How to deal with BOA settlement offer.
Date: Tue, 05/11/2010 - 14:12
Now my questions are:
1) BOA recently put this debt on my credit report... Previously this card was never listed... Either GOOD or BAD. Can I get them to remove this as part of a settlement?
2) I have a personal card that I am struggling to pay also. ~10k. I was making every effort to pay this because this was on my credit report... But now that BOA has already ruined my report I am less motivated to struggle to pay this. Currently this card is current. Should I try to get this in the settlement? Would it be hard because business and personal are separate departments?
3) Can I get BOA to agree to something better than 6k? How would I go about this? I told BOA that I will talk to my parents tonight and get back to them. Obviously the less I have to pay the better.
thank you for all your help!
I think 6k is very good (30%) and I would take it. Congrats. I
I think 6k is very good (30%) and I would take it. Congrats.
I have 2 Citi cards and my experience has been that they will not combine cards at all, not sure why but probably has to do with their internal bookkeeping.
But I am in the middle of trying to settle my cards and everything I have read on here is the same in that they won't combine them.
And to make it weirder they may give you a 30% on one and not budge at 40% on the other!
Good luck and do let us know what happens!
Kaylee
I am in process of BofA settling..they want me to be 120 days la
I am in process of BofA settling..they want me to be 120 days late to get a better settlement. This is a business line of credit. We also have an FIA personal credit card. My last conversation with them is that they are going to combine these and both will get settled together. However, with that said it is all talk at the moment.
As far as your credit goes..I found with us that our business debt did not show up on the CR UNTIL we were late..no idea why, but that was the case for us too.
The best thing you can do is just ask and say hey I know I am going to quit paying on this other card can we throw this in the settlement. If they say no..then say well I think I will wait on this settlement by a month, quit paying and see if next month you guys will reconsider..30 days may not hurt. If you are 110..you still probably won't charge off..just a thought. Remember this is all a business game and you have to play it.
Wait it out. They do not charge off until 180 days and you may
Wait it out. They do not charge off until 180 days and you may get down to 25% by then.
I recently settled a business and personal card with BOA, I had
I recently settled a business and personal card with BOA, I had $8700 that was settled for $2400. This was a business account. The persoanl account was a previous MBNA account, $21k balance settled for 25%. I completed the business settlement over 90 days and the same for the personal account. I was over 120 days on both accounts.
Should I come back with a lower offer? Tell them I can only affo
Should I come back with a lower offer? Tell them I can only afford 3k or so?
Also should I even bring up my personal account?
As I said in my post..does not hurt to ask..imo..the worst they
As I said in my post..does not hurt to ask..imo..the worst they can do is say no
Alright, I just called them and told them my parents said they
Alright,
I just called them and told them my parents said they would loan me 3 grand. The guy on the phone said that 6000 was the lowest they could go. I asked him how many days late I was... He said 110. Told me the offer would be good through the end of the month.
what should I do here? My parents don't want to loan more than the 3000. I do have a little I could personally put in. Do you think they will go lower @ 120 days?
thanks everyone for all your help!
Quote:Originally Posted by AnonymousAlright, I just called th
Quote:
Originally Posted by Anonymous Alright, I just called them and told them my parents said they would loan me 3 grand. The guy on the phone said that 6000 was the lowest they could go. I asked him how many days late I was... He said 110. Told me the offer would be good through the end of the month. what should I do here? My parents don't want to loan more than the 3000. I do have a little I could personally put in. Do you think they will go lower @ 120 days? thanks everyone for all your help! |
Wait it out. But you may not do much better than your existing offer, if at all. They may split it into payments if that would help you.
From our experiences Bank of America offers the best settlements
From our experiences Bank of America offers the best settlements. We were able to settle a $49k account with them for $9,600 last month (20%). If I were you I would be very happy with their 30% offer since you are negotiating yourself. I would be happy to answer any questions, just email me at deleted...pm
no solicitory info allowed per TOS rules.
Quote:Originally Posted by Bill ShannonFrom our experiences Bank
Quote:
Originally Posted by Bill Shannon From our experiences Bank of America offers the best settlements. We were able to settle a $49k account with them for $9,600 last month (20%). If I were you I would be very happy with their 30% offer since you are negotiating yourself. I would be happy to answer any questions, just email me at deleted...pm no solicitory info allowed per TOS rules. |
Bill, how late were you and were they personal cards? Thanks!
Quote:Originally Posted by st8caBill, how late were you and were
Quote:
Originally Posted by st8ca Bill, how late were you and were they personal cards? Thanks! |
That is a solicitor and hence the credibility of the information is unverifiable.
Generally speaking, 25% is the best (with a rare settlement below that) and 30-35% is typical. But it does depend on where you are in the process and what threshhold they have stamped on your account by the management. The reps say they cannot go below what the account is marked by management.