BofA/Advanta..what to do..pls help
Date: Thu, 05/06/2010 - 23:12
Any input would be appreciated. Thank you!
Quote:Originally Posted by luckin10Can anyone advise me on what
Quote:
Originally Posted by luckin10 Can anyone advise me on what to do..I am really stressed about this. I am trying to settle my BofA..they will call in 4 wks June 1st..b/c I will be more delinquent and the person I am working with really thinks I have a good chance of getting a 15% settlement on 57,000. Sounds too good to be true but I am going to shoot for the stars on this one and hope for the very best. I guess I am so hopeful b/c this CSR is being so helpful and encouraging for whatever reason. In the meantime, I am dealing with Advanta and it will charge off May 18th. I can settle with them now for only 50% over 6 payments, BUT the first payment is due on the 15th of May. They will report it to the credit bureaus as still deliquent but it will show that I have made one payment. It updates every quarter and it just so happens the quarter is up at end of May so it will report. HERE IS MY CONCERN...I have convinced BofA that I have no money other than what I am giving them. They have already looked at my CR and seen I am deliquent on all my cards. I am sooo worried if I do take this 50% and make that first payment BofA is going to see that I made the one payment and it will kill any chance I might have of settling for what I want to settle for? It is so not worth it to me to lose this as Advant is only a $4,000 debt. The main reason I do not want it to charge off is 1..do not want a charge off on my CR 2...the CA it goes to does offer a lower settlement of like 25% or 30% but they require all up front in like a 24 hour period from what I have read. I do not have that. It is more feasible for me to do the 6 payment thing... Any input would be appreciated. Thank you! |
My Advanta account charged off and went to P&C...worked with them on and off for 2+ months....bottom line is they were willing to settle over a period of 4-6 months at a higher rate than lump sum...if payment over time is better for you, be persistant and tell them this is what you can do...I took the lumpsum at 25% in that I had access and wnated it to be over....on to BofA now...
If I take payments with Advanta will Bank of America know about
If I take payments with Advanta will Bank of America know about it???? I will totally do the 50% settlement today if I can feel confident that BofA won't find out....
I don't think BofAm will find out what you are paying to Advanta
I don't think BofAm will find out what you are paying to Advanta. If they pull credit report it will show late.
Thanks Ozzie..that is what I thought too.BUT when I spoke w/Adva
Thanks Ozzie..that is what I thought too.BUT when I spoke w/Advanta yesterday they said that they will still show me deliquent BUT will show that I have made a payment...that is what I am worried about. He told me that they have to show any activity and if I make the payment they have to report it..this is all crappy timing as I have to make this deal so it won't charge off and they "report" right after and BofA is suppose to be calling me right after that...so I am a bit stressed as to what to do..take the risk and settle with Advanta?
I settled 4 Bank of America cards while settling with 3 others.
I settled 4 Bank of America cards while settling with 3 others. Bank of Am never mentioned anything about paying others off.
I agree with ozzie, we'd settled BOA 8th outta 10 cards and they
I agree with ozzie, we'd settled BOA 8th outta 10 cards and they never mentioned it, if they had it woulda been no surprise and I think thats what you'd expect to see. My take is settlement is kinda like a wedding buffet, the last table in line is gonna get the steel pan with 2 chicken wings left in it...If they wait to be the last to settle, they shouldn't complain that there's not much left...;)