question re: B of A and poss charge off

Hi KD....I can only tell you that I had 6 accounts with BOA. I settled 4 of them that were in my husband's name.....we waited until 120+ days and recevied settlements in the 25-27% range. They offered to make the settlements in three payments. So I think that 93 days is not quite long enough to get the best settlement. They were the best to deal with so far for me. Please read other posts/threads about settlements and you will notice that most good offers occur after 120 days. So, sorry that you have to wait to get a good settlement but that seems to be the way that they work it!! Also, let them know that your only alternative is bankruptcy (if that is true).....that worked in our case and it was absolutely the case. Anyway, good luck and have patience.....it is hard but you can do...
debtor in CA

sorry if i wasn't clear - i'm definitely over 120 days. the 93 days is the time frame they expect me to pay off the 40% in. we have other cards that we have successfully made payment arrangements on, so not really a bankruptcy issue - just this one sticking out there...

I'm not exactly sure how many days late we were, but we hadn't made a payment in nearly 6 months. We had 2 accounts that totalled approx $25,000.... they sent us an initial letter that said they'd settle for approx 35%, I called them and told them I had $5,000 (20%) that I could settle that day. She crunched numbers and gave me a figure back which was approx 25-27% (original debt vs inflated debt with fees) and I could pay it within 4 payments (93 days). Based on what I'd read here that seemed like a reasonable settlement, so we ran with it. I went to the local branch, had them fax me the settlement paperwork there and I made the first payment at the teller. I'm getting ready to make the 2nd payment this week and I'll be excited when the next 2 are made.

I'd say... keep pushing them, talk to different people, I'm sure you can get it less than 40%. Good luck.

I'm beginning to think that settlement amounts are somewhat based on what your credit report looksl like. If they really think you are in a bk position they are a lot lower on the settlement amounts. I even told them about debts that would not show up on my credit report like an office lease that I had to give up before it was done. I made them really see the whole picture - 70% reduction in income, business debts plus what was on my credit report.

Heck - make up stuff - medical bills, IRS debt anything - hey they lie to you everytime they talk. Fair is fair.

Greetings Unregistered - KO!

From reading your post it appears that you are at 120 days?

I've got some intel that might help you get a lower settlement.:cool:

Please pm me.
It's easy, just register.

You can escape from boa-the snake.:p

Best regards,
King "Kash" Jabba Labba

Quote:

what they said was that accounts are "stamped" at a certain level each month and that's what they can accept.... i've had 2 or 3 different people tell me this. if it reaches charge-off status, is it better to settle at that point or do a payment plan?

i'll probably call again in the next day or so and see if they are budging from their last %age...

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well, same answer today.... so looks like it will go to chargeoff and then i can work with the recovery department. the person i spoke to today said that best advice is to call the recovery department a day or two after chargeoff and then i can work with them since it won't have gone anywhere else yet. so that's my plan for the end of the week, since they have it stamped at 45% over 93 days and that just plain isn't doable... oh well....