settled with BOA today
Date: Tue, 03/06/2012 - 14:10
I had previous settled a $35,600 Chase card for about 22.5%.
We had kept paying the minimums on our cards for over a year while trying to short sell our house. We figured, sell the house first and then deal with the credit cards. But the house never sold, so on to plan B.
We are now in the midst of our 5th short sell contract but the buyers are once again starting to show signs of backing out. We're now pretty resigned to foreclosure and 2 deficiency judgments from the first and second mortgages.
But it feels good to have at least something crossed off.
Good for you. I was wondering who would be the first to settl
Good for you.
I was wondering who would be the first to settle after the 5th of the month.:D
Did they give you an offer today before you offered 30% today?
I was at 30% last month so I an hoping for 20% as I will miss the 7th payment this month so Im darn close as you can get to charge off. I was hoping they would call me, but if I dont hear from them in the next couple of days Ill give them a call.
I called them up today and asked what they could do. They said
I called them up today and asked what they could do. They said 35%. I offered 30%. She put me on hold for a while and came back with 32%. I think if I could have waited one more month, they would have started at 30% and then maybe I could have got a little off of that. They seem to be going down 5% a month. But the problem was that the next time the rates changed and hitting 180 was only going to give me a couple of days wiggle room. Honestly, I was just ready to get it over with.
The only tip I can give is if the person you call does not seem flexible is to hang up and try again. The call with the first person I talked to was not going well so I hung up and called right back. The next person who answered was a lot easier to work with.
One more thing, call 888 . 512 . 8221 instead the 866 number. Not sure but it may get you to a representative slighter higher up the food chain.
Good luck!
What is that number for? Recovery or a general BoA number? th
What is that number for? Recovery or a general BoA number?
thanks
I'm not actually sure. I had it jotted in the margins of some o
I'm not actually sure. I had it jotted in the margins of some of the paperwork. Somebody along the way, gave it to me. It gets me right to someone who I can discuss settlements with. If you get a guy name "something-Thomas" (they don't give last names), I would hang up. He's a rule slave. Probably won't get any off the asking price with him! When I called back, I got someone named Alicia who said she remembered talking to me before. It made me think that there is not as many of them so it must be a higher level. The other number seems to get you more of the generic customer service rep. All of this is just speculation though.
OK, thanks. So this months settlement for me is 25%, as you s
OK, thanks.
So this months settlement for me is 25%, as you said they have been dropping 5% a month, but I was not able to negotiate anything lower. At one point she gave me a 22% number and then retracted it saying she made an error and 25% was the lowest. Ill have to figure something out and soon. Thanks again.
25% - that's pretty good. Makes me think, I should have hung in
25% - that's pretty good. Makes me think, I should have hung in there a little longer. Oh well. I'm glad its over. We will be out of credit card debt at least. The future looks pretty bleak with the house / foreclosure though.
I think one of the few pieces of financial luck we have had lately (and trust me there hasn't been much) is that all the cards we had to settle were either Chase or BOA. That and finding this forum. I would have had no idea what to do if I had not stumbled upon it. So thanks everyone.
Great Job! We settled A year ago with BOA. Finishing all the s
Great Job! We settled A year ago with BOA. Finishing all the settlements is an amazing feeling. Keep going.
