BofA loan

I have an idea. Get behind :)

I am in exactly same boat as you I believe. This is a legacy type loan that BoA kept offering for very shortlly after they took over MBNA. Mine was from MBNA and now BoA owns it. I seriously doubt they even have any original paperwork from my loan back in '02. They have told me several times that this acct was "started in 2005" when it fact it is much older than that. I merely tell you this because I have precisely the same loan you do. Now on to your question.....

I have recently started to default on all my debt prior to attempting to settle starting in about 5 months. When I first defaulted on this loan and got my first call from them one of the things they said to me when I explained that my financial situation was worsening and I couldnt keep up with everything was that if I needed help I could give them some more particulars finance wise and they had "programs" where they could make it more affordable to me. The specifically mentioned that they could change the term and/or interest rate. Basically it was a loan modfication by another name.

I did the same thing you did at first and simply called them as a perfect payment history customer for at least 8 years (20 years on one acct) and reasoned that that would possibly make them amenable to help me. After all I had never missed a payment right....? Nope.

As you found out they have zero interest in helping someone as long as they are current. When you fall behind they have to look at the possibility that you are really defaulting, might move, might change your number, might move out of the country, might change/lose your job, might declare bankruptcy and wipe the debt against their will. Any number if factors that would make them lose the entire debt.

As soon as I got behind they showed at least some willingness to "work with me". So my advice from dealing with them is this. Get behind a few months, show them some financials if you are really marginal on cash flow and watch them get real helpful real quick. :)

PM me if youd like some more specifics.

As with any of the plastic vampires:

You've gotta show distress in order for them to digress.

Then they may or may not help you.

Actually boa-the snake will attempt to push you into a hardship program at 0% interest.

But then there's another way.
PM for more intel.

King "Kash" Jabba Labba

"PM for more intel."

HA! Beatcha to it. Too slow old man!! :)

Seriously though to the OP. Tread carefully with all of them. Dont speak without thinking as they are recording EVERYTHING for scrutiny later.

For example Im behind on a Wells loan. They called me the other day. I explained my money troubles, told em I cant pay right now. Getting behind yadda yadda. They asked when I might. I told em I MIGHT be able to paycheck after next (this would be next Fri). MIGHT. I stressed MIGHT as Im on quite a money squeeze right now.

So she says "Ok I'll make a note that youll be paying the past due balance on so and so date" I had to stop her (on record) and tell her that no thats not what I said. I dont want you to call me back on that date with notes in front of you that say I promised to pay on x date and now ive broken this promise. I MIGHT which implies I also MIGHT not be able to (never say "wont" always always say "cant" up to the point of when you begin to mention bankruptcy to them.

Remember, these people do this all day every day. You dont. Unless you are exceedingly careful you will get tripped up by them.

Boa did the same to me... I needed an interest reduction so they increased it. I paid off a cc in full and asked to be reviewed to increase the limit----so they closed it and left me without any available credit. Boa is a slithering slimy snake.

They are actually the entire reason I started researching default and settlement (and am now implementing after some research)

Around 2 years they jumped the rate on my smallest acct with them from 7%ish to 30% ish (my states usery cap). When I called to ask what was up they informed me that my 20 years of perfect payment history meant nothing and that their algorithms informed them I was now a credit risk. No they would NOT lower my interest rate in any way. I was livid, they were calm as iced tea. I remember vividly I hung him and stared at my computer screen and thought..." I wonder what they can do if I quit paying those &%()*)%"? Opened a search and started reading.

Nearly 2 years later I talked to some lawyers, judges on the consequences of civil judgments (they really arent that bad in non garnishment states" and I pushed the button and defaulted around a month ago.

Now Im calm as iced tea working my plan.

Them? They are not so calm now.

LOL That is so true they did a lot of this to themselves. They did the same thing to me. All my cards tripled in interest rate and payment just as my income dropped 70%. Gee I wonder why I couldn't pay.

They took the settlements and I'm done and they still probably fail to see they would have been paid in full with more interest income if they had just left the interest rates and payments alone. Stupid.

Greetings!

"HA! Beatcha to it. Too slow old man!! :smile:"

Well done!
At least they'll get stereo intel.:cool:

AND DFTB has nailed it with this "They took the settlements and I'm done and they still probably fail to see they would have been paid in full with more interest income if they had just left the interest rates and payments alone. Stupid."

I just can't understand the ccc's justification in bumping interest rates 300%. At the first sign of trouble they crank up the old torture interest rate.:mad:

See ya,
K"K"JL