78 days late @ BOA... they are really pushing for 5 year plan
Date: Tue, 04/13/2010 - 20:33
This is a business account. 18k in debt. I keep telling them i cant afford it (true).
I could get a bridge loan from an old business partner for a settlement (have not told them this yet).
What is my next step from here? Lady on the phone said my debt would be charged off @ the 6-7 month mark.
Quote:What is my next step from here? Lady on the phone said my
Quote:
What is my next step from here? Lady on the phone said my debt would be charged off @ the 6-7 month mark. |
Wait it out. Keep repeating your story everytime they call you. Make a settlement offer before the account reaches the charge-off mark.
Quote:Originally Posted by SCWait it out. Keep repeating your st
Quote:
Originally Posted by SC Wait it out. Keep repeating your story everytime they call you. Make a settlement offer before the account reaches the charge-off mark. |
Same advice here.
Stick to your story.
They called everyweek in the beginning then backed off.
I almost missed them.
So at the 150 day mark, I called them.
Got 30.1%.
Yes definitely wait it out. I went through the same thing in th
Yes definitely wait it out. I went through the same thing in the past 6 months. Had $20,000 business credit card with them, waited till last minute and got 20% settlement.
Keep repeating same story every time.
gotta agree with the others. of course they want you to get on a
gotta agree with the others. of course they want you to get on a 5 year plan, they want all of their money :)
I told them I could not, in all good conscience, agree to a five
I told them I could not, in all good conscience, agree to a five year plan that I would not be able to adhere to; besides, then they want all your info and frankly, who wants to go through that? They did call yesterday, 90 days out, and spoke to me for the first time re: settlement. I repeated the same facts, told them 10k on 42k (now, with added charges) debt. They wanted more like 20k. Said impossible. They will get back to me, but I suspect this will go on for awhile. They were upfront about the 1099, but I surmised that to be a leverage point for them, due to the fact we are taxed on forgiven debt.
