BofA Settlement - Thresholds
Date: Wed, 04/06/2011 - 20:08
My hope was to be in it for the long haul. Most threads reflect that the best settlement is right before charge-off, somewhere around 180 days. And at about 25%. I have done extensive reseach of other's success and the 25% was the historic average. So I starting budgeting for 30% just in case. Just for anyone else with a BofA card, I was told that they usually update your account between the 5-8th to determine if any settlement offer is available. The settlement amount is based on days deliquent, amount and other variables. I got a really nice guy today that told me it is automatically generated. The service associates cannot go below the generated offer. If you cannot afford to pay it, you would have to wait until the following month to see if it decreases.
Anyways, the reason for my post. I am now in a situation where my job is linked to my credit and if I am deliquent on anything it could impact my "eligibility". So where I was in it for the long haul, I now have to consider taking the first offer I get so I can not have it impact my job. Can anyone tell me what kind of offers they saw at the 90 day, 120 day and 150 day marks? I am just trying to see what options I have before I liquidate some of my retirement.
Thank you everyone for your knowledge sharing. ;)
Sorry I meant to say I started this back in Oct-10, not 09.
Sorry I meant to say I started this back in Oct-10, not 09.
Greetings "Nikki79", To answer your question "Can anyone tell m
Greetings "Nikki79",
To answer your question "Can anyone tell me what kind of offers they saw at the 90 day, 120 day and 150 day marks?
I had no settlement offers at 90 days from boa-the snake.
The snake got very quiet between 90 and 120 days.
Kind of worried about the lack of attention during that span.
Then at 151 days it happened.
I called the "secret" number and settled for 30.1% on $38k.
Hope this info helps.
Regards,
King "Kash" Jabba Labba
I agree with King Jabba and my experiences was the same. I had
I agree with King Jabba and my experiences was the same. I had over $20,000 on two BOA cards and they offered nothing until 150 days and then I call in to a phone number that came on an email (1-800-441-7048) and a young lady nicely offered me 32.9% which I accepted. She sent me a faxed letter offer the next day and I paid and we were done.
She didn't say anything about it being 150 days and I didn't ask but they went from "there's no settlement available" to "how does 32.9% sound." It makes sense, as long as they think they might get paid or paid more, why settle until it's down to the wire.
Best of luck.
BofA offered me 25% post 120 days, I countered with 15%, they sa
BofA offered me 25% post 120 days, I countered with 15%, they said no. Post 150 days, they offered 20%, I countered again with 15%, and a couple weeks later they called to tell me my counter was accepted. This was few days before chargeoff.