BOA/FIA Settlement

Greetings Jnelson12,

First of all $5500/$17651 = 31.2 % which is a really great offer.

Mine was right there and I could not crowbar them off of that %.

I'd take the offer and run with it.
Others may offer different opinions.

Kill the boa-the snake....off with its head.....slay the plastic master!
Excuse me, but I digress.


Is this your first settlement?
Got others?

Regards,
King "Kash" Jabba Labba

This is my first settlement. Racked up some home improvement charges on this card. Went from a double to single income and now I'm paying my mortgage and debt all on my own.

The first settlement offer was $9,000. That was about a month ago. I currenlty have about $2,500 that I have saved up to hopefully pay this thing off.

How late were you when you were offered your settlement? Like I said, I have 1 month to go until charge off. I'm just wondering if they may sweeten the pot just a little bit more to get me to jump at it. I told them that we were very close to an agreement.

This is a very good settlement and is what FIA offers to many at about 150 days. I would be surprised if they took a penny less. I could not get them to budge.

I really appreciate the help guys and gals!

Another thing to think about, if you wait another month will you rack up late fees and interest? If so, it might not be worth it to wait.

I could not get FIA below 30% (maybe even 31%). Unfortunately ours went to recovery after 180 days and they upped the amt then charged off and we ended up settling for more, so I wish we would have taken it.

So, you can wait but just don't let it charge off and make sure you will not be adding fees (I forgot to think about that part).

Good luck!

Greetings again,

I referred to my xl spreadsheet and I was 161 days when boa-the snake offered a settlement. Twas a dialogue on the phone for about 30 minutes and 30.1% it was.

Split into 4 payments over 93 days.

Regards,
King "Kash" Jabba Labba

You should be able to get a better percentage if you are able to offer them a lump sum as opposed to paying over 3 months. If you've got the cash, make a lump sum offer

if you can afford this amount i would take it...if nothing else but to be done with it, one less to worry about!! i just settled mine for 40% at about 120 days and have american express and home depot to go...

Awesome advice!

so maybe I should throw out a lump sum offer of like $4,000?

I'm very happy with the settlement that they gave me. I just don't want to take it if there is a good chance that it could go lower. But from everyone else's experiences, it looks as though this is as good as it gets.

Well I took the settlement. They would not go lower for a lump sum. I paid $500 today and my next payments are Oct, Nov, and Dec. 30th. Gonna try to get a loan for $3,500. I know that's not the best way to go, but it's my only option. But in the end I went from $18k in cc debt to $3,500. So I think it works out in my favor and gets me on the right track to being debt free. Up next....a $3,500 CC with Citi. May try to settle or I might just get a second job and pay it off so that I can keep that card to rebuild my credit. Thanks SO much for everyones help and thoughts.

i got a letter from fia/boa, was dated the 16th and i received it on the 24th..and it gave me a deadline to call by the 30th ! it is crazy that first class mail takes 7-8 days to travel on a few states over. my hubby got one dated the 10th, we got it on the 18th and it came only 2 states away. if there was flooding or some reason the mail should be held up, i could understand taking longer, but there is no such issue between our state and the mailed from state. the letter to me stated it would soon be charged off, and it has only been 4 months since i paid. the phone has stopped ringing as much, but still wakes me up early, but i dont answer. due to medications etc i am not able to talk to them that quickly after being woken up.

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