BOA question
Date: Tue, 06/23/2009 - 11:34
A friend of mine is planning to file BK this fall, in the meantime he is 2 1/2 months behind on a credit card from BOA. Today he received a letter from them offering a payment of $989.00 to bring his account up to date, he must call them to accept the payment by June 26, OR the entire amount (27,000.00) will be due June 26. They also stated their account managers will be able to reduce his monthly payments and interest amount but the way I see it they could never reduce it enough where he could afford it.
What's your opinion on this? What will happen if he doesn't call, will they turn it over to a CA?
What's your opinion on this? What will happen if he doesn't call, will they turn it over to a CA?
BOA right now is being extremely aggressive. No more collection
BOA right now is being extremely aggressive. No more collection agency phone call from out of no where. If he does default after the 3-6 month late status period they will move to file suit immediately before any new Obama creditor rules kick in at the beginning of next year. For the monthly payments they offered you.......if you are going to pay the debt back I would encourage it. If you friend plans to file for BK and is out of options I would simply save the payments for the BK attorney. The lawsuit will take 6-12 months to proceed with so you should not get any judgements against you if you file for BK this year.
