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Too broke to choke

Submitted by on Fri, 05/28/2010 - 12:12
Posts: 202330

BOA has offered a settlement offer for two accounts for $3700. I dispute owing on one account that BOA acquired from MBNA; this account would settle for $1700 in lieu of the $6,000 it claims owing. I had this account per original paperwork being paid in full in November of 2009, which is when I stopped paying. The other account is a credit card debt which legitimately has about a $6600 balance. This settelment is $2,000. I can pay a minimum of $734 tomorrow and pay almost $1000 a month over the next 3 months to get a settlement. I am wondering with my money and finances so tight (I just barely missed foreclosure by the skin of my nose), if I should just wait for the collection agency since my credit is jacked up anyway. My husband has been unemployed for a year now and I have my mortgage company and Sallie Mae breathing down my back.

You may try to negotiate further with them to lower the settlement amount or can wait for the collection agency to take over. Sometimes, one may get a better deal from a collection agency but that is not true always.

I would suggest you negotiate further with the creditor for a lower settlement and if they don't budge then take your chance with the CA.

Submitted by SC on Sun, 05/30/2010 - 21:50


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