BoA latest offer

How late were you?
Thanks!

Sorry Forgot to include that- Last payment was in July 09. 150 days late, Payment for jan 2010 now due.

i got the same deal they sent a letter.HOWEVER they will NOT do what youa re asking for them to put in.I asked.Take the deal.My last payment was July09 also. 30% is great!

I agree with DanaD. They won't sell unpaid balance and 30% is very good.

I finally got an offer from BOA today. I am 4 months past due on what started was roughly a $7000 balance. They haven't hounded me or anything really. Just an automated call pretty frequently to my home while I am at work. Anyway I was offered a settlement today of $3800. I told them to send it to me in writing and they said they would (which unlike Advanta I think they will do) I have to money to pay it, but am pondering waiting for a slightly better deal since it was the first offer. However this would almost put my debt nightmare to bed (besides Advanta chargeing off my account last month).
Suggestions??
Thanks

IF it was me, and it isnt, I would just do it(take the settlement) and get it out of my hair..Done deal, gone , bah-bah.
BUT you can still ask.. tell them you only have 3k, lump some, you dont want 3 payments, and let them chew on it a bit.. they just might do it.. if not wait another 2 weeks and call them back.

i got BOA down to 10% during summer 2009, but would not risk the offer you already have. nowadays, i just start my negotiations at 10%

Fairwind-
you got them down to 10%? How did you do that? How late were you?

I would NEVER settle without a letter of satisfaction. Without one the creditor will credit the payment to your account and then sue you for the rest or sell the debt to a debt collector. You are opening yourself up to all kinds of trouble.
Have you considered a debt negotiator? solicitation removed

I am 120 days late, just got 40% offer on 55k. I did not accept, this appears to be promising if I wait another 1-2 months.

I settled $17,600 with them yesterday for 25% - they offered 40% and I told her we couldn't do that much as spouse lost job last month. They were very agreeable. Still waiting for the settlement letter which I'm supposed to have soon.

I owe $11,638 to bofa and charge off is in 3 weeks, they offered me today on the phone $3600 which is 31%, but I don't have it, I offered $1500 they said no way, what should I do?

take it and make 3 payments.. thats is the best they can do, it is a great offer.

Yeah but if you read stories on here people are getting BofA to settle for I have seen as low as 14% to anywhere up to 35% obviously I'd like to be lower than 31% anybody have any more advice or negotiating tactics?

I dont mind doing 3,4,5 or 6 payments total I just need and would like to go lower than $3600! Any advice?

Wait 3 weeks and they may go lower rather than charging off.

I have a miracle in the works, but I need to know if it is valid.
I have a letter from a collection company that is handling
a debt for Bank of America. I am making 4 payments to this company.
The settlement is for one payment per month.

I have made 2 payments so far. The 3rd payment is due in 2 weeks.

HOWEVER, I just received a letter from Bank of America thanking me for the 2 payments and saying my debt was settled in FULL. It is a full blown settlement letter saying they will report it to the credit beaureus as SETTELED. I cannot believe it. It also has a name and a contact on the letter that I can call.

Does this settlement letter, which is for the SAME EXACT DEBT that I was paying on to the Collection Agency that was working for Bank of America, supercede the settlent offer I received from the Collection Agency?

To summarize
- I made 2 of 4 payments to the collection agency that was working for Bank of America
- I received a letter from Bank of America saying " Thank you for your final payment toward the settlement of $xx. This payment serves as the full settlement of the above - referenced account" etc.

If this does satisfy the debt, which I think it does, what should my next step be?
Will this settlement letter hold up in court? Or can B of A say it was a mistake?

I will leave full details of the amounts after I know what is happening.

Thanks

Send them Monopoly money and a picture of Barney Frank. They love Barney. He is in bed with them, literally.

Just got the letter from B of A for 35% on a $56K balance. It was around 150 days. I may have been able to go lower, but didn't want to chance it and I wanted to get it out of the way. They were starting to call family memebers.

I've got 7 more accounts to go, but this was the biggest!

Is bank of america removing it from your credit? Have you asked?

Since he settled they more than likely will not remove from credit report.

i didn't ask...i am assuming they won't.