full, it can take up to 90 days for it to be reflected on your credit report. Be sure to keep your PAID IN FULL letter once your settlement goes through. Most times, they won't even send the letter until AFTER your payment clears.
The only obligation the agency really has before sueing you is to contact you and see if you have any intention of handling it voluntarily. Most Agencies will ask for the balance in full, especially on accounts less than 6 months old. They will have everything they need to proceed further and your 5k balance will start balooning as they add interest and court and lawyer fees. You may end up getting a "settlement" of $7k or more!

I only add that because I've been through it. After reading some bad advice on a differant website claiming the company was a fraud. I refused to pay, then was summonzed to appear in court. I paid the ballance in full, plus 19% interest, $2k for both of our lawyers and some misc court fees. 80% always sounded like a dream come true after that experience. In fact, it motivated me to be proactive about my credit and now I am debt free.

When talking in percentages such as 80%, I mean 80% of the balance, which is a 20% discount.

what planet are you living on debt free?BofA never sells a deliquent debt until it's at least 120-150 days late.soaplday's scenario is accurate and true.also some have negotited settlements for as little as 35%.i'm beginning to suspect you are on here to delibrately muddy the waters.i'll be watching you very closely.

More than likely it went to their in-house collection dept. I dealt with FIA (who collects for BofA) and tried to work out a settlement in November. However, I could not come up with all the money. Yesterday, I spoke with their Recovery Department (that's where it goes after collection) and worked out payments over 12 months for a total of $5,000 on a $13,000 balance. It was charged off but the collection is kept with Bank of America which is better for me than being sent to an attorney.

Try calling 800-214-3544 and see if they will work with you.

I really Debt Free is just muddy..ing the waters..I have not read anything like that.. wow..CITYBOY..plse keep us posted on where the debt went too..I wish you all the luck. Very interested to hear how this turns out.

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OK I just was told that BOA has turned over my debt to a collection agency called PENNCRO ? Has anyone heard of them?
When I spoke to PENNCRO they said that they "are a part of FIA/cardservives" ? but they then later said we are a agency that FIA hired to collect?
Help.

Thank you all for the information; Has anyone heard of or dealt with Penncro ?

the account may go back to B of A, keep a close eye on it, sometimes they go out early to scare you, then next month B of A might call you. with B of A though, even at collections agencies you can still get an awesome settlement, I always try for a 10% just to see if they will take it, never exactly 10% though, make up some odd number like 192.34 is all you can afford, this way they believe you, if you feel your offer is reasonable then possibly fax the same offer and wait, usually a hard copy doc will sit on some ones desk and 60% of the time they will call back with an aproval, never counter your own offer, make sure they counter you first.

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BOA offered me a settlement for 20% after 5 months, I made no offer. The FIA thing is a scare tactic.