Debt Settlement with BoA

when you settle with companies, they report to your credit report that you did not pay the whole bill. it is just about as bad as not paying it all. other creditors get to see that you ditched on paying the whole bill. not only that but why pay some other company for asking your creditor the same thing you can ask them. if you decide to settle, ask them for a settlement yourself...don't pay some other debt consolidation company to do what you can do for yourself.

Has anyone else had much success with BoA recently? Can I attempt to begin negotiating with them before I am behind on payments? It sounds like I would have to fall behind by up to 6 months before they would even consider talking with me about it. If anyone else had had much luck with BoA on issues such as this I would appreciate a response or some advice.
Thanks

I'd agree with Somechic, often you may not find it necessary to involve a settlement company in the deal and thus can save loads on their fees.

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You may want to miss one or two payments just to get them interested. I have found that they will offer lots of deals when you don't pay. Your credit will be fine if you only miss a couple of payments. You might be able to get a 0% offer, but if you want to settle for less you have to wait longer and your credit will take a hit.

Do you kinow anything about Financial Independence & Resource Education, Inc. do they do what they promise?

I have never heard of FIRE, but I suggest you do a ton a research before signing up with any Debt Settlement Company. There are many out there who are less than reputable.

As for BofA, they will not deal with you until you fall behind. Period. I have called all my creditors and they are not lowering interest rates either. You need to stop paying to get them to react. The longer you wait, the better deal you can get, but the worse your credit and the greater your risk of being sued.

I am only 3 days late with BOA right now. I have requested a settlement twice in the past week. Explaining that I am using the equity in my home but need everyone to work with me or I have to BK. Chase settled very easy and fairly with me. So far I have been told 2 differen't stories by BOA and I think both as just BS and trying to call my bluff a little. The first lady told me that BOA is under OCC (I think) rules and they cannot even talk settlement before 180 days. The second person didn't even mention that. Do I just want to wait untill they call me? Anyone settle with BOA in a fair amount of time?
Thanks

Bofa did negotiate a settlement with me before 180 days. i was at about 130 days. They offered 45%, which I unfortunately could not afford.

You cannot have it both ways with most places. Use the 6 months to save as much as you can for a settlement. You can get really good deals with BofA. Let us know what FIRE is offering and I bet we can help you do everything they can but for free.

You need to wait untill at least 90 days late to settle. I settled all my 4 account 28K for 25% at 100 days and done with it. Fairly easy with BoA.

I settled 2 accounts with BOA. one settled quick (180 days) for 25% and gave me 3 months to pay it off. The other took a year and settled at 35%. And Im only talking principle. I don't even discuss the fees an interest. I look at it this way they took a risk and all was great for awhile and now things changed so screw them. I tried to work out a plan before I fell behind. they all laughed and told me my account needs to default before they will talk. They don't care about me, they got bailed out so all bets are off. Start the settlement at 10% f them.
I have settled 8 CC over $200,000 and all between 20% and 40%. My credit is shot. My banker has never seen a credit score so low. Oh well. Its only money. I stopped and looked at my situation and I adjusted my priorites #1 Family, #2 Health ,#3 money.
Good Luck

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