Delaying past the 180 day mark with BofA

Date: Wed, 05/25/2011 - 15:54

Submitted by Rozo
on Wed, 05/25/2011 - 15:54

Posts: 70 Credits: [Donate]

Total Replies: 4

I need to delay settling my debt with BofA because I simply do not have any money to settle right now. My card is at 160 days and I've already received a letter saying that if I don't pay them $357 now, it'll get charged off. My goal is to delay this until next year when I put my apartment on the market. Should I just pay this amount so that I could reset the clock? Does anyone have other alternatives?

If you pay it and then miss again, they are likely to charge you

If you pay it and then miss again, they are likely to charge you off anyways...they can send you to collectrions at anytime.

lrhall41

Submitted by SOAPLADY on Wed, 05/25/2011 - 16:10

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You can let it charge off (and save the $367 toward a settlement

You can let it charge off (and save the $367 toward a settlement) and possibly get a better settlement with the collection agency. In the meantime I would try to accumulate as much funds as you can to put toward settlement. You might be able to negotiate a settlement in 3-4 payments, but you will have to come up with the funds.

lrhall41

Submitted by aubrey on Thu, 05/26/2011 - 06:52

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If you going to make this payment now, but then attempt to skip

If you going to make this payment now, but then attempt to skip the next, you would end up in the similar situation you're now, therefore, my advice, let it default, set the funds aside for possibility of the future settlement. You have an entire year to try to save as much as you can.

lrhall41

Submitted by eugeneg17 on Sun, 05/29/2011 - 14:49

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Making one monthly payment will only reset the pre-chargeoff clo

Making one monthly payment will only reset the pre-chargeoff clock by 1 month, not 6.

lrhall41

Submitted by anonymous on Mon, 05/30/2011 - 14:23

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