BOA Negotiation Advice
Date: Wed, 02/03/2010 - 12:53
Close to settling the last of 5 credit cards, so I am seeing the light at the end of the tunnel...
The one remaining is a BOA personal line of credit with a balance of 12k. I just missed my fifth payment, and they made their first settlement offer of 45%. I am hoping to get them down to the 35% mark (which seems like the floor) but as I am getting close to the write-off date I don't want to take the chance of it ending up with a debt collector to save $1,200.
So, what do people think? Should I hold out to get them down 10% or, at this point, I am better off just ending it and paying the 45%, which I can stretch to do.
Thank you to all. This board has been a god send as I get my financial life off the cliff.
The one remaining is a BOA personal line of credit with a balance of 12k. I just missed my fifth payment, and they made their first settlement offer of 45%. I am hoping to get them down to the 35% mark (which seems like the floor) but as I am getting close to the write-off date I don't want to take the chance of it ending up with a debt collector to save $1,200.
So, what do people think? Should I hold out to get them down 10% or, at this point, I am better off just ending it and paying the 45%, which I can stretch to do.
Thank you to all. This board has been a god send as I get my financial life off the cliff.
You won't get them down to 10% but wait another month and 25% is
You won't get them down to 10% but wait another month and 25% is possible.
Ozzie thanks for the reply. I didn't mean get them down to 10%
Ozzie thanks for the reply.
I didn't mean get them down to 10% total, I meant if they are at 45% now is it likely that by holding out I can get them down 10% to 35% total. Most particularly, if I just missed my 5th payment do I have time to hold out?
I am considering just ending the whole thing and agreeing to the 45%.
They offered me 30% at 150 and I held out 1 more month and got 2
They offered me 30% at 150 and I held out 1 more month and got 25%. It is your call.