BOA

Date: Tue, 06/09/2009 - 19:48

Submitted by anonymous
on Tue, 06/09/2009 - 19:48

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Total Replies: 2

I have talking to boa about settlement for about two months the lowest I can get is 40000 on 120000 account and I truley can only come up with around 24,000 which they said was below wha tthe OCC will let them do is that true or is BS. I dont even know what the occ is....... Im only 120 day he said that my charge off is around aug 25 th What should I do because if I can't settle this account I will have to file BK... Im losing sleep over this..........Would it help if I let it go 150 days or is 40,000 th lowest they can really go

A settlement offer of 40K on 120K is no doubt a good offer and I

A settlement offer of 40K on 120K is no doubt a good offer and I think that you should go for it if you can. If you cannot pay off the settlement amount, they may charge off your debt in Aug as they said, which will adversely affect your score. Moreover, charge off does not mean that you are no longer liable to payoff the debt. Even after charge off, the creditor can sue you to recover the debt. The only way out is to file bankruptcy if you cannot pay it off.

lrhall41

Submitted by SC on Wed, 06/10/2009 - 03:31

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The OCC has issued guidance on how long a bank can accept paymen

The OCC has issued guidance on how long a bank can accept payments on a negotiated reduced balance. More to the point; How long they can monkey with accounting for the loss.

The OCC, to my knowledge, has not issued guidance on the amount of forgiveness.

40k may be the best offer. It is a good offer. If you will be filing BK if this does not work out for you, you have nothing to lose by seeing what is on the table on say, Aug 10th.

lrhall41

Submitted by on Wed, 06/10/2009 - 05:55

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