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BofA - To Wait or Not To Wait

Date: Fri, 02/12/2010 - 06:42

Submitted by anonymous
on Fri, 02/12/2010 - 06:42

Posts: 202330 Credits: [Donate]

Total Replies: 9


I am currently 130 days past due with BofA on a balance of approximately $21,000 inflated (It started at $19,500 before interest and late fees). Within the past week, they finally made me an offer of 35% of the current balance ($7400), but I have read on this site that people routinely settle with BofA for far less -- between 20-25%.

I have called back to try to negotiate a few times, but one of the reps told me yesterday that the rep who originally made the offer "was very aggressive" and "offered me the lowest possible % right away."

My question is: should I accept this offer or should I wait until the account goes past the 150 day past due mark to see if they decrease the settlement amount? I have the money to make this settlement, but I don't want to leave $2,000-$3,000 on the table.

Thoughts? Experiences?


Follow up: I am nearing the 150 day mark. They are still holding to a 35% settlement. Is there any chance that they would actually increase the % in the final month? I am okay with paying an extra $60 if they hold steady at 35%, but it could be disastrous if they increase the %.

Anyone have an experience with BofA where they increased the settlement amount prior to charge-off?

Also, does BofA typically go for lower settlements right before the end of the month?


lrhall41

Submitted by on Thu, 02/25/2010 - 11:29

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you really need to figure out if you are now in the 150 unit or is it next month, if you are now in the 150 unit that means next month will be 180.
sounds like you can take care of the 35% now but i will assume they can do better at 180, maybe 20-25% after of course they tack on some fees but you will still save more in the end.
your call


lrhall41

Submitted by on Thu, 02/25/2010 - 13:30

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They dropped their offer to 30%. I am pushing to reduce it even further. If I get them to accept 25% of the current balance (28% of original balance), should I strike a deal? I still have the rest of this month before the account charges off so would I be better off waiting until the last possible day?


lrhall41

Submitted by on Fri, 03/05/2010 - 13:07

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I also have a BOA card that turns 180 days tomorrow. They told me it will charge off in 30 days. They offered 35% and I want to settle this one but right now I'm working on settlements with other cards and won't have the funds for this one.

They also have me in a payment program at 100/month. Should I make a few of these $100 payments over the the next few months to prevent charge off? I'm thinking then I'll be able to negotiate settlement in a few months after I've saved up.


lrhall41

Submitted by on Sat, 03/06/2010 - 09:31

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Quote:

Originally Posted by Anonymous
I also have a BOA card that turns 180 days tomorrow. They told me it will charge off in 30 days. They offered 35% and I want to settle this one but right now I'm working on settlements with other cards and won't have the funds for this one.

They also have me in a payment program at 100/month. Should I make a few of these $100 payments over the the next few months to prevent charge off? I'm thinking then I'll be able to negotiate settlement in a few months after I've saved up.


I would make the small payments to buy time. I think it is better to settle wtih them direct than having it charge off. Just my opinion.


lrhall41

Submitted by OZZIE69 on Mon, 03/08/2010 - 16:33

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Now, I am officially very confused. My account will be 180 days past due at the end of the month, but BofA is telling me that it won't charge off for another 2 months. No matter how hard I try, they maintain that they don't have authorization to go below 30% right now.

Does anyone have experience with BofA not charging off until 210 days past due? Do the managers have any ability to go slightly lower than the "authorized" amount? Should I wait another month and hope I get a lower percentage?

Any help is greatly appreciated.


lrhall41

Submitted by on Mon, 03/08/2010 - 18:30

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