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Progress report

Date: Tue, 03/29/2011 - 17:11

Submitted by hadama
on Tue, 03/29/2011 - 17:11

Posts: 9 Credits: [Donate]

Total Replies: 3


So I've settled about $80K in cc debt with various companies with virtually no headache at about 30% for the larger accounts and around 40-50% for some smaller ones (didn't want to quibble over some of it...just wanted to get it out of the way).

Have about $20K remaining between Discover and BoA.

Discover has been adamant about not settling but I finally got someone to go to 80% of the total, so they are loosening up. They've been pretty firm up until now and are still trying to maintain that but it's obvious that things are coming closer to charge-off.

BoA? Had my first encounter with a real ass. I called and talked settlement and the guy tore into me, accusing me of not knowing what settlement can do to my credit, etc. and wanting me to just bring the account current with the money that I'm talking about settling with and then continuing payments. I wish that I could convey his tone. A real ass.

Fortunately, I've read enough on this site and seen enough through my own recent settlement experiences to understand that this guy was full of crap. Hurt my credit? Sure, but having a lot of debt and/or going into bk also does it. Honestly, if I could declare a Ch 7, I would, but I will NOT go into a Ch 13 for five years. I've gone the only route that I really CAN go through and get rid of debt since my own earning potential can't take care of it and my wife's job loss and subsequent illness has greatly contributed.

I feel pretty good about this road, though I wish I weren't on it. It's better than any of the alternatives (apart, as I said, from a Ch 7).


Thanks for sharing your experience. :-) I will suggest you to be patient enough and negotiate with BOA so that they are convinced about your hardship and agree to settle your debts. In case, you're unable to settle your debts, you may take the help of a debt relief company for the same. I hope you will be able to settle your debts with Discover and BOA and lead a stress free life.


lrhall41

Submitted by Anna Sweeting on Wed, 03/30/2011 - 02:54

( Posts: 1827 | Credits: )


I settled 2 accounts with BofA. Both had gone to collections because I couldn't negotiate a settlement I could live with. I was able to get a good deal with the CA (who had to get BofA's permission for the settlement as it was only assigned - go figure). One settlement was paid over 3 months; the other over 4 months because I had a dispute with the collection ageny. Bank of America took it back and assigned to another agency.

Discover was difficult. They offered me a 50% settlement payable over 12 months. I grabbed it.

So hang in there with BofA. Keep in contact (don't ignore their calls). Call them weekly and discuss settlement. Stick to your story and maybe they'll agree to settle before it goes to collection.

Keep us posted.


lrhall41

Submitted by aubrey on Wed, 03/30/2011 - 06:28

( Posts: 1203 | Credits: )