Bank of America

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No. I am not contemplating BK. Just throwing it out there to BA. I owe them approx. $21,000 business CC and $10,000 personal.

I am thinking of going the settlement route. How often do they call you? Does it seem like they will settle? Are you behind on other things, or just BOA?

I just got an offer from BOA to settle for 15% and that was after 170 days.

I am behind on all cards. Bank of America called weekly early on but have cut back as of late. From all I have read in this forum, they are very open to settlement late in the game.

Has anyone settled with BOA and also had a checking account with them? I've heard they can go into your account and withdraw your money if you get behind.

They most definitely can and will go into your bank account. Chase is especially ruthless in this regard. They sent me balance transfer checks, then, when I actually used them, they stopped payment on they last one, AFTER they had accepted it as a deposit at my local Chase branch! It was for $3,000, and they took it out of my checking account, with no notice or explanation.

I owe about $32k to BOA for 2 cards. They are refusing to settle with me. They said I don't quailify because of the Balance transfers and Cash Advances taken on the accts. I'm going into 120 days on one of the cards. From what I've been reading, everyone says BOA is the easiest to settle with, but they seem to be my most difficult creditor. I've already settled w/all 3 of my chase accounts and my discover.
Anyone have any insights on BOA settlements?

Last time I talked to BofA, they told me they have stopped settling and you have to work out a plan with them. Either that or they refer you to a debt management company. I'm still waiting to settle, however. YMMV

I have 2 cards with boa and yes they still will settle. I choose not to settle because I did not have the funds available but I did get a great payment plan with very little interest.

It depends on situation. As per perticular situation you have to take decesions.

Can I negotiate a settlement with BOA and then negotiate a payment plan for the settlement amount or am I required to have the settlement amount available at the time of settlement?

Some times you can work out a lump sum settlement or a term settlement of X amount of payments to settle the debt. Typically when you work out a term settlement the settlement percentage will be a little higher than if you settling in one lump sum.

HSBC offered me 50% settlement payable over 6 months. I took it and will hope I can do the same with BOA. Working one credit card at a time.;)

:p:p:pThey called and offered me $4,700 settlement on $14,207 debt, payable in 4 installments. Oh, happy day.....3 down 2 to go l- The biggie Citi $16,000.

Wow!! That's great. The end of the tunnel is near, I can almost see the lite :)

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