Need to settle BOA/FIA for under 30% and they won't budge
Date: Wed, 03/24/2010 - 17:50
It really is the discretion of the creditor to agree to a settle
It really is the discretion of the creditor to agree to a settlement offer. However, you may push the matter little more further to see if they would offer a better deal. Also, you can wait for the account to get charged off.
Sometimes you can negotiate a better deal with a collection agency since they spend only few cents against dollars to buy the debt from the creditor.
Some recent policy changes at BOA are making it harder to settle
Some recent policy changes at BOA are making it harder to settle. They are no longer going case by case. The customer service reps have been stripped of their ability to negotiate anything but payment plans. As of February they have also contracted a third party collection company to "handle" some overdue accounts. In other words BOA is hardening and Citi is softening!
Quote:Originally Posted by AnonymousSome recent policy changes a
Quote:
Originally Posted by Anonymous Some recent policy changes at BOA are making it harder to settle. They are no longer going case by case. The customer service reps have been stripped of their ability to negotiate anything but payment plans. As of February they have also contracted a third party collection company to "handle" some overdue accounts. In other words BOA is hardening and Citi is softening! |
So is it a "take it or leave it" deal? Any other avenue to try?
30% is an excellent deal, I would if I were you get a loan from
30% is an excellent deal, I would if I were you get a loan from friends or family for the other 5% or try a couple more times to bring it down to 25%, but 30% is not too bad...
Quote:Originally Posted by AnonymousSome recent policy changes a
Quote:
Originally Posted by Anonymous Some recent policy changes at BOA are making it harder to settle. They are no longer going case by case. The customer service reps have been stripped of their ability to negotiate anything but payment plans. As of February they have also contracted a third party collection company to "handle" some overdue accounts. In other words BOA is hardening and Citi is softening! |
You are correct. I confirmed this information and took the 30% deal today. They no longer go to 20% unless it becomes junk at a year or so. By that time, default interest, late charges, over the limit charges etc will take the balance up 40%. Therefore 30% now was a better deal.
Quote:Originally Posted by danthemanYou are correct. I confirme
Quote:
Originally Posted by dantheman You are correct. I confirmed this information and took the 30% deal today. They no longer go to 20% unless it becomes junk at a year or so. By that time, default interest, late charges, over the limit charges etc will take the balance up 40%. Therefore 30% now was a better deal. |
Interesting, will BofA still do settlements but only giving a max of 30% - or no settlements going forward - either accept payment plan or what (get sued)? Did they give any reason for this change in policy? Thanks.
Quote:Originally Posted by MGBInteresting, will BofA still do se
Quote:
Originally Posted by MGB Interesting, will BofA still do settlements but only giving a max of 30% - or no settlements going forward - either accept payment plan or what (get sued)? Did they give any reason for this change in policy? Thanks. |
Yes, they stated that management believes 70% off is a large % forgiven and in order to standardize the process they removed the discretion from the reps. I tried to escalate to a manager and they would not do so. I don't know how much they sue. In my case, the default interest on $40k+ was nearly $1000 per month increase in the bill, so I had to stop the bleeding rather than have the possibility of a slightly lower % on a much higher balance.