Bank of America

Date: Wed, 09/23/2009 - 09:33

Submitted by sandi2949
on Wed, 09/23/2009 - 09:33

Posts: 19 Credits: [Donate]

Total Replies: 1

my brother has a credit card through Bank of America and the limit is really high and he is at that limit. My brother had to change jobs and take a lower pay, he is a diabetic that has to pay for most of his medication and insulin. he informed BOA that he cannot afford the high payments and he is willing to make 300.00 payment but they won't take anything less then 420.00. My question is what will happen to him if he keeps making the 300.00 payments and not the 420.00

Bank of America

I'll give you my opinion because I just finished settling with B of A. I would not send them any more payments. If he cannot afford to pay the extra $120 over the $300, than he is most likely in financial stress. He should stop making payments and save his $300 a month for a settlement. I would just stay in contact with them once a week (just ignore the rest of the calls via caller ID) and let them know his situation has not improved. If they will not give him a hardship program he can afford, take the account to the 150 day mark at least, then they will start talking a decent settlement. If the money he has saved can cover it, then settle. If not, take it to the 180 day mark and see what kind of settlement they will give you. I settled at the 180 day mark for 20%.

lrhall41

Submitted by on Wed, 09/23/2009 - 22:53

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