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Settlements with Bank of America

Date: Tue, 02/09/2010 - 13:53

Submitted by anonymous
on Tue, 02/09/2010 - 13:53

Posts: 202330 Credits: [Donate]

Total Replies: 30


Today I was told that Bof A does not have settlements available to anyone for credit card debt. They advised that I call back next month to see if settlements are available.


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.


lrhall41

Submitted by on Fri, 05/21/2010 - 14:40

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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.


lrhall41

Submitted by blackbeasst on Sun, 05/23/2010 - 18:28

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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.


lrhall41

Submitted by on Mon, 05/24/2010 - 11:03

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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!


lrhall41

Submitted by blackbeasst on Mon, 05/24/2010 - 11:47

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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.


lrhall41

Submitted by aubrey on Tue, 05/25/2010 - 11:03

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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.


lrhall41

Submitted by st8ca on Tue, 05/25/2010 - 19:15

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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


lrhall41

Submitted by on Thu, 06/03/2010 - 17:40

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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.


lrhall41

Submitted by st8ca on Thu, 06/03/2010 - 21:57

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"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


lrhall41

Submitted by King Jabba Labba on Fri, 06/04/2010 - 09:30

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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


lrhall41

Submitted by on Fri, 06/04/2010 - 22:46

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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


lrhall41

Submitted by on Sat, 06/05/2010 - 05:28

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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!!!


lrhall41

Submitted by on Sat, 06/05/2010 - 10:15

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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.


lrhall41

Submitted by dantheman on Sun, 06/06/2010 - 12:06

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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?


lrhall41

Submitted by cookycris on Wed, 06/09/2010 - 17:02

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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!


lrhall41

Submitted by jonathan1270225430 on Thu, 06/10/2010 - 10:48

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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...!!!


lrhall41

Submitted by on Thu, 08/05/2010 - 16:49

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