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Need to settle BOA/FIA for under 30% and they won't budge

Date: Wed, 03/24/2010 - 17:50

Submitted by dantheman
on Wed, 03/24/2010 - 17:50

Posts: 860 Credits: [Donate]

Total Replies: 7


I have multiple cards with BOA FIA at 150-180 days late. They have been stuck at 30% for 2 months and I have about 25% to settle. Today they said don't even bother calling back unless I would do 30%. Does anyone have any idea how to succeed in getting this done?


It really is the discretion of the creditor to agree to a settlement offer. However, you may push the matter little more further to see if they would offer a better deal. Also, you can wait for the account to get charged off.

Sometimes you can negotiate a better deal with a collection agency since they spend only few cents against dollars to buy the debt from the creditor.


lrhall41

Submitted by SC on Thu, 03/25/2010 - 00:22

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Some recent policy changes at BOA are making it harder to settle. They are no longer going case by case. The customer service reps have been stripped of their ability to negotiate anything but payment plans. As of February they have also contracted a third party collection company to "handle" some overdue accounts. In other words BOA is hardening and Citi is softening!


lrhall41

Submitted by on Thu, 03/25/2010 - 04:56

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Quote:

Originally Posted by Anonymous
Some recent policy changes at BOA are making it harder to settle. They are no longer going case by case. The customer service reps have been stripped of their ability to negotiate anything but payment plans. As of February they have also contracted a third party collection company to "handle" some overdue accounts. In other words BOA is hardening and Citi is softening!


So is it a "take it or leave it" deal? Any other avenue to try?


lrhall41

Submitted by dantheman on Thu, 03/25/2010 - 06:33

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Quote:

Originally Posted by Anonymous
Some recent policy changes at BOA are making it harder to settle. They are no longer going case by case. The customer service reps have been stripped of their ability to negotiate anything but payment plans. As of February they have also contracted a third party collection company to "handle" some overdue accounts. In other words BOA is hardening and Citi is softening!


You are correct. I confirmed this information and took the 30% deal today. They no longer go to 20% unless it becomes junk at a year or so. By that time, default interest, late charges, over the limit charges etc will take the balance up 40%. Therefore 30% now was a better deal.


lrhall41

Submitted by dantheman on Thu, 03/25/2010 - 16:18

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Quote:

Originally Posted by dantheman
You are correct. I confirmed this information and took the 30% deal today. They no longer go to 20% unless it becomes junk at a year or so. By that time, default interest, late charges, over the limit charges etc will take the balance up 40%. Therefore 30% now was a better deal.


Interesting, will BofA still do settlements but only giving a max of 30% - or no settlements going forward - either accept payment plan or what (get sued)? Did they give any reason for this change in policy? Thanks.


lrhall41

Submitted by MGB on Thu, 03/25/2010 - 17:21

( Posts: 33 | Credits: )


Quote:

Originally Posted by MGB
Interesting, will BofA still do settlements but only giving a max of 30% - or no settlements going forward - either accept payment plan or what (get sued)? Did they give any reason for this change in policy? Thanks.


Yes, they stated that management believes 70% off is a large % forgiven and in order to standardize the process they removed the discretion from the reps. I tried to escalate to a manager and they would not do so. I don't know how much they sue. In my case, the default interest on $40k+ was nearly $1000 per month increase in the bill, so I had to stop the bleeding rather than have the possibility of a slightly lower % on a much higher balance.


lrhall41

Submitted by dantheman on Thu, 03/25/2010 - 18:47

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