settling w/ Bank of America

Hi... I just settled with BOA (actually FIA - formerly MBNA).
I owed about $28K
Before 120 days - I had no mention of settlement. Actually got a written response to my settlement offer saying "After reviewing your account... It is not elligible for settlement... due to recent activity...". A week later, I got a letter from their attorney Frederick Hanna & Associates. I was a little worried... Then a few days later, I accidentally picked up a call at work (labeled Unkown number) - it was the attorney's office asking for payment. I told them I couldn't talk at work so I returned the call that evening. They were actually pretty friendly... We were able to agree on a 25% settlement but they wanted one lump sum. So actually your 30% for 93 days is good.

When I say room for negotiation seemed unclear, I meant the BoA rep said the account would not "charge off" until day 180.

Wondering if we could call July 1 and get a better offer (aka 25% vs 35%). Keep in mind, they offered the 35% on the first call.

I just worry the last $1800 might be really tight to come up with. Its my understanding if you fail to pay the full amount of settlement it enacts the entire original balance being due. That we cannot do.

I settled 4 of my husband's business accounts between 4-5 months late....so after 120 days but before 150.....We were able to settle for 25-27%. What worked for me was using the FIAA Senior Accounts # that someone here gave me. They are better equipped to handle settlements after 120 days.....and they were very good and also actually nice.
The # for FIA (they handle BOA) is 1-866-429-1097. This is not a solicitation or anything like that ...just a number passed on by another person here and it was the best number and I got the best rep and settlement by using it!!! Good luck to you. debtor in CA

Call them back and counter offer 25% payable over 120 days. If they agree, get it in writing before you send anything.

I've heard last day of the month is a good day as they are trying to increase their bonuses for the month. i tried calling the recovery girl at cap one today but can't get ahold of her. I figure today will be the best day. Tomorrow they may not be so hot to trot since they have a whole month to make their goal.

We called back twice and talked with the same rep. She was really nice. We explained we were very concerned about making the $6300 payment on time.

What we found interesting was that she said to be "very careful. If you enter a settlement and cannot complete the agreed terms on time it will put you in a worse position"

I asked her point blank if we should wait and call next week, once we hit the 150 mark. She hesitated and then said "negotiations will be open until day 180". We had her on speaker. My husband quietly said under his breath "is she telling us to wait?". Her response was a "uh hu". I didn't say it, nor did my husband.

We are waiting until next week.

Greetings Nameless!

Way to interrogate the boa-the snake folks.
In my opinion they were some of the most humanitarian.

Ask nicely and ye shall receive information!

Regards,
King "Kash" Jabba Labba

Spoke to BOA again today. Once again, the rep was very polite and informative. Our current offer is at 30% of our 18k balance ($5440). We are in the 150 day late period. We have to make a decision this month.

Not sure we can do better than this and would like to get this done and over. Any imput? I have seen some people recommend waiting until the edge of charge off to make a 25% deal. Not sure if it is worth the continued stress of being in the air...

We ran the numbers and feel confident this is a doable amount to come up w/ before 93 days is up. (according to TARP requirements, settlements w/ a TARP recipient can only be settled over a 93 day period)

To be honest with you.....we settled most of our BOA accounts for between 25-27% I believe ....I remember that they varied somewhat widely....we had 4 accounts and they were all different % ages of settlements (maybe one was even 30%).....so maybe it depends on some other factors. I'll tell you.....near the end, I just wanted to settle and be done with it.....at about 120-150 days, I just needed it to end!

Some of the CCs we owed on would not budge and I paid a couple at 40-50% just to get the dang thing over with and be on with my life. So, my advice is ....If you can pay without too much difficulty, I say pay and get on with it. They were the best on my credit report....they stated that my accounts were closed by consumer and not by guarantor (sp?). Anyway, these are difficult decisions, but once you are done...it is a great feeling!

Yes! We are in settlement now. We have our seperate account set up, our settlement letter, our payment dates and are good to go!

Our first payment was made yesterday. By October we will be done w/ our BOA account! Great relief to have this set up.

The kicker? Our accountant ran the numbers and we will not have to pay taxes on our settlement!

Ironically, three days after we entered into the settlement agreement we came into a small inheritance which will allow us to pay off our last credit card. (cap one which will NOT settle) By January we will be absolutely debt free. I cannot believe this!

Hey congratulations!! It's so funny but once you know your plan and start to relax, sometimes the money just shows up. For me, business just increased immensely and am now safe with lots of savings. Funny how that happens.

settled 4 boa business cards for 25percent, total balance was about 55k

well, i tried to call again today to see if we could settle before it went to the next department (as it IS the last day of the month....) but no change. she told me to call her tuesday and she will advise if it's with the resolution department or if it's been restamped again.....

we'll see what happens next....

Greetings nameless/annonymous,

I kind of think you guys are the same, but I could be wrong.
But 30% pre collection agency is very good.

Kind of like being in a bullfight and you've just won!
Congrats.

Now we have just one itty bitty request for you/y'all.
Register and pay it forward.:cool::cool::cool:
Others want to read your story and gain inspiration!!!

Congrats,
King "Kash" Jabba Labba