Working towards a settlement on CC debt

The $5000 that you can get from your 401(k) will be a great start. Once you are about 90 to 120 days late then you can ask them for a settlement. Most of the settlements I did wanted full payment of the settlement over 90 days so you probably will be able to swing that. That is your best bet.

If your renters want to buy the house, they may be able to do it now. Talk to the bank holding the mortgage and ask them if the renters can assume your mortgage. They may go for that so that they don't have to pay for the foreclosure. You also would not have any additional fees tacked on. Give it a try and see what they do. You will probably have to talk to a supervisor or someone in Loss Mitgation Dept to get it done. The regular answer the phone person won't know if it can be done or not so will just say no.

Update on progress....
I have been receiving phone calls from them. When they call my cell phone during the day I politely tell the person that I am at work right now and will need to call them back later and they are usually fine. So then I normally once a week call in and talk to someone....

A few weeks ago they were trying to get me to call some debt counseling program. I don't really see the point since I know I want to settle but I humored them and took the number down.
They also took a bunch of my account information and determined that I pretty much have no money left at the end of the month. I have also told them that my car is a lease and turns in at the end of Jan and at that point I will have more $. I have also explained to them that we have tons of medical bills and I have to keep paying certain amounts on them in order for them to keep making appointments and seeing my son. I have also explained that I am trying to get $ from my 401k and basically that is all I will have to settle up on medical bills and thier CC.

Each time they basically just try to get me to pay the minimum, which I say I can't do. I have asked about settlement and they have just said that isn't an option yet. One nice lady seemed to elude to the fact that I just wasn't elligible *yet*.

So last night I called back after someone had called me and got transfered around. Once I finnally got to the right department I ended up with someone who had an accent so thick I could barely understand her and felt bad because I had to keep asking her to repeat herself. In the end she offered me to convert it to a loan at 5% over 60 months. I told her I would think about it at least they have offered me something at this point. So I said I would think about it and call back on Friday.

Now I of course want to settle so What do I say when I call back on Friday? And how do I get them to give me something in wirting? Any help on what I should say would be appreciated. Thanks!!

Does anyone have any advice on what I need to say to try and get them to offer a settlement? Are there things I should and shouldn't say about my financial situation?
Thanks in advance!

Greetings,

And welcome to the forums "LynneFL".

And yours is a great statement:

"I have already been living on a cash only basis for 10 months now and have totally changed the way I opperate financially so that I never get stuck in a situation like this again.

We have gotten rid of more expensive cars and opted for cheap used cars that cost way less in gas and insurance. I have cut all eating out and am a crazy couponer to make my grocery budget work.

I've also set aside an envelope for medical $ to help in case we run into issues like we did for the last two years again."

I say very cool indeed!
Sounds like you've been listening to Dave Ramsey.

boa-the snake has typically been one of the easier cc's to settle.

My suggestion is that you jump headfirst into the forums and develop your own individual stratedgy for dealing with them
.
My $0.02 worth is to repeat your story over and over again with boa-the snake when they call.
Stick to it, act depressed, speak slowly and emphasize with them for just doing his/her job.

You'll need to be at least 120-150 days past due on the account to even broach the settlement subject.

From what I've seen in the forums, you'll settle out at about 30% with boa-the snake.
My boa balance was $38k and I settled for $11k over 93 days and 4 payments.

Good luck, keep us posted with your progress.
Regards,
King "Kash" Jabba Labba

I will underscore king and dftb...agreeing with king that it is closer to 150 days with boa and you just tell them you can borrow money to settle at 30% but refuse to keep trying to pay monthly because of whatever your hardship is. they will settle over 3 payments..

If you make a payment on any plan, you restart the clock for settlement, so just say no.

Thank you so much for the responses!!!!! Before I found this forum I was lost on what to do. If I can get a settlement on this card I will have my life much more under control.
My leased car turns in very soon and we will be down to 2 nice used cars with only one small payment!

Each time I talk to them I do go through my whole saga again and also explain that I have had to make choices between paying for medical care or this credit card and I unfortunetly I have to make payments on my medical bills or else they won't continue treating my son. I also usually get a little teary and explain that until this year we have never made a late payment period and we have just been having a hard time.

I'm just not sure if I should bring up a settlement or what? I did once and she said I wasn't elligible. I've been trying to lead into it explaining that maybe I could borrow some money or get money from my 401K. But then they just want me to get that money to make a payment. I explained that it still doesn't end the cycle that I'm stuck in with all of the interest. My last payment was 9/27 and that was just a partial payment (before I learned not to make partial payments). So I guess that makes me comming up on 90 days.

currently dealing with bofa myself..... yep, all they want is $$$ NOW and they dont care what it takes you to do to get it ! i would not advise telling them you can take or are trying to take money from your 401k, but that is my opinion... they even asked me months ago if i had a 401 or ira i could get money from... my answer NO. a 401k is much easier to access than an ira (at least in my case).

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