BofA / Nova Debt - wanted to pass along information

Date: Tue, 04/14/2009 - 16:07

Submitted by anonymous
on Tue, 04/14/2009 - 16:07

Posts: 202330 Credits: [Donate]

Total Replies: 1

I've been visiting this forum for a month now as I'm trying to get grips with my debt and paying it off. I have 3 CC with BofA that total close to $28K. We can make the minimum payments on all of them, but want to start tackling balances. This is my experience yesterday. I am current on all my payments, but next month the promotional rate I took out will expire and I will be unable to make the minimum payment. I contacted BofA to try to get a lower rate negoiated before I begin to get behind. They were unwilling to lower my 29% rate. They transferred me to Nova debt - located in new jersey. Nova Debt was completely professional and sympathetic and I spent at least 45 minutes on the phone with the consultant. However, at the end, she told me (after an exhaustive interview of my situation) that because my CC are with BofA exclusively, I cannot qualify for a debt management program. She recommended several budget cuts I could make and told me that I should take on a second job. Then she transferred me back over to BofA to another representative that was completely unwilling and unhelpful to lower my rate because we are still charging on the CC. So if you are referred over to Nova Debt - I think it comes highly recommended - you need to have different creditors other than BofA. I'm not sure how I'm going to navigate out of this one since I'm trying to do this by myself and not go into serious settlement discussions.

You might want to shop around with some other non-profit consume

You might want to shop around with some other non-profit consumer counseling agencies like Debt Wave , Consumer Credit Management Services, Inc. or Care One Credit Counseling to name a few. I know for a fact that Bank of America will still work with a DMP . They are just strict. They require that if a B of A account is to be brought into the DMP that all unsecured lines of credit with a balance greater than $0 be included in the DMP. Plus Bank of America will pull a credit report to confirm that this was done. I am not endorsing these companies but rather trying to point you in another direction with some companies that might be able to help you since you had no luck with Nova handling B of A.

lrhall41

Submitted by mobile0311 on Tue, 04/14/2009 - 16:19

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