BOA & Citi Debt settlement - getting started
Date: Wed, 04/28/2010 - 12:55
My question is: Is it ok to rely SOLELY on letters or do I have to call them - rather not?
Also, I stopped on Citi just 1 month ago and already received an offer for 65% on $10K - they haven't even reported late yet??? I replied and offered 20%.
Hi, Its always good if you are communicating the things by lette
Hi, Its always good if you are communicating the things by letter because thats get documented. But at the same time if you can have a word with them once, so that you can express your situation in a better manner to them.
Regarding your city card that is good if you got a offer of 65%. The more this account get delinquent more good offerbs you can get it. At this present moment the chances of getting 20% offer is very less but there is no harm on trying.
Expanding on the prior post....I feel that writing is unnecessar
Expanding on the prior post....I feel that writing is unnecessary and may not help. I tried and they never even acknowledged the writing. The best way to settle is to take their calls on a reasonable interval and explain your hardship, the worse the better. BOA goes to about 50% first and you should be able to settle for 30% at 120-150 days. Settlements below 30% with BOA/Fia are the exception. 30% is considered an excellent settlement on a personal account.
Yes - I agree that me asking for 20% is agressive, but I figure
Yes - I agree that me asking for 20% is agressive, but I figure I have nothing to lose at this point - I'm not in that much of a hurry to settle... I'll keep you posted of what they come back with. As for BOA - they are playing a better game - just keep sending payment plan letters and calling every single day. Sometimes I get ready to pick up, then think.. nah... let it go to voice mail - i hate to hear them start pressuring me to pay something. Maybe next month I'll start fielding calls... Thanks for the input - this is a great resource for us consumers!
By the way, the book I purchased is "Negotiate and Settle your debts - a debt settlement strategy (Mandy Akridge) - while it is not very in-depth - I like that it IS very current including example offers from BOA from late 2009!
Quote:Originally Posted by danthemanExpanding on the prior post.
Quote:
Originally Posted by dantheman Expanding on the prior post....I feel that writing is unnecessary and may not help. I tried and they never even acknowledged the writing. The best way to settle is to take their calls on a reasonable interval and explain your hardship, the worse the better. BOA goes to about 50% first and you should be able to settle for 30% at 120-150 days. Settlements below 30% with BOA/Fia are the exception. 30% is considered an excellent settlement on a personal account. |
We've got some different great opinions regarding communication in here. You've just got to read, read & read some more and then make your decision.
My course of action was to change my contact number to only my cell phone and then identify the calls. You'll be amazed at the number of call centers.
Next prepare a spreadsheet with each cc and the call center telephone numbers. This will help you later on as you can shop for the best deal. But ultimately this will depend on whom you wind up with.
Stick with your story and even embellish it a tad.
Do not be chipper, only depressed and that gets you sympathy.
And always be polite. I cannot stress this enough.
Boa the snake settled with me at 135 days @ 30%
Citi was about 120 days @ 32.3%
Chase started with settlements at 60 days, but I was just lucky. (35%)
The only written communications I received were the settlement letters.
No hardship letter, no "cannot" pay letters and no financial statement.
Good Luck!:cool:
Keep Updating.
So far - no good news on BOA. They replied to my last letter.
So far - no good news on BOA. They replied to my last letter. They said "we have determined that a settlement is not available on your acount due to the recent activity..." - I was worried since I had made some cash advances several months before I stopped payment. Had no choice - this was for survival. A few days later I got a letter from their attorneys Frederick J. Hanna (out of Georgia). They want me to make arrangements to pay the unpaid balance. The letter says that they "represent" FIA CARD SERVICES (BOA), but later it says "At this time, no attorney with this firm has personally reviewed ther particular circumstances of your account. However, if you fail to contact this office, our client may consider additional remedies to recover the balance due" - This sounds like a canned letter... I think I'll forward them another offer letter...
King Jabba Labba has it spot on here. make regular phone call
King Jabba Labba has it spot on here.
- make regular phone calls
- document everything
- keep your story straight
- stay consistent
- best deals will come between 120-150 days
- Be polite
I settled over $100k for 28 cents on the dollar. All of them went to charge, which can be risky, but happened to work out for me. You can definitely do this yourself if you are organized and focused on the ultimate goal.
Good luck and keep us posted.
[QUOTE=King Jabba Labba;691614]We've got some different great opinions regarding communication in here. You've just got to read, read & read some more and then make your decision.
My course of action was to change my contact number to only my cell phone and then identify the calls. You'll be amazed at the number of call centers.
Next prepare a spreadsheet with each cc and the call center telephone numbers. This will help you later on as you can shop for the best deal. But ultimately this will depend on whom you wind up with.
Stick with your story and even embellish it a tad.
Do not be chipper, only depressed and that gets you sympathy.
And always be polite. I cannot stress this enough.
Boa the snake settled with me at 135 days @ 30%
Citi was about 120 days @ 32.3%
Chase started with settlements at 60 days, but I was just lucky. (35%)
The only written communications I received were the settlement letters.
No hardship letter, no "cannot" pay letters and no financial statement.
Good Luck!:cool:
Keep Updating.[/QUOTE]
B of A will offer you a settlement soon. Just wait it out. Typic
B of A will offer you a settlement soon. Just wait it out. Typically their settlement is cheapest amongst creditors.
For B of A you will need to speak with FIA CARD SERVICE . I wil
For B of A you will need to speak with FIA CARD SERVICE . I will repeat it again, FIA CARD SERVICE.
Do not call regular customer service line as they're not experience rep.
Ahhh, the good folks (:wink:) at fia. Here's the hotline numbe
Ahhh, the good folks (:wink:) at fia.
Here's the hotline number from my spread sheet.
Hope it's still good.
1.800.242.3348
Good luck!
King "Kash" Jabba Labba
PS: And [URL="http://www.debtconsolidationcare.com/forums/member.php?u=221638"]jonathan1270225430[/URL] ,thanks for the compliment.
Thanks for all the advice... Do you guys really think they will
Thanks for all the advice... Do you guys really think they will settle even after they said settlement was not available my account due to recent activity?
What about the Frederick Hanna involvement? Seems to still be internal?
Thanks for the advice...
BTW: Working with Citi also. They offered 65% very early on (1 month). After 2 more months, I called yesterday and they were hung up on 55%. One nice guy told me to fax whatever offer I have to them and they may consider it. He also said "if we don't accept today, it doesn't mean we won't accept later on - keep trying... Nice guy!