BOA recovery department

what was your bal, and how late were you? did you call a specific number? congrats on your settlement!!! they are giving me a hard time. i will be 90 days on aug 15th and my bal is 8543.00 any sugestions?

bal is almost 29K and per them next month it goes to charge off and recovery.... from everything i've been told, accounts are stamped with the minimum they will accept on a settlement on the 5th or 6th of each month. i did call them regularly, so that's probably a good idea as well...

Yes, if you communicate with them regularly and let them know about your situation, you might be able to get a good settlement.

but i guess my question is more about if anyone has had it go to the recovery department and any thoughts on that...

We were offered 30% by BOA and once it went to recovery they offered I think 40%. 2 weeks later they sent it to a collection agency. We are now in the process of setting up settlement of 40% with the CA. I wish we would have settled before but we didn't have the funds.

jill -
when it was with recovery did they give you a longer time frame than the 93 days?

I am sorry my husband talked to them and I can't remember all the details. Now that I think about it, I think it was more than 40% but they did give us longer than 90 days but it was was something like $200 a month for so many months. The original balance was $7300. The hard thing is once it goes to recovery (at least in our case) there isn't much wiggle room. They really stuck to their guns at that point and said they could not offere the same offer. So to sum up, they did give longer terms but for us the monthly was too high.

We went to recovery after 120 days and telling them we were going to file BK.....they ended up settling with us for 25-27% of our debt! We were very lucky....I did not keep in touch with them because I was in shock and I was so depressed.....I wish I would have, but I was so overwhelmed and did not understand the process. I would definitely communicate with them .....

Jill, I would keep trying with the CA. The CA probably bought your debt for 5 to 10%, so anything about that is pure profit for them. I would offer them 20%.