just got settlement offer from BOA- must i give income etc?

You may try to settle at 15-20%. But it depends on their discretion whether or not to accept your offer. If they don???t agree to settle at 15-20%, then I think it???s better to settle at 40%.

Good luck mate!!!

you got 40% from BOA.take it.you are not going to get 15-20% from them.

Not true. I got 15% with BofA days before chargeoff.

BofA does settle as low as 15% but it depends on how delinquent the account is, the balance due, etc.

BoA will go lower.

I have one at 120 days, they are at 30% of 18k bal, and 35% of a 9k bal at 150 days.

Im holding out till the end, they say the offers change at the begining of the month.

That's a pretty good settlement but like everyone else said, you could haggle them down even lower. I'd keep a close eye on that account though. As for the Citi account...good luck and beware! I tried settling with that crazy bank. Eventually they charged my account off to Lowery, P.C/CACH, LLC. These pricks are scum. (Do some research on them..your see what I mean). It took them a YEAR to "validate" but it's basically copies my credit card activity (4 months to be exact) of interest and late fees etc. and a paper with my info on it (My birthday is incorrect) from a Citi employee. If you happen to get them...be prepared. Also do a credit report ASAP. They will play dirty.

Hi mike,
my name is Jason Friedman. I am the owner of a paralegal firm [COLOR="Blue"][Removed per Terms of Service. ~OG1] [/COLOR] We deal with collection agencies, creditors, collection attorneys on a daily basis. We are not a settlement company, nor are we a debt consolidation company. However we do get settlements for our clients below blanket. What does that mean? Every creditor has different guidelines.

Ex. Discover give most consumers a blanket settlement of 80%. During tax season they run what is called a promo. basically they lower their blanket to 50% to entice consumers to settle out their debts. We have gotten some discover settlements as low as 35,09% below blanket. Some creditors/ collection agencies/ collection attorneys go off of an aggregate. An aggregate is the % determined by the average settlement amount for the month. However they can go below that amount in many situations if the correct hardship is given and the correct departments and management are contacted.

BOA is about the easiest creditor to deal with. You can get a lot better than 40%. We are typically able to get between 15-25% depending on the hardship and status of the account. Citibank is one of the more difficult creditors to deal with. Percentage wise they are not the best but they are decent when it comes to terms. You definitely want to be pro-active and take a look at your credit report. The best place to get the most accurate information is www.annualcreditreport.com. They are essentially the hub for all 3 bureaus. You are entitled to one free credit report per bureau a year. however if you have been denied credit within the past 60 days or you think there is inaccurate information on you credit then you are entitled to another free report if you have already obtained them. You can find out much information by looking at the section of the credit report that lists your creditors or shows the report was pulled for permissable purposes....AKA collections. You can see if a collection attorney has your account or if it has been sold etc. Their are many options at your disposal. Let me know if you need any advice or I can be of further assistance. good Luck
Jason

Has anybody settled with BOA recently without having to divulge your personal salary, employer, expenses, etc?

I finally got together a sum to offer as settlement on a BOA card that charged off in Jan. It's currently with Creditors Interchange, but they say they can't submit the offer without a full report on my personal finances.

I've settled four other cc accounts recently and don't remember any of them requiring this. I'm pretty sure I already gave BOA this info a year or so again as part of a hardship program, which I couldn't afford to keep current. My job situation has improved recently but not to the point of being able to pay this off in full or keep current monthly payments.

The agency I used to work at handled BOFA and yes, a financial statement was required on all accounts....so this is common practice. In most cases this was a client requirement....that plus a credit report pull.

Thanks Soaplady. I guess I can understand the requirement, but some of the questions cross the line I think.

For example, why do they need to know my employer? So they can call there and harass me at work?

Or say I have kids with special needs, or a chronic disease, or maybe I prioritize giving to my church or some other charity. That stuff might be a huge part of my financial statement, but it's none of their damn business.

I fought long and hard to get the job and the salary I bring home. My family has made a lot of sacrifices over the past two years to dig our way out of debt, and we take it very seriously. Every dollar that comes into our household has a meaning and purpose.

I guess having to reveal our financial details to some jerk collector is part of the journey and the healing process but it just feels so cheap and belittling.

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