bank loan to pay debt settlement
Date: Mon, 04/26/2010 - 09:50
They offered $5400 on a total of $17,200. The $5400 could be spread over 4 months, but I cannot afford that.
Thx
In this economy, it is doubtful anyone will give you an unsecure
In this economy, it is doubtful anyone will give you an unsecured loan for that amount, especially if your credit is less than perfect.
Settlement advice
Quote:
Originally Posted by Anonymous Hi, I have a card with BofA and have been offered a debt settlement of $.30 on the dollar, but I cannot come up with the amount they have asked for. Has anyone had any experience getting a small loan from a bank to pay off a debt settlement offer? They offered $5400 on a total of $17,200. The $5400 could be spread over 4 months, but I cannot afford that. Thx |
You have to be so careful. I thought that I had settled my debt with BOA and 6 months later a collection agency was looking to collect the remaining balance. If you don't have the lump sum money up front, which to be honest, who does really? THink about Debt Settlement. I just spoke with a company out of MA that seemed really on the up and up. I may sign up to take care of that BOA balance that I was talking about and another card that got a little behind. The number I called was 866 992 7400 I spoke with a manager there, Damon Saovich ( last name probally spelled wrong- sorry) Anyways, they have fixed plans which was really helpful in finally ending this and they will give you a tailored payment that i thought was pretty reasonable ( less that what I'm paying now thats for sure!)
Debt Settlement Story Blogger
I wouldn't assume you have a deal with BOA unless you get it in writing. As others have said, it is unlikely you can get a bank loan in this situation. However, you might want to go to a friend or family member, offering them modest interest on a loan.
By the way, I recently settled $130,000 of debt using a DIY program thru link deleted..pm
They charged me $1150 to settle the debt. It took 6 months and my final settlement amount was $40,000 or 28 cents on the dollar. Their fee of $1150 was minuscule compared to other companies whose fees were on average $10,000..or more!
It was an unbelievable feeling when the process was finished. I blogged about it at: link deleted..pm
Stay tuned, stay afloat. WEALTH AND FREEDOM ARE IN YOUR FUTURE!
Jonathan Grossman
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solicitory and personal info is prohibited per TOS rules...pm