BofA settlement letter
Date: Mon, 02/08/2010 - 22:32
Please advise with any experiences.....
You can counter with an offer that is convenient to you. But, 35
You can counter with an offer that is convenient to you. But, 35% sounds like a good offer to me and they might not lower the amount any further.
heres the truth, ive been settling debts for about 7 years now.
heres the truth, ive been settling debts for about 7 years now.
B of A has been regulated by our government now, if you are only 160 days past due that is an OK settlement, if you wait till next month i would try for around 20%, most of the time they will settle at 22 or 25% but always try for less, keep in mind they wont want to offer you that upfront. tell them youre hurting and you cant pay your rent and bills if they offer a 30%
Also people need to know that these settlements are now stamped by upper management with a percent, ive had clients with alot of money get a 20% and then ive had clients that have no money at all and cant pay their rent get stamped with a 30%
moral of this statement is wait till next month and after the 10th of March when the debts have moved from 160 to 180 then go in for the kill, always sound like youre the victom and also be on their side too, dont be some asshole demanding stuff, keep in mind you want the outcome to benefit you, NOT them
one more thing, once you get them down to a good percent that you are happy with, you can also get 93 days to pay it off, this could be 4 months and 3 months if you do your math, I RECOMMEND PAYING IT OFF IN 1 MONTH IF YOUR CAN
BE SURE THEY FAX YOU A LETTER THAT YOU UNDERSTAND AND AGREE WITH
info to help & info to know
to answer your question though and im sorry i missed it your main question:
NO that shouldnt be your final offer, nothing is written in stone but since you are the actual client, i would safely assume to wait it out and get a better deal next month, read my post up above this! if you want to take the deal they will give you 93 days to pay it off, which again equals out to be 3 months and sometimes 4 months depending on when you actually agree to the settlement, if you agree later in the month 93 days can work out perfectly in 4 months, if you agree now its more like 3 months. or ateast the first 3 months will be staggered by 30 days and the 4th final will be really close to the 3rd payment. DONT PUT YOURSELF IN A SITUATION YOU CANT HANDLE. I always tell my clients "if you cant make the final payment dont do the deal"
take care and good luck
aka RIOT
Hey Guest, Why not become a part of this community? You sure ca
Hey Guest,
Why not become a part of this community? You sure can be an asset here with your years of experience in the settlement industry.
Quote:Originally Posted by SCHey Guest, Why not become a part o
Quote:
Originally Posted by SC Hey Guest, Why not become a part of this community? You sure can be an asset here with your years of experience in the settlement industry. |
thanks for the invite, but im currently starting my own HONEST business on how to get people out of credit card debt and it seems as this site is a forum that only benefits this website. i see too mnay plugs on how to fill out your info which is scary to me, also ive seen other plugs here that have been replaced with this sites plugs.
I want to help but i dont want to help the wrong companies.
I also dont want plug my own company after tons of my advice and have this site replace the plug with this sites info, its not right.
hope you understand?
Well Unregistered, as far I know this is only a community that h
Well Unregistered, as far I know this is only a community that helps people in debt. I'm not aware that this community benefits any company in particular. Yeah, you can sign up with them if you want a free debt consultation but that is optional.
Also, yes, they wouldn't allow you to promote your business as it is against their TOS but I have recently seen an announcement regarding allowing members from debt industries henceforth to promote their businesses through this site. I remember seeing that announcement somewhere; you may need to do a bit of searching to find it.
Anyway, keep posting, the community would certainly benefit from your expertise.
