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BOFA settlement via FIA card services.

Date: Tue, 03/30/2010 - 23:52

Submitted by anonymous
on Tue, 03/30/2010 - 23:52

Posts: 202330 Credits: [Donate]

Total Replies: 19


Today I settled my account with BOFA. 25.22% in two payments. Account was 2 days from charge off (supposedly). Asked if I could make one lump sum payment and reduce the settlement. Said 25.22% was the lowest they could go. Glad to get that weight off my shoulders! Now 100% debt free.


Quote:

Originally Posted by anonymous
i am two payments late with bank of america. I have offered to settle the account. They say they are not offering settlements at this time.
How late do you have to be with boa? The total debt amount is about $3000.
Fia calls sometimes, and boa called today.



120 or later just received settlement 35% off.


lrhall41

Submitted by on Sat, 04/03/2010 - 11:31

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Quote:

Originally Posted by Anonymous
I am two payments late with Bank of America. I have offered to settle the account. They say they are not offering settlements at this time.
How late do you have to be with BOA? The total debt amount is about $3000.

FIA calls sometimes, and BOA called today.


As they say...120 days or later.
They were easy to settle.

Good Luck.:smile:


lrhall41

Submitted by King Jabba Labba on Sat, 04/03/2010 - 20:20

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Money to pay the settlements comes from several places. I have sold some stuff, others will borrow from friends and family or take it out of 401(k)s. I don't think anyone is intentionally stopping payment when they have the ability to pay. Reading through these posts most people are out of work or have had a reduction of income.

Believe me when I say it is much better to settle and have them get somethiing then to file bankruptcy where they get nothing.


lrhall41

Submitted by on Wed, 04/07/2010 - 05:50

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[QUOTE=Chitown33ac;676621]Where is everybody getting these large sums of money to do a settlement?:confused:[/QUOTE]
These questions are reasonable, so I'm going to give a little insight. I had some money saved. In projecting the next year of finances, things are not real good, especially with the collapse of home values.

So, I had two options: the first was to stay current on my cc's and mtg for about a year and then be out of money and default at that time with nothing saved to settle OR settle what I could with the money I had so that when the money was gone..so was the debt.

I do not want any hater's value judgments on my decision. I can assure you it was the right one for me. AND if this was not also a good deal for the banks, they would not offer it. Banks are not stupid and certainly are greedy. Their number crunchers probably tell them that the accounts would become worthless if they did not settle.

Obviously, if I had no money available to settle, this would have been a straight chapter 7.


lrhall41

Submitted by dantheman on Wed, 04/07/2010 - 12:47

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Quote:

Originally Posted by Anonymous
Money to pay the settlements comes from several places. I have sold some stuff, others will borrow from friends and family or take it out of 401(k)s. I don't think anyone is intentionally stopping payment when they have the ability to pay. Reading through these posts most people are out of work or have had a reduction of income.

Believe me when I say it is much better to settle and have them get somethiing then to file bankruptcy where they get nothing.


And as I have stated in other threads, I used my savings to settle. I would have defaulted either way....either now and settle so I ended up without cc debt OR I could have paid the bills for a year and if I didn't die I would have had no money and STILL had the debt.

So, now I am broke but do not have the cc debt and avoided BK which would have wiped out the cc's and the banks would have received 0. Sounds like a fair deal for all of us.


lrhall41

Submitted by dantheman on Wed, 04/07/2010 - 12:59

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Well i just hope they the bank understand that they wont people to file the big "B", and allow people to enter a debt settlement program so that they can a) get prehaps 50- 60% of their money and B) allow people to becaome debt free and rid themselves of all of this mess , just like when that stimlus bill passed to rid rid the bank of ALL their bad loans!!


lrhall41

Submitted by Chitown33ac on Thu, 04/08/2010 - 03:03

( Posts: 20 | Credits: )


Quote:

Originally Posted by Anonymous
I agree with dantheman. It is the best thing for the banks too as people are in true distress they risk getting nothing if bk is filed. I wish that I had done what you did and saw what was coming and did this last year when I had more money.


Well, if I was that smart I wouldn't have paid a $55k balance in full last year when I sold my weekend home. oops. btw, guess what boa did the day I paid it off? yep, they cancelled the credit line.


lrhall41

Submitted by dantheman on Thu, 04/08/2010 - 06:54

( Posts: 860 | Credits: )


Quote:

Originally Posted by dantheman

So, I had two options: the first was to stay current on my cc's and mtg for about a year and then be out of money and default at that time with nothing saved to settle OR settle what I could with the money I had so that when the money was gone..so was the debt.

I do not want any hater's value judgments on my decision. I can assure you it was the right one for me. AND if this was not also a good deal for the banks, they would not offer it. Banks are not stupid and certainly are greedy. Their number crunchers probably tell them that the accounts would become worthless if they did not settle.

Obviously, if I had no money available to settle, this would have been a straight chapter 7.


Very well stated.
And no hate here, no judgments......applied the same principle.:cool:

Used the atomic default technique.
Settled for 27k on 89k.


lrhall41

Submitted by King Jabba Labba on Tue, 05/04/2010 - 20:37

( Posts: 507 | Credits: )