Settlements with Bank of America
Date: Tue, 02/09/2010 - 13:53
I first posted this thread 2/09/2010. It is now 5/22/2010 and
I first posted this thread 2/09/2010. It is now 5/22/2010 and still B of A says they are not settling any credit card accounts. I have two accounts with Bank of America. One is aprox $3000 and the other is $4000.
Both accounts are going to be 90 days late as of May 1, and they might be sent to a "3rd party collection agency", according to the B of A rep. Between 30 and 60 days the FIA company was calling to collect the debt. Settlements of credit card accounts are still not available. Is there anyone out there with any info on how long it is going to be before we can settle this debt?
Wells Fargo is stuck at 50% and not budging while we are about 90 days late on their card.
Greetings Nano, My boa the snake went to 119 days and I settle
Greetings Nano,
My boa the snake went to 119 days and I settled for 30.1%.
Old boa the snake was my second easiest to settle with.
What number have you called for a settlement?
Are your accounts balance transfers or?
Repectfully yours,
King "Kash" Jabba Labba
how late do the cards have to be before these companies will set
how late do the cards have to be before these companies will settle? i have b of a, amer. exp., home depot and chase...totaling about 24,000. i just missed my first payment on 2 of them and have the other 2 coming up...
Quote:Originally Posted by cookycrishow late do the cards have t
Quote:
Originally Posted by cookycris how late do the cards have to be before these companies will settle? i have b of a, amer. exp., home depot and chase...totaling about 24,000. i just missed my first payment on 2 of them and have the other 2 coming up... |
cook, i've seen people on here get letters with a settlement % (albeit very high) after 50 days, and some haven't gotten squat after 200+.
there is no rhyme or reason when, how, or why CC companies settle.
Both boa accounts are between 120 and 150 days. One is 3000 bal
Both boa accounts are between 120 and 150 days. One is 3000 balance transfer, and the other is 4000 purchases.
I called today to boa to say hi and let them know my status has not changed. They want all of my expenses information. I told them I would call back. Since I have already gone thru DMP counseling, Novadebt and Money Mgmt Intl, I feel that I am done with that line of attack.
Now, I am waiting for a settlement offer.
Quote:Originally Posted by AnonymousBoth boa accounts are betwee
Quote:
Originally Posted by Anonymous Both boa accounts are between 120 and 150 days. One is 3000 balance transfer, and the other is 4000 purchases. I called today to boa to say hi and let them know my status has not changed. They want all of my expenses information. I told them I would call back. Since I have already gone thru DMP counseling, Novadebt and Money Mgmt Intl, I feel that I am done with that line of attack. Now, I am waiting for a settlement offer. |
nano i'd love to see how this plays out as i will be dealing with boa here soon. please keep bumping as things move forward!
30% at 180 days on 3 cards totalling over 40k... not sure if it
30% at 180 days on 3 cards totalling over 40k... not sure if it might be your relatively small amount owed so they think they can get it in full???? anybody?
Quote:Originally Posted by AnonymousI first posted this thread 2
Quote:
Originally Posted by Anonymous I first posted this thread 2/09/2010. It is now 5/22/2010 and still B of A says they are not settling any credit card accounts. I have two accounts with Bank of America. One is aprox $3000 and the other is $4000. Both accounts are going to be 90 days late as of May 1, and they might be sent to a "3rd party collection agency", according to the B of A rep. Between 30 and 60 days the FIA company was calling to collect the debt. Settlements of credit card accounts are still not available. Is there anyone out there with any info on how long it is going to be before we can settle this debt? Wells Fargo is stuck at 50% and not budging while we are about 90 days late on their card. |
I had a previous settlement with BOA back in November but couldn't make the high payments over 3 months. So, I let it charge off and they came up with a settlement of about 40% ($6600) over 13 months on a balance of $13,000+. Monthly payment $430. Citibank offered me 0% for 1 year - then I will try to settle. Couldn't come up with all the funds they both needed within the 3-4 month period.
I'm at 120 days and they offered 40% settlement on my accounts t
I'm at 120 days and they offered 40% settlement on my accounts totaling $43k. I cannot do that so I will wait it out. They brought up a car purchase in March of 2009. It was a used car, not that they care, and we didn't default on our cards until Jan. 2010, so what that has to do with anything is beyond me. I think they have a different excuse every time. I have called and tried to work things out with them but I am done. I will probably wait until 10 days before charge off if I haven't heard from them.
Update, accounts now at 119 days and 110 days. Today I was offer
Update, accounts now at 119 days and 110 days. Today I was offered 45% on both accounts, balances roughly $3K and $4K.
I am sorry I cannot pay those settlement amounts. I am going to wait a while longer.
Ask to speak with Card Service ( FIA Card Service ) , let me kno
Ask to speak with Card Service ( FIA Card Service ) , let me know if you the number. You should ask for 25% - 30% . Ask them if you can hand write a hardship letter that you can forward. This letter proves that you truly need help with the debt and that your willing to work with b of a to make a payment.
Regular collection department at b of a is stupid. They have no idea what their doing. Ask to speak with FIA Card Service Department. Let me know if you need the #.
Ben
Settle...Please post this number you are talking about...
