B of A Settlement Recent Offers
Date: Fri, 05/21/2010 - 09:05
Well, the upshot is we purchased a car in March 2009 and they ar
Well, the upshot is we purchased a car in March 2009 and they are holding that against us. We needed a car, payment is low but no matter. Bank says they will not budge. At 80 days we go to recovery unit, whatever that is. I offered 28% today, said I would try to go 30% but never any more as we don't have.
180 day is not mandatory by state. That is Bank of Am and most
180 day is not mandatory by state. That is Bank of Am and most cc charge off period. Wait till closer to charge off. I settled with them at 25% at almost 180 days.
I was told it will go to the Recovery Department @180 days per D
I was told it will go to the Recovery Department @180 days per Delaware law. Have any of you worked with the Recovery Department? I quit paying BofA in Jan. 2010, the car purchase was March 2009, used car. I am amazed that is their criteria for refusing to budge from 40%. Any info appreciated.
Ozzie
Quote:
Originally Posted by OZZIE69 180 day is not mandatory by state. That is Bank of Am and most cc charge off period. Wait till closer to charge off. I settled with them at 25% at almost 180 days. |
Thanks Ozzie. They make me so mad! Are you familiar with their recovery unit?
No never heard of Recovery Unit. Probably some internal office
No never heard of Recovery Unit. Probably some internal office or outside collection agency. Could try to type in search at top of page.
Recovery Unit
Quote:
Originally Posted by OZZIE69 No never heard of Recovery Unit. Probably some internal office or outside collection agency. Could try to type in search at top of page. |
I think it is their legal team who then decides what course of action to take. At least that is what I could surmise online. Thank you.
I am going against the grain here to advise you to be careful of
I am going against the grain here to advise you to be careful of their actions. A 40% settlement may not be a homerun. But it sure beats a judgment. Balance the risk carefully. I settled for 30%. BUT,they went over my history as well to get there. They told me if my advances were more recent there would be no way under 40%. Good Luck
on the subject of bank of america... i have a credit union visa
on the subject of bank of america... i have a credit union visa owned by b of a and also have a mortgage with B of A that was originally countrywide...i just finished a mortgage modification with them , will this help or hurt when i try to settle on my credit card? my balance is 8,153
With citi the recovery unit is basically the internal collection
With citi the recovery unit is basically the internal collections
yes. I believe it is the same with FIA/BOA. They told me at 180
yes. I believe it is the same with FIA/BOA. They told me at 180 days if I did not settle it would go to internal collections.
Question for Dantheman and/or Luckin10. I had read earlier post
Question for Dantheman and/or Luckin10. I had read earlier posts that boa combined your different accounts into one settlement. I would like to know if you asked them to do this or they did?
I spoke to a collector yesterday about my personal account which is now at 157 days. She told me to call their "workout department". I plan on calling later today or tomorrow and I want to bring up settlement since they have not yet offered anything. Any input regarding combining the accounts would be appreciated. Wish me luck!
They just from the beginning talked to me about both accounts. E
They just from the beginning talked to me about both accounts. Even stuff I get in the mail now both accounts are referenced. They will list them seperate and then give me the combined total. I have never asked for them to combine them. My Bof A account is a business line and FIA is much smaller and is a personal credit card. I am hoping to settle the both in a few weeks together. I hope this helps. Good luck and keep us posted.