Bank Of America
Date: Thu, 06/10/2010 - 18:29
I had a $50K debt with BofA. I'm currently in a pay of program with 4.25% interest rate. I have left $37k more but it's going harder and harder. I'm current with my payments. Want to start a settlement conversation with them. Do you have any suggestions what should I do.
Thanks
You will have to stop paying them in order to get a settlement o
You will have to stop paying them in order to get a settlement offer. If you just call and say the payments are hard they don't really care. They only start caring when they realize you have a hardship and could file bankruptcy on them.
You will probably need to be at least 90 days late before you tell them you would like to settle for an amount less than is owed.
read this forum and you will learn tons about how you can settle the debts yourself.
And I quote [URL="http://www.debtconsolidationcare.com/forums/me
And I quote [URL="http://www.debtconsolidationcare.com/forums/member.php?u=221850"]Debt Free to Be[/URL] "You will have to stop paying them in order to get a settlement offer"
Greetings,
This is dead on correct information.
If you want a settlement then you've got to quit paying them anything at all!
If I understand your situation correctly, you are in a reduced interest payoff.
So they understand that you are a hardship case already.
The next step is to quit paying them...period.
They will telephone you soon enough and you can tell them that your world has gone to sheets!
At about 120-160 days or so you will get a settlement offer and the rest is history.
Best of Luck,
King "Kash" Jabba Labba
Thank you both for your quick response. I will stop paying them
Thank you both for your quick response. I will stop paying them and see how it goes i will keep you posted on the end result. I'm in a panic mode now since i have never ever missed on a payment with anybody.