Unsecured loan vs. revolving credit settlement
Date: Fri, 02/19/2010 - 18:48
While I was on the phone today with BofA, I was reminded of the fact that my $45,000 debt with them is not a "credit card," like a normal, actual "card" account. It's an unsecured loan which is amortized--pretty much like a car loan (or mortgage). It was set up a few years ago for a fixed time, with a fixed rate, and my payments at the beginning were mainly interest--I won't flip over to paying mostly principle until later in the loan.
Has anyone ever had success settling this kind of a loan? As with everything financial these days, I'm wracked with paranoia and panic. I'm hoping that an unsecured loan is an unsecured loan, period.
I also spent a long time on the phone with MMI, a credit counseling service. The guy was pretty good. We both decided that a DMP wasn't going to work because of the high amount of our debt, but this will be reported to BofA and hopefully help when it comes time to settle.
Has anyone ever had success settling this kind of a loan? As with everything financial these days, I'm wracked with paranoia and panic. I'm hoping that an unsecured loan is an unsecured loan, period.
I also spent a long time on the phone with MMI, a credit counseling service. The guy was pretty good. We both decided that a DMP wasn't going to work because of the high amount of our debt, but this will be reported to BofA and hopefully help when it comes time to settle.
Yes, Mine is an mbna gold option and it is just like what you ar
Yes, Mine is an mbna gold option and it is just like what you are describing. They are treating it exactly as a credit card so far as settlement goes. My current offer is about 33% and I am holding out for 25.
Quote:Originally Posted by danothemanoYes, Mine is an mbna gold
Quote:
Originally Posted by danothemano Yes, Mine is an mbna gold option and it is just like what you are describing. They are treating it exactly as a credit card so far as settlement goes. My current offer is about 33% and I am holding out for 25. |
Ah, OK...well, hopefully Bank of America will treat me the same. Thanks for the info.
They told me I can't get into a hardship program now because it's an amortized loan. They couldn't reduce the interest rate and/or lower the monthly payments. I don't know if that's because of the terms of the loan, or if it's because I've only missed one payment so far and they figure I'll come up with some money soon. I don't see that happening...