Settle...Please post this number you are talking about...
I am 150 days out. Was offered 40% a month ago (120 days), I sa
I am 150 days out. Was offered 40% a month ago (120 days), I said no and they said too bad. Today I got 30%; I just waited them out. I read a very wise post on here that simply stated you are on the defensive until the last month, then they are on the defensive as they do not want to charge off and take a huge hit. I owed about 44k and will pay slightly over 13k.
"I read a very wise post on here that simply stated you are on t
"I read a very wise post on here that simply stated you are on the defensive until the last month, then they are on the defensive as they do not want to charge off and take a huge hit."
There's wisdom in them words!
IMHO, these boa snakes may get a bit of a bonus if they settle before charge off.
Patience on my part paid off with a 30% settlement at 119 days.
Good Luck,
King "Kash" Jabba Labba
FIA # to settle with BOA...please
Quote:
Originally Posted by Anonymous Ask to speak with Card Service ( FIA Card Service ) , let me know if you the number. You should ask for 25% - 30% . Ask them if you can hand write a hardship letter that you can forward. This letter proves that you truly need help with the debt and that your willing to work with b of a to make a payment. Regular collection department at b of a is stupid. They have no idea what their doing. Ask to speak with FIA Card Service Department. Let me know if you need the #. Ben |
Ben,
can you post the FIA card services #....we are dealing with them right now.....and the Boa agents are tough....asking us all kinds of stuff about my husband's expenses
any help would be appreciated
B of A FIA Card Service Strategic Senior Account Manager at 1.86
B of A FIA Card Service Strategic Senior Account Manager at 1.866-429-1097.
You should speak with FIA Card Service to find out what the lowest rate you can get. Their office is open between Monday to Friday from 8 am est to 4 pm est .
Their the only department at B of A who can offer you lowest settlement rate. Try to show hardship. Ask to speak with manager if your settlement is not in your ball park.
Ben
thanks again Ben..... Could you tell me some details about how
thanks again Ben.....
Could you tell me some details about how you paid the settlement.....what paperwork did they give you or did you send to set the settlement in motion and to make sure that the debt was considered either paid in full or settled....did you get them to say it was PIF or "settled"? When did you sign an agreement and how did you proceed?
I am so scared .....and any details again...would be appreciated more than you know. I feel like this forum is a godsend.....I am sure hoping to pay it forward someday ...soon!!!
i totally agree with you, this is a very scary "game".I am also
i totally agree with you, this is a very scary "game".I am also new to this whole thing, going on 30 days on my 4 cards. Question for the group: if I have a chase visa and a bank account with chase, can they put a freeze on my bank account?
Yes, Chase could withdraw (offset) from your bank account if you
Yes, Chase could withdraw (offset) from your bank account if you don't pay your credit card. I would open another bank account and move my money to be safe.
Quote:Originally Posted by cookycrisi totally agree with you, th
Quote:
Originally Posted by cookycris i totally agree with you, this is a very scary "game".I am also new to this whole thing, going on 30 days on my 4 cards. Question for the group: if I have a chase visa and a bank account with chase, can they put a freeze on my bank account? |
Run, don't walk to get this done. They can and will not freeze it but TAKE your money as offset. This is spelled out in your account agreement. I opened my new account with a very small local bank early on in the process in case they might not want me as a customer after defaulting.
I thought someone has to have permission to take money out of yo
I thought someone has to have permission to take money out of your checking account
Quote:Originally Posted by cookycrisI thought someone has to hav
Quote:
Originally Posted by cookycris I thought someone has to have permission to take money out of your checking account |
nope.
but then you can go and file a dispute with the bank as it was an unauthorized debit. up to the local bank after that on whether you get refunded!
wow i really thought they needed permission... here's my thing:
wow i really thought they needed permission... here's my thing: we have a checking acct with chase ( i have my direct deposit going there) then we have my 16yr olds high school checking acct ( my name is on it with his) then i have a small money market savings acct. we also have a car loan (11,000 left) and a home eqiuty line of credit (about 37,000 bal). if i close my checking can they go into my sons acct. or the savings acct?
All banks settle. Let's face it, they won't say a settlement is
All banks settle. Let's face it, they won't say a settlement is available if they think you can still pay the balance. How do you convince they that you cant' pay the balance? BY NOT PAYING.
Once you stop paying, they will start to work with you. Of course you have to do the dance with them. It's like high school dating. There is wooing and convincing involved. But eventually, IF YOU ARE NICE ABOUT IT, you will get a "date" with them and settle the account.
Good luck!
Settled with B of A at 30% at 180 days. They called me to offe
Settled with B of A at 30% at 180 days. They called me to offer it. I have been talking to them weekly for the last month.
Congrats! Anyone do better than 30% lately? I'm stuck at 33% on
Congrats! Anyone do better than 30% lately? I'm stuck at 33% on an account that's been charged-off for months. They won't budge.
Congratulations Nano....you did good......now relax...it is so n
Congratulations Nano....you did good......now relax...it is so nice to have it done isn't it....I settled with BOA a little over 120 days......we had two big debts with them.....I am grateful everyday to this board and the people who gave me advice here.....if you drink, Have a glass of wine...!!!