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BofA Settlement & Chase

Date: Tue, 09/14/2010 - 17:51
Submitted by on Tue, 09/14/2010 - 17:51
Posts: 202330
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Settled with BofA for $12k on $47500 in debt over 4 payments. Load was lifted off my chest today. However I still have Chase, Discover, and Amex to work out.

Chase is still giving me a hard time. They tell me I am in pre-litigation dept and no settlement is available. They tell me I don't qualify for a settlement. However they extended my pre-lit stay in their dept for another 15 days. They don't call very often, maybe twice per week. Hoping they reconsider and settle for 25-30% on $25k balance.

Discover is still trying a hardship program...boohoo. Not interested since I won't be able to keep up with the payments.

Amex has already sent me to MRS collections but I sent