Unregistered, thank you for the information. I am 120 days and
Unregistered, thank you for the information. I am 120 days and BOA offered 35% today on $50k debt. Can't quite do it but am trying to. If they would have allowed me a smaller 1st of the 3 payments over 93 days I may have gone for it, but I am awaiting a tax refund by snail mail so nobody grabs it in my bank acct. Your information is valuable and I appreciate it. I just ignore the plugs, but sure see what you are saying. Anyway, it is up to you if you want to join...I wish you would but keep posting. Thanks again.
ill keep posting, but man this site has ALOT of the same questio
ill keep posting, but man this site has ALOT of the same questions asked over and over, you cant teach each and everyone everyday.
one day ill create a login but for right now i dont see any reason, i have a business soon to be opening and you cant give away all our secrets lol
Quote:Originally Posted by Anonymousill keep posting, but man th
Quote:
Originally Posted by Anonymous ill keep posting, but man this site has ALOT of the same questions asked over and over, you cant teach each and everyone everyday. one day ill create a login but for right now i dont see any reason, i have a business soon to be opening and you cant give away all our secrets lol |
Agreed. I would appreciate it if the moderator would address this. Seems like some posters create new threads when there is a valuable recent thread already there. Not exactly forum protocol.
Can you speak to recent CC transfer and or cash advancements. I
Can you speak to recent CC transfer and or cash advancements. I have some in Oct. from B Of A and am struggling to keep paying. How will this effect any chance of settlemtments with them if I stop paying soon ?
Quote:
Originally Posted by Anonymous heres the truth, ive been settling debts for about 7 years now. B of A has been regulated by our government now, if you are only 160 days past due that is an OK settlement, if you wait till next month i would try for around 20%, most of the time they will settle at 22 or 25% but always try for less, keep in mind they wont want to offer you that upfront. tell them youre hurting and you cant pay your rent and bills if they offer a 30% Also people need to know that these settlements are now stamped by upper management with a percent, ive had clients with alot of money get a 20% and then ive had clients that have no money at all and cant pay their rent get stamped with a 30% moral of this statement is wait till next month and after the 10th of March when the debts have moved from 160 to 180 then go in for the kill, always sound like youre the victom and also be on their side too, dont be some asshole demanding stuff, keep in mind you want the outcome to benefit you, NOT them one more thing, once you get them down to a good percent that you are happy with, you can also get 93 days to pay it off, this could be 4 months and 3 months if you do your math, I RECOMMEND PAYING IT OFF IN 1 MONTH IF YOUR CAN BE SURE THEY FAX YOU A LETTER THAT YOU UNDERSTAND AND AGREE WITH |
Quote:Originally Posted by danothemanoAgreed. I would appreciate
Quote:
Originally Posted by danothemano Agreed. I would appreciate it if the moderator would address this. Seems like some posters create new threads when there is a valuable recent thread already there. Not exactly forum protocol. |
good question.the fact of the matter is that you do have so many people coming on,and in some cases frantic after being threatened or just wanting help.i don't expect people to look around thoroughly and find a topic.i find it lends a more personal touch that if someone has a question or an issue they can post their own threads.nothing wrong with that in my eyes.it wouldn't serve this site to start requiring people to find a thread and post there to get help.too stringent of a rule.
that, of course, is up to the moderators. I would always sugges
that, of course, is up to the moderators. I would always suggest looking at an existing thread first. This is both for organization and for continuity of good threads. I do find this site most informative. If this was controlled by the cc companies, it would be shut down!
info to help & info to know
Quote:
Originally Posted by Anonymous Can you speak to recent CC transfer and or cash advancements. I have some in Oct. from B Of A and am struggling to keep paying. How will this effect any chance of settlemtments with them if I stop paying soon ? |
sometimes a balance transfer and cash advances can causes a reason for "hassle" when in the times of negotiation. but in the end the cc companys want money and if you dont have it you dont have it.
sometimes a balance transfer or cash advance can cause your account to go legal right away, truth is you can never tell the future with exactly whats going to happen when trying to time and creating a plan of debt settlement, back to the topic though, in this economy im seeing alot less of reason to be concerned about balance transfer and cash advances.
hope this helps
I am having this issue with chase. drew it out about a year ago
I am having this issue with chase. drew it out about a year ago so they are telling me 50% is it.
