Internal Recoveries vs. Collections - Any difference?
Date: Thu, 05/12/2011 - 04:34
I have a Bank of America account that was charged off. It is currently with their internal recoveries department, but the payments are still pretty unmanageable for me. If I can't make a payment they said they will have to send it out to collections. Would I be better off that way? Settlement is not an option because there is no way I could come up with the cash.
Hi! Welcome to the forums! In my opinion, you should settle th
Hi!
Welcome to the forums!
In my opinion, you should settle the debt before it goes to the collection agencies. You should negotiate with BOA and try to lower the debt amount by 40% to 60%. If they agree, then draw up a written settlement agreement and pay off the debt on the scheduled date. Go through your credit report to find out if the account status has been updated as "Paid as settled" or "Paid as agreed".
Since you cannot do a settlement due to lack of funds, your choi
Since you cannot do a settlement due to lack of funds, your choices are limited. Have you asked BOFA for a hardship plan? If they send you to collections, be prepared to be hit on hard.
