FIA Card Services Won't Reduce Original Amount
Date: Wed, 06/30/2010 - 19:50
I received a summons via a lawyer for FIA Card Services on my Bank of America card.I decided to try and settle with the law office before it goes to court. The original balance is 14,000. They gave me a lump sum option as well as a 6 month option, none of which I can afford. They told me I can do monthly payments but it would have to be on the original amount. Does that make sense? Why can't they lower the amount?
I don't want to pay the full 14,000. I'll be paying it forever.
Should I just pay it or should I let it go to court and hope that they will be more understanding?
Saruman, as you have received the summons you will have to first
Saruman, as you have received the summons you will have to first answer to that within the stipulated time. Even if you go for an out of court settlement with the FIA Card Services, you will have to answer to the summons. Else the collection agency can sneak in a default judgment against you.
As for the settlement send them a settlement request through certified mail, requesting a return receipt. Within the time they answer you back, request Bank of America to pull back the account from collections. It is much easier to negotiate with the original creditor than the collection agency. If you let the collection agency go to court for the debt, your credit will be hurt.
Hi, FIA Card service should settle the balance for you. You may
Hi, FIA Card service should settle the balance for you. You may want to call them and request that you speak with a manager. They're known to take 15% of the debt.
Quote:Originally Posted by AnonymousHi, FIA Card service should
Quote:
Originally Posted by Anonymous Hi, FIA Card service should settle the balance for you. You may want to call them and request that you speak with a manager. They're known to take 15% of the debt. |
Yes, they settle at 30% and occasionally lower but that is BEFORE a lawsuit is filed. Now they have very little to lose as this is a slam dunk for them. Following the judgment, you certainly may be able to settle, but not for .30 imo.
Quote:Originally Posted by danthemanYes, they settle at 30% and
Quote:
Originally Posted by dantheman Yes, they settle at 30% and occasionally lower but that is BEFORE a lawsuit is filed. Now they have very little to lose as this is a slam dunk for them. Following the judgment, you certainly may be able to settle, but not for .30 imo. |
Try to get a hold of someone in FIA Senior accounts.....they really helped us.....I would try to do this ASAP.....of course you would still have to answer the summons.
Quote:Originally Posted by AnonymousTry to get a hold of someone
Quote:
Originally Posted by Anonymous Try to get a hold of someone in FIA Senior accounts.....they really helped us.....I would try to do this ASAP.....of course you would still have to answer the summons. |
Once it is in the hands of an attorney and suit is filed, it is too late for fia. They will insist you negotiate with the attorney.
I agree
Quote:
Originally Posted by Anonymous Once it is in the hands of an attorney and suit is filed, it is too late for fia. They will insist you negotiate with the attorney. |
Yes. Very true. Attorney will not settle for less. Good luck.
I should ask if you have any valuable asset. FIA Card service usually will not sue unless some sort of valuable asset is detected.
You should contact the attorney handling your law suit requesting that you make a settlement prior to summon. Take no verbal agreement, only written.
If you have nothing to lose then simply do nothing. Should you have asset or transfer of funds recently than you should consider settling as creditor examination will reveal funds transfer under the fraudulent transfer unless of course, preference transfer is made.
Default judgment makes your a shopping cart. Good luck
Ben
Agreed Ben. They tend to sue if they feel they can collect. I
Agreed Ben. They tend to sue if they feel they can collect. I will add that it may be somewhat negotiable with the attorney. Sometimes the creditor will grant some discretion...but it will take cash money to settle. Likewise, following the judgment there may be an opportunity to settle unless they see you have assets...in which case you are screwed. Not only will you pay the entire judgment but they may well add interest and attorney fees. And, yes, I have been to court on a debt. Once the judge laid out to me that I was cooked, I agreed to a "consent judgment" which meant I owed everything. That was somehow a little better than allowing the judge to do the same thing.