Chase is the worst. I'm 130 days delinquent and you know what t
Chase is the worst. I'm 130 days delinquent and you know what their settlement offer is? 90%. Its in prelitigation for only 5 more days and then it goes to their attorneys. Why won't they settle with me? Will I be able to settle if it goes to their attorneys?
Thanks for the answer on that, could you also give opinion on sp
Thanks for the answer on that, could you also give opinion on spreading out
the settlements and stop payments ? I have 4 CC's totaling 60K or so, would like
to stagger them, stop paying on 2 at 1st and settle, then the other 2, is this a good strategy ? Will the CC's complain that I can pay on 2 and why not their 2 ? Should I
just stop on all 4 and hope to come up with the money to settle them all
in 6 mo's ? the 4 being bofa, fia, cit, chase.
Quote:
Originally Posted by Anonymous sometimes a balance transfer and cash advances can causes a reason for "hassle" when in the times of negotiation. but in the end the cc companys want money and if you dont have it you dont have it. sometimes a balance transfer or cash advance can cause your account to go legal right away, truth is you can never tell the future with exactly whats going to happen when trying to time and creating a plan of debt settlement, back to the topic though, in this economy im seeing alot less of reason to be concerned about balance transfer and cash advances. hope this helps |
Quote:Originally Posted by AnonymousThanks for the answer on tha
Quote:
Originally Posted by Anonymous Thanks for the answer on that, could you also give opinion on spreading out the settlements and stop payments ? I have 4 CC's totaling 60K or so, would like to stagger them, stop paying on 2 at 1st and settle, then the other 2, is this a good strategy ? Will the CC's complain that I can pay on 2 and why not their 2 ? Should I just stop on all 4 and hope to come up with the money to settle them all in 6 mo's ? the 4 being bofa, fia, cit, chase. |
call me at 805-233-4031
Quote:Originally Posted by AnonymousThanks for the answer on tha
Quote:
Originally Posted by Anonymous Thanks for the answer on that, could you also give opinion on spreading out the settlements and stop payments ? I have 4 CC's totaling 60K or so, would like to stagger them, stop paying on 2 at 1st and settle, then the other 2, is this a good strategy ? Will the CC's complain that I can pay on 2 and why not their 2 ? Should I just stop on all 4 and hope to come up with the money to settle them all in 6 mo's ? the 4 being bofa, fia, cit, chase. |
just to let you know my business isnt up and running yet so dont be scared im going to try to get you to sign up, i dont even have contracts yet. this is very hard to give advise back and forth with these messages, im hoping with my help youll help me with refs later
Quote:Originally Posted by AnonymousChase is the worst. I'm 130
Quote:
Originally Posted by Anonymous Chase is the worst. I'm 130 days delinquent and you know what their settlement offer is? 90%. Its in prelitigation for only 5 more days and then it goes to their attorneys. Why won't they settle with me? Will I be able to settle if it goes to their attorneys? |
Chase right now is sending all debts that have a power of attorney on file (meaning settlement co POA) to a collection agency called IC Systems, they are giving the settlement companies 20% = 80% off, dont know why they arent doing that with the clients directly but who knows whats going through their heads
Quote:Originally Posted by AnonymousChase is the worst. I'm 130
Quote:
Originally Posted by Anonymous Chase is the worst. I'm 130 days delinquent and you know what their settlement offer is? 90%. Its in prelitigation for only 5 more days and then it goes to their attorneys. Why won't they settle with me? Will I be able to settle if it goes to their attorneys? |
I found Chase to be the easiest to settle with.
Got two done with one phone call.
I was working on the third one and we got disconnected (%#^#%^).
Called back and got a tough bird. So I just hung up.
Will try again in a couple of days.
BTW keep trying different call centers and you might just get lucky.
If im in pre-litigation though I don't think I have a choice of
If im in pre-litigation though I don't think I have a choice of call centers.....I keep on getting the calls from the same 210 area code number...
Well a few days from now it goes to attorneys....so there's no chance to settle once it gets to that stage?
Quote:Originally Posted by AnonymousIf im in pre-litigation thou
Quote:
Originally Posted by Anonymous If im in pre-litigation though I don't think I have a choice of call centers.....I keep on getting the calls from the same 210 area code number... Well a few days from now it goes to attorneys....so there's no chance to settle once it gets to that stage? |
to me everything is negotiable, you must have 2 parties meet in the middle somewhere, obviously you wan the middle to be less as possible for yourself.
my very own Chase debt recently was racked up within 1 year with ALL purchaces and zero interest for a year. I tried to keep them reeled in by contacting them every month to keep it from going legal (they actually to me this would work) in the end at 60 days late it went legal actually pre legal there is a difference within pre legal and legal with chase, pre legal ended up settling at 50% i figured it was better than full balance so i paid the 6k, i wanted better but sometimes things are worse. after this happened i had some clients go pre legal and over time i ended up getting their debts settled at 30%, i never knew they could go that low at the time of my settlement.
keep trying and good luck
aka RIOT
Quote:Originally Posted by AnonymousChase right now is sending a
Quote:
Originally Posted by Anonymous Chase right now is sending all debts that have a power of attorney on file (meaning settlement co POA) to a collection agency called IC Systems |
Annonymous:
I don't understand the above sentence. I have one Chase card that is about 75 days delinquent and am hoping for a settlement sometime in the future. In Jan, they called over 150 times from a 407 area code; then this past week they are calling from a 402 area code. I have only spoken to them one time and explained my hardship, the CSR was very professional and nice; I plan to speak with them twice per month, hoping to work towards settlement. I have another Chase card at is 30 days late. Any advise/tips when dealing with Chase. I typed "Chase" in the search box above and have read many of the posts.
King Jabba Labba:
Wow, two cards handled with one call; good job. How delinquent were you when you worked this settlement? Thanks.
Quote:Originally Posted by AnonymousAnnonymous: I don't underst
Quote:
Originally Posted by Anonymous Annonymous: I don't understand the above sentence. I have one Chase card that is about 75 days delinquent and am hoping for a settlement sometime in the future. In Jan, they called over 150 times from a 407 area code; then this past week they are calling from a 402 area code. I have only spoken to them one time and explained my hardship, the CSR was very professional and nice; I plan to speak with them twice per month, hoping to work towards settlement. I have another Chase card at is 30 days late. Any advise/tips when dealing with Chase. I typed "Chase" in the search box above and have read many of the posts. King Jabba Labba: Wow, two cards handled with one call; good job. How delinquent were you when you worked this settlement? Thanks. |
im not prompting you to do anything here with what you have quoted, what i am stating is just current facts, this industry changes sometimes month to month but honestly year to year. the facts that i know are with chase right now, if you are with a settlement company and they send a power of attorney to chase, chase will then forward your account to a collection agency called IC systems, IC Syestems is currently giving the settlement companies 20% settlements as of the end of JAN 10, from what i hear IC Systems will not offer these settlements to clients directly, now this being said if the clients is settling on their own a POA wouldnt be sent in the first place in order for it to get to IC Systems
Im only throwing out helpful hints on this unpredictable industry hope you understand.
aka RIOT
info to help & info to know
Quote:
Originally Posted by Anonymous Annonymous: I don't understand the above sentence. I have one Chase card that is about 75 days delinquent and am hoping for a settlement sometime in the future. In Jan, they called over 150 times from a 407 area code; then this past week they are calling from a 402 area code. I have only spoken to them one time and explained my hardship, the CSR was very professional and nice; I plan to speak with them twice per month, hoping to work towards settlement. I have another Chase card at is 30 days late. Any advise/tips when dealing with Chase. I typed "Chase" in the search box above and have read many of the posts. King Jabba Labba: Wow, two cards handled with one call; good job. How delinquent were you when you worked this settlement? Thanks. |
im not prompting you to do anything here with what you have quoted, what i am stating is just current facts, this industry changes sometimes month to month but honestly year to year. the facts that i know are with chase right now, if you are with a settlement company and they send a power of attorney to chase, chase will then forward your account to a collection agency called IC systems, IC Syestems is currently giving the settlement companies 20% settlements as of the end of JAN 10, from what i hear IC Systems will not offer these settlements to clients directly, now this being said if the clients is settling on their own a POA wouldnt be sent in the first place in order for it to get to IC Systems
Im only throwing out helpful hints on this unpredictable industry hope you understand.
aka RIOT
aka RIOT Thanks for the clarification, I really just didn't u
aka RIOT
Thanks for the clarification, I really just didn't understand what you were saying. Now I got it; I appreciate all your help and advice. You seem to really understand the debt settlement business.
Any advice on how to deal with Chase directly? Do you think talking with them once or twice a month is sufficient? I will be calmer and happier once I have handled my debt and pledge never to let myself get into this mess again. It's very stressful and embarrassing. (Chase and BofA are my creditors)
Quote:Originally Posted by Anonymousaka RIOT Thanks for the cla
Quote:
Originally Posted by Anonymous aka RIOT Thanks for the clarification, I really just didn't understand what you were saying. Now I got it; I appreciate all your help and advice. You seem to really understand the debt settlement business. Any advice on how to deal with Chase directly? Do you think talking with them once or twice a month is sufficient? I will be calmer and happier once I have handled my debt and pledge never to let myself get into this mess again. It's very stressful and embarrassing. (Chase and BofA are my creditors) |
everyone is in debt and everyone might be losing their homes, so there is nothing to be embarrassed about nowadays.
i have no idea on how YOU could do it yourself because currently chase is not dealing with settlement companies, if i were you i would settle your B of As at hopefully around 20-25% when they are 150-180 days then maybe find a HONEST AFFORDABLE debt settlement company and enter in only that Chase account so they can hopefully settle that with IC Systems at 20%
you can call me at 805-233-4031 to go over a game plan, just to let you know the company im opening isnt going to be open for a few months, i dont even have contracts yet, so dont be scared
aka RIOT
not that 50% payback is a bad deal...they are giving me $10k. Bu
not that 50% payback is a bad deal...they are giving me $10k. But, BOA is spoiling me settling $41k for what chase wants for $18k.
Quote:Originally Posted by AnonymousChase is the worst. I'm 130
Quote:
Originally Posted by Anonymous Chase is the worst. I'm 130 days delinquent and you know what their settlement offer is? 90%. Its in prelitigation for only 5 more days and then it goes to their attorneys. Why won't they settle with me? Will I be able to settle if it goes to their attorneys? |
I truly think that the % of your settelment is based upon who you actually get to talk to.
My day of reckoning was last November. I stopped paying all of my cc bills.
After I was two weeks late the call started pouring in. 20-30 a day!
But I made note of all of the diffeernet call center numbers and went to work.
As in your case it's been 130 days delinquent & Chase only offers you 90%?
I settled with Chase on 4 accounts for 40% after 90 days.
Keep calling the different numbers and shop the reps.
Good Luck and Hang in there.
Quote:Originally Posted by AnonymousChase is the worst. I'm 130
Quote:
Originally Posted by Anonymous Chase is the worst. I'm 130 days delinquent and you know what their settlement offer is? 90%. Its in prelitigation for only 5 more days and then it goes to their attorneys. Why won't they settle with me? Will I be able to settle if it goes to their attorneys? |
wow. they offered me 50% off the bat and I was trying for much lower...no luck yet
OP here....interesting....just called them and now they down to
OP here....interesting....just called them and now they down to 50% as well. But they won't budge from that.
So frustrating to say the least......
They offered us 20% for 2 cc's between 170 & 180 days. If they
They offered us 20% for 2 cc's between 170 & 180 days. If they would have come down another 5%, we could have settled. They added so many thousands in late fees & interest. Unfortunately, we had to let those charge off. We're going to try again once we get our tax return. It's not the best outcome, but it is another option that you might consider.
I currently have credit card debt of $15K. The card from BofA, W
I currently have credit card debt of $15K. The card from BofA, Wells Fargo, Hsbc & Orchard card. I'm current with BofA but have been delinquent with the other 3 companies. I'm considering to do debt consolidation so that I won't be bothered too much with the phone calls at home. I tried to look online for a non profit company but I couldn't find the one that can really help me. I think I'm not doing the wright research.
I don't know which company is good? PLEASE HELP!!!!! Thanks
Quote:Originally Posted by SugarSugarThey offered us 20% for 2 c
Quote:
Originally Posted by SugarSugar They offered us 20% for 2 cc's between 170 & 180 days. If they would have come down another 5%, we could have settled. They added so many thousands in late fees & interest. Unfortunately, we had to let those charge off. We're going to try again once we get our tax return. It's not the best outcome, but it is another option that you might consider. |
Sugar, sorry you were unable to settle. That is certainly a good offer. I am nearing 150 days on 3 cards and they finally offered around 35%. Would it be your advice to wait until nearly charged off to try for 20%? Also, what is the big deal with a chargeoff? My credit already went from 750 to 504 in just a few months. What difference would it make if I was unable to settle before chargeoff? Thank you and best wishes.
Thank you, danothemano! I'm sorry that I couldn't settle with t
Thank you, danothemano! I'm sorry that I couldn't settle with them too, but we can only do what we can do! While I would consider 20% a great offer, it was still more than we have. If I had the money to settle whatever % they wanted, I would have done it just to get them out of my life forever. But if you don't have it, all you can do is try for a lower figure. I'm sure someone will come along soon with more experience in dealing with BOA CA's.
Quote:Originally Posted by AnonymousChase is the worst. I'm 130
Quote:
Originally Posted by Anonymous Chase is the worst. I'm 130 days delinquent and you know what their settlement offer is? 90%. Its in prelitigation for only 5 more days and then it goes to their attorneys. Why won't they settle with me? Will I be able to settle if it goes to their attorneys? |
I have recently read in a thread where a member said to have an excellent relationship with Chase. Its strange how creditor's behavior changes customer to customer. :)
Quote:Originally Posted by AnonymousChase is the worst. I'm 130
Quote:
Originally Posted by Anonymous Chase is the worst. I'm 130 days delinquent and you know what their settlement offer is? 90%. Its in prelitigation for only 5 more days and then it goes to their attorneys. Why won't they settle with me? Will I be able to settle if it goes to their attorneys? |
I have recently read in a thread where a member said to have an excellent relationship with Chase. Its strange how creditor's behavior changes customer to customer. :)
Quote:Originally Posted by SCI have recently read in a thread wh
Quote:
Originally Posted by SC I have recently read in a thread where a member said to have an excellent relationship with Chase. Its strange how creditor's behavior changes customer to customer. :) |
the thread might be old though, starting in maybe ? November 09 i think chase doesnt deal with settlement companies directly, plus if chase only goes down to 35% in 4 pays and if you send a POA to chase and they forward it to IC Systems and you can get 20% why deal with chase anyways ?
aka RIOT
Riot Are you saying then it is better to let Chase charge off
Riot
Are you saying then it is better to let Chase charge off and deal with collection agency for better deal?
Quote:Originally Posted by OZZIE69Riot Are you saying then it i
Quote:
Originally Posted by OZZIE69 Riot Are you saying then it is better to let Chase charge off and deal with collection agency for better deal? |
no not at all, with a poa on file at chase they will send it off to IC Systems even if its 30 days late, debts only show as a charge off once they have passed the time most of the time its around 180 days late, some other are different but usually around 180 days then you get a charge off on your credit report