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Settled with BofA

Date: Thu, 08/05/2010 - 15:28

Submitted by camgb
on Thu, 08/05/2010 - 15:28

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Total Replies: 5


My settlement journey is almost over. It has been a roller-coaster of emotions; but I am glad to be cc debt free....and plan to stay that way. The info on this forum and its members were extremely helpful. :D:D

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.


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.


lrhall41

Submitted by camgb on Fri, 08/06/2010 - 11:04

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