Settled with BofA
Date: Thu, 08/05/2010 - 15:28
I just reached a settlement with BofA for 30%; acct was due to charge off at the end of the month. BofA offered 45% two months ago, then last month offered 40%. I had been offering the same $ amt for the last few months, but they always declined; stating the acct is stamped each month with % they would accept and would not even submit an offer for approval. Then I called the other day, after getting a text message and was able to reach an agreement very quickly for 30%; payable in 4 payments.
Last month I settled with Chase for 25% on two ccs; I have one more payment to go on this settlement.
Both companies were fairly easy to deal with; but Chase was quicker to lower the % rate for settlement, maybe it was due to the higher amount on those two cards.
I explained our financial hardship many times and called each card every 3 - 4 weeks and explained our situation was the same, no change. I think that is very important to explain your hardship and continue to communicate each month until you can reach a settlement that works for each party.
Best of luck to all on your journey of settlement.
Congratulations!!!! And yes, communication holds the key in sett
Congratulations!!!! And yes, communication holds the key in settling a debt. That you explained your financial hardship to them speaks about your strong will to settle your debts. Use your cards responsibly in future so that you never face this situation again. Best of luck for your future.
Congrats! Do you know when the stamped % changes? I've heard t
Congrats! Do you know when the stamped % changes? I've heard the 5th of the month. Did you offer less than 30%? I'm stuck at 33% with BOA, months after it's been charged off.
congrats! Fabulous job and good for you to be debt free and sta
congrats! Fabulous job and good for you to be debt free and staying that way. I know I will never go through this agony again either!
Congrats, I am settling too and feeling fantastic. I still have
Congrats, I am settling too and feeling fantastic. I still have B of A but just to get some done is incredible,
Settled with BofA
Quote:
Originally Posted by Anonymous Congrats! Do you know when the stamped % changes? I've heard the 5th of the month. Did you offer less than 30%? I'm stuck at 33% with BOA, months after it's been charged off. |
I called them on 8/4 around 4 pm PST and the CSR looked up to see what was being offered for August. I told her i had offered X amount for the last two months, but it was never accepted. I told her I felt bad that I could not pay the full amount, but unfortunately that is all the money I could borrow. She checked the acct, and then came back with the 30% offer, and it was actually less than $100 more than what I had been offering. I decided to accept it as I did not want to deal with the acct being charged off. She said our acct was currently in the recovery dept.
I don't know if there is a specific day of the month when the acct is stamped for % settlement. I would continue to call the various phone nbrs and explain your hardship and available funds. As for me, I was surprised and grateful to settlement amount. Best of luck to you.....keep working it, as long as they are talking with you there's still a chance to come to an agreement.