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Debtconsolidationcare.com - the USA consumer forum

B of A Settlement Impasse

Date: Tue, 05/18/2010 - 09:56

Submitted by st8ca
on Tue, 05/18/2010 - 09:56

Posts: 45 Credits: [Donate]

Total Replies: 18


I am 120 days late with B of A. Owe on three of their cards (personal) for a total of $42k now that they have added fees, etc. They offered me 40% at 90 days, I just called today and they are sticking firm to the 40%. That equates to $17,400. I said I could do $10k in lump sum with help from family member. Why am I having so much trouble getting below 40%? I didn't use cash advance, was an excellent customer until financial trouble due to job loss. They even said we are running a $5400 per month shortage according to their figures. Any help or advice much appreciated.


Quote:

Originally Posted by st8ca
I am 120 days late with B of A. Owe on three of their cards (personal) for a total of $42k now that they have added fees, etc. They offered me 40% at 90 days, I just called today and they are sticking firm to the 40%. That equates to $17,400. I said I could do $10k in lump sum with help from family member. Why am I having so much trouble getting below 40%? I didn't use cash advance, was an excellent customer until financial trouble due to job loss. They even said we are running a $5400 per month shortage according to their figures. Any help or advice much appreciated.


I recently settled with them and they had me stamped with a 30% threshhold from about 100 days on and never budged. They even turned down 28%. Some people will tell you if you let it charge off or get close to 180 days they will budge some. To me, that is a big risk because they could sell it or take you to court. Then you have 3 public records for default that will be there for your entire life. It is not worth the risk to me for 10%, since they are already reducing it by 60%. Also, they have some idea of your income and assets. If they think you have very little, they may budge. But if they think you have the whole amount in the bank, I dont think so. Good Luck


lrhall41

Submitted by dantheman on Tue, 05/18/2010 - 10:23

( Posts: 860 | Credits: )


Quote:

Originally Posted by dantheman
I recently settled with them and they had me stamped with a 30% threshhold from about 100 days on and never budged. They even turned down 28%. Some people will tell you if you let it charge off or get close to 180 days they will budge some. To me, that is a big risk because they could sell it or take you to court. Then you have 3 public records for default that will be there for your entire life. It is not worth the risk to me for 10%, since they are already reducing it by 60%. Also, they have some idea of your income and assets. If they think you have very little, they may budge. But if they think you have the whole amount in the bank, I dont think so. Good Luck


Thanks. I suspect what they are holding against us was the fact that we used our AE and kept it current for a few months past them. I quite using it (for groceries, etc.) but I think the damage was done.


lrhall41

Submitted by on Tue, 05/18/2010 - 10:31

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Quote:

Originally Posted by OZZIE69
You still have 60 days before charge off. Could wait another month and counter offer.


Hi Ozzie. I am hanging in there. Is it the law they have to charge off @ 180 days? I am going to get as close to 180 as possible. I just don't have the $$ to pay 40%, and why commit to a payment plan I cannot guarantee? Thanks for always giving good advice!


lrhall41

Submitted by on Tue, 05/18/2010 - 10:41

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I just finished settling my unsecured debt with Wells Fargo - $130,000 of unsecured debt for $40,000.

3 of the 4 accounts were in charge off when I settled. Waiting for charge off does have it's risks. My suggestion is to keep an accurate record of when your account charge off, based on the bank's math, and call them EVERY DAY for the 7 days prior to charge off. Let them know that you are not running out on them. You are eager to settle, but due to your limited funds, you can't accept their offer.

It is a delicate balance here. You want to show interest and genuine concern for your debt, but don't let them think they can intimidate you.

I am blogging about some of my conversations with the bank. Check out this post, you'll get a kick out of it.



Please keep in touch and let us all know how your settlement process unfolds.

Jonathan Grossman
deleted...pm

sorry bud,but you won't get cheap traffic to your site....pm


lrhall41

Submitted by jonathan1270225430 on Wed, 05/19/2010 - 10:49

( Posts: 20 | Credits: )


Quote:

Originally Posted by Anonymous
Thanks. I suspect what they are holding against us was the fact that we used our AE and kept it current for a few months past them. I quite using it (for groceries, etc.) but I think the damage was done.


Anon...join us! we are and have been dealing with the same thing. I for one am much more willing to open up to a member.... Anyway, on your 40%...Offer them 35% and run with it. It may take a few weeks. They look at your likelihood to repay...so if you are not financially despondent, 40 is a good offer and 35 is better. good luck


lrhall41

Submitted by dantheman on Thu, 05/27/2010 - 19:15

( Posts: 860 | Credits: )


[QUOTE=Anonymous;701276]I used a firm called BS Financial and they got me a settlement for less than 20 cents on the dollar. They can be reached at spam phone number removed.[/QUOTE]

BS got me 15! :mrgreen: Good grief people. Quit advertising.

NOTE to admin: maybe make this section diy settlement only, that will keep out the trolls and salesmen


lrhall41

Submitted by dantheman on Thu, 05/27/2010 - 19:16

( Posts: 860 | Credits: )


I've been struggling with B of A as well. On one hand they didn't call me daily or even weekly through all of this and they've been very easy to talk to. They only call about once every two weeks.

On the other hand, they've been less willing to negotiate, they're system seems pretty structured and firm.

They offered me 70% at 100 days, 55% at 120 and 45% at 150. Now with just a couple of days before charge-off they're stuck at 45%.

After weighing the pros and cons I'm going to accept it as I don't know what will happen five days from now.


lrhall41

Submitted by peterxx on Fri, 05/28/2010 - 13:41

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Peter, I have felt for a while that they are tightening terms for settlement. Wish you could have done better but it is pretty good. After settling most of mine around 30%, I just settled my last one at 50% of the original debt. I did so because I was convinced they (a regional bank card) were going for a judgment. Good Luck.


lrhall41

Submitted by dantheman on Sat, 05/29/2010 - 15:02

( Posts: 860 | Credits: )