credit card debt settlement
Date: Thu, 06/24/2010 - 14:46
whats a good settlement on $10k for a BOA credit card, ( unfortunately great credit and under 30 yrs old)?
Debt settlement generally lowers your outstanding debt amount by
Debt settlement generally lowers your outstanding debt amount by 40-60%. However, exactly by how much will your $10k debt will be reduced depends on your bank. Talk to Bank of America about this, and get the settlement agreement in writing.
BOA is actually one of the easiest credit card banks to negotiat
BOA is actually one of the easiest credit card banks to negotiate with. Had a client settle for 6% - not typical. HOF is right, typical is 40 - 60% but get what you can. Also as part of the settlement, tell them you want them to report the account paid as agreed and make sure this is debt settlement and NOT debt foregiveness. You don't want a 1099. But it all in writing and mail it off.
