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Help need advice before we proceed on debt reduction

Date: Fri, 06/04/2010 - 16:55

Submitted by debtor in CA
on Fri, 06/04/2010 - 16:55

Posts: 27 Credits: [Donate]

Total Replies: 7


We have called many of our credit cards to try to get a settlement reduction on our accounts....and most (especially BoA) will NOT accept a cashier's check. I do not get this...Also some (BofA) insist I provide them with a routing # and account# of my checking account BEFORE they send ANY proposed agreement in writing by mail or fax. They said they need this info so they can submit for approval by their superiors (who they will not let me talk to) a proposed payment plan (3 payments within 90 days). I told them I don't have a checking account and one said 'well use your friend's account or family member's account'.
HOW do I get around this "procedure" .. i.e. how do I get something in writing before providng an account# so payments can be made?
[COLOR=black]Or is this the usual proceedure. Also I don't want to make 3 payments...I want to get this over with....[/COLOR]
Also, any advice or tips for how to proceed. We already have a bankruptcy lawyer on retainer and i am worried about blowing our chances of BK should we not be able to get an agreement with them. Also worried because we have limited funds to settle and are relying on loans from some family.
thanks so much for any and all advice
thank God for this forum or i think I would go out of my mind!


Quote:

Originally Posted by Shazzers
Oh that's weird, they accepted a cashier's check from my friend, I honesty think it depends on who you are talking with, BOA has to be the hardest debt I settled.


thanks Hof...our problem is that most of our accounts are with them and boy they are really playing hardball and we are just so anxious....

any tips Hof?? could you tell me how you handled them....??? thank you so much Hof for your time...I have seen your posts and appreciate your suggestions!!!
we are going to a local bank and open up a checking account tomorrow.....

once they send an offer/agreement....do we sign and then wait for them to sign and fax back to us?
then do we ask for another letter after they receive our payment?


do they follow through with their agreement? Hoff, did you get them to state on your credit report that it was paid in full or 'settled"?

sorry to ask so many questions....I am just sick to my stomach and have had so many sleepless nights....as I know many have here...

thanks again Hof and everyone!!!


lrhall41

Submitted by on Fri, 06/04/2010 - 18:31

( Posts: | Credits: )


I wish I had all the information in front of me, so bear with me because I am replying from memory. BOA settled for 20%, but you are right, they play hard ball!

When I first called (for a friend, he had to give them permission to discuss his financial situation with me), the first thing I did was ask who I was speaking with, I also asked for a direct number to reach them, I explained I was keeping written records of all communications. I can tell you, after I made it known I was keep accurate records they were VERY careful about how they replied!

At first, we tried the 'hardship pay down', well, let me tell you, it just wasn't suitable for his situation, so I told them the only answer may be BK. They didn't blink an eye at that comment. We even tried to get them to reduce the interest rate, it was a no go. This went on for several weeks. I stayed in contact with them at least weekly, I called each time he received a late notice, settlement offer, whatever it was, I called and said the financial situation hadn't changed.

When it went to 'in house collections' I called and asked for an address to send correspondence. Again, I made notations of date, time, number I called, who I spoke with, and asked for a direct line to communicate.

VERY accurate record keeping is extremely important. Speaking with the same person as much as possible is also important!

The address that was given to me was not an address listed on any of the notices he received via the mail, so it's important you ask them where you can send a settlement letter!

I think, in all, I had sent out four separate settlement letters, I started VERY VERY low, they counter offered, and it was always higher than what he was able to pay! With the letter, I made a 'mini contract', that stated they agreed to remove all negative remarks from his credit report, the amount that would be considered paid in full, blah blah blah.

It took a year from the last payment he made, until it was actually settled, but I stayed pro-active, so I believe that is why they never sold off the debt. Hope this helps!


lrhall41

Submitted by Shazzers on Fri, 06/04/2010 - 18:50

( Posts: 17344 | Credits: )


Also, once a settlement was made, they insisted on electronic payment, but I said NO WAY! That was an uphill battle for awhile, I told them cashier check, but not until we received something that stated they agreed to it all, so they faxed it to him. They also tried to get him to send it overnight, but I told them it was TOO expensive, and he couldn't afford it, I explained if they would only accept the check in over night mail then the amount it cost would be deducted from the settlement! I played hard ball too! I am a fast talker, and always armed with information, so that seemed to work in my favor also. I was polite, but firm. lol He did send the payment certified though.


lrhall41

Submitted by Shazzers on Fri, 06/04/2010 - 18:56

( Posts: 17344 | Credits: )


Quote:

Originally Posted by Anonymous


once they send an offer/agreement....do we sign and then wait for them to sign and fax back to us?
then do we ask for another letter after they receive our payment?

I would make sure you receive a letter or agreement from them FIRST, before you send them any money and before you sign anything, see the link below for sample settlement letters:
http://www.debtconsolidationcare.com/letters/


lrhall41

Submitted by Shazzers on Fri, 06/04/2010 - 19:08

( Posts: 17344 | Credits: )