2012 BOA Settlement offers..Please Help!

I would also like to hear any recent settlements also with BOA.
I am getting the exact same story with them, 30%, and I am at the 150 day mark with both, but multiple csr's have said the offers are reviewed in the beginning of the month and out by the 5th of the month, so thats a week away if you can wait.

I have also seen that balances above 10-15k may go lower, I hope so.

In the recent past Bank of America was really easy to work with for a settlement at that range in payments but has drastically changed in the past several months with more red tape to navigate through. The best time to settle with BoA is once the accounts have reached 180 days delinquent in their recovery department @ 800-475-2025. Normally now they only want to settle at the 40% range depending on if someone has a medical issue then they may consider something lower. For more information, please check us out at USDR for more information regarding debt settlement.

The percentage you all are talking about are what BOA wants you to pay right?

Crazy BOA told me they would give me a 25% and I would just have to pay 75% of the balance.... A NO DEAL.

BOA recently paid back $45 Billion (yes BILLION) in TARP money. It's likely they're just trying to make up those funds by sticking to higher settlement percentages for a while.

In the past, 25% settlements were not uncommon with BOA. If they've raised their limit (in a manner of speaking) to 35ish%, that could be the reason.

BoA just called, they are still at 30% on 2 accounts.

Again I was told that amount would chane since today is the last day of the month. They also said it could change up or down.

Anyone ever have them raise the settlement in the last month before charge off?

Ioalot - I think I am about a month behind you on my BOA accounts. At 120 days, I called and offered 20% and they countered with 45%. They said that the rate changes occur on March 5th so yours may not have been adjusted yet so I would call back next week.
While I hope to get lower, I will take 30%. I just can't really go any higher.

Yes, they told me the 5th the other day as well. In mid Jan they were at 35% for both accts.

What is your bal, I wonder if that is affecting the settlement %.

One balance is $21,000 and the other is $4,400. The second card is actually a Regions Bank card serviced by FIA card services. I have asked on several occasions if I can settle them at the same time and they say yes. This is whether I call FIA or BOA. The person at BOA told me the calls go the same place. Of course, I won't take their word for it until I get something in writing.
If the rate drops the first week of the month, I figure I have two more chances to settle before they get to 180 days, in mid April.
I recently settled a $35,600 Chase card for $8000 (about 22%). It was four payments of $2000. I'm due to make the last payment on March 17. I'm hoping to time it so that as soon as one gets paid off, I can begin payments on the next.

Ok, my total over 2 cards is 28k, so pretty close. Both of these cards were last payed in Aug, so I estimate them to CO in March, so Im cutting it close.

So far there seems to be no negotiating with BoA, they just state their offers and say to call next month.

At least I felt I got somewhere with Capital One, settled for 65% after a year with them. They were at 70% for the longest, even yesterday when I called, then got them to 65% over 6 mos and gave in. I think I would have gone to an attorney vs a CA after being with them for so long and I really dont want a law suit. They have been my worst settlement and I'm hoping that BoA is my best.

Okay thanks for the comments, but does anyone have a answer to whether or not I should wait to get a settlement in writing??!! BOA kept saying I will after I make a small initial payment.

OhioGal1 and other Experts, can you please offer some advice on this question for me ASAP.

Thank you!

I'm just a newbie so I can only speak for myself but I would call them and say that I will not be sending any payments until I can get something in writing that spells everything out. They should be able to fax you something. If not, then say you will wait until you receive an agreement in the mail. I would be leery of the small payment. Make sure that it is part of the settlement amount and not just an attempt to get a payment.

wisepayr

That sounds odd. Most of the big players will send you something only once you have actually set up the settlement and scheduled the payments. If it were a collection agency, I wouldnt send a dime without the agreement first.

The settlements I did with Chase and Citi and even Cap 1 were that way, I set the initial payment up at least 10 days from the phone conversation so if I didnt receive the paperwork, I would not fund the special checking acct I setup.

That has not been my experience. Almost all big banks agreed to fax me written confirmation of the settlement before they got their first penny. The only exception was Sears (Citi), and even they agreed to let me record the call and have the rep identify her name and employee number, and state for the record the exact terms of the settlement, before I gave them access to my bank account.

I settled all of my accounts in Dec 2010 and January 2011 with Chase, Discover, Bank of America and Citibank. I was mailed, faxed or emailed a copy of the settlement terms BEFORE I made any payment. I insisted on it and was glad I did because Chase got it wrong the 1st letter they sent so I had to fit with them to get back to what we had already agreed upon.

Good luck