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BOA seems willing to work with me,But

Date: Mon, 08/09/2010 - 06:06

Submitted by anonymous
on Mon, 08/09/2010 - 06:06

Posts: 202330 Credits: [Donate]

Total Replies: 11


I owe BOA 35k give or take. , I lost income and they are willing to do 60 months a zero percent, which is the same amount I was paying at the 8% but would have taken 30 years.
At 0% I have family theat would give me the extra money just to not ruin my credit

Are they just trying to see if I would bite and then saay you can make those payments or are they serious?


Did they send you that offer in writing? If so, take it. If it was verbal, I'd call them up and ask them to send you the offer in writing so you can be sure you understand the terms. Once you have it in writing, they can't really back out of it or say you misunderstood, etc. Is this just a hardship program they're putting you on? Once the 60 months is up are you PIF or do you go back to the 8% interest and continue paying?


lrhall41

Submitted by OhioGal1 on Mon, 08/09/2010 - 07:51

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They told me they would do 60 months 0%PIF and after 90 days of payments ,they would show that I am current, It works out to be the same payment amount +5 a month, he stated he will try and get approval for 72 months,but 60 is the normal limit.
He will call me back on Thrusday to see if I can work things out to make payments.
Of course I will get in writing before I send any money


lrhall41

Submitted by on Mon, 08/09/2010 - 16:15

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If you can't afford it, you also might consider not paying it anymore. After 150 days late, they usually will settle for 35 to 40% on the dollar, if you can pay lump sum.

Of course, this will wreck your credit and you will be hounded by their collections for 6 months, but if you can't pay, you can't pay


lrhall41

Submitted by on Mon, 08/09/2010 - 17:00

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I got a letter today saying if I dont settle by end of month they will turn over to collections, The rep said he will call back to see if I can do the settlement which is $5 more then my original payment but it will be PIF in 60 months instead of 30 years.
I worked with all my monies and should be able to make those payments providing nothing major happens, all my other cards dropped my limits to current balance because BOA has reported me late? we shall see on Thursday is she was serious or pulling my leg


lrhall41

Submitted by on Tue, 08/10/2010 - 19:25

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You won't have to pay taxes if you are insolvent. There is an IRS loophole if your debts outweigh your assets. But you have to file a form with your tax return. You could do this yourself or hire a CPA for a few hundred dollars.

Even if you don't qualify for the insolvency, what's your top tax rate? 20%, 25%? You would only have to pay $4k, $5k max, which brings you to $17k max, which is alot less than $35k.


lrhall41

Submitted by on Fri, 08/13/2010 - 16:18

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