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Question on BOA tactics

Date: Wed, 05/12/2010 - 19:02

Submitted by peterxx
on Wed, 05/12/2010 - 19:02

Posts: Credits: [Donate]

Total Replies: 3


I've been dealing with BOA on a business card left over from a failed business that I was a partner in (and signer on the card). They really haven't called very much but the person who called me today said my cycle date was the 4th of the month and that I was currently 150 days over. I've been in contact with them since this account went delinquent but have not had the daily calls I experienced with others.

They offered 45% and I countered with 25%. They wouldn't even hear it.

I'm hoping to meet in the middle but the guy I talked to said that their threshold wouldn't change until the next billing period and the account might be charged off by then. Is this true in your experience? I really want to work this out and have a little money to do it. I just can't afford the bigger numbers as I have several accounts left over from this business failure.

I've not been in this situation before. Do I keep talking every few days? Try to get through to a different person? How do I get them to an amount I know that I'll be able to meet? If I commit to a larger number then I"ll just end up defaulting on that.

Thoughts?


It is my understanding that charge off can happen at 180 days BUT if you keep communicating with them you might be able to hold that off. I do not know why they are being so difficult with you. They offered me 40% at 90 days and I am waiting for it to go later to see if I can get a lower percentage...I would do as SC says and try talking to them probably every few days and hope to get a different person. Maybe even ask for an account manager??? Good luck and keep us posted.


lrhall41

Submitted by luckin10 on Thu, 05/13/2010 - 14:39

( Posts: 181 | Credits: )


Quote:

Originally Posted by peterxx
They offered 45% and I countered with 25%. They wouldn't even hear it.

Thoughts?


OK. Peter, what you need is direct boa/fia settlement info. They have their own methods. For the past few months, management stamps the cards with threshholds and the reps CANNOT settle lower.

Mine was stamped 30% at 120 days and went all the way to chargeoff with no change, regardless of whom I talked with or how close my offer was. Hell, they turned down 28% flat. I settled 3 lines totalling $42k for $12k.

I know some say they have settled lower, especially on businesslines....but not me. Good Luck.


lrhall41

Submitted by dantheman on Thu, 05/13/2010 - 16:59

( Posts: 860 | Credits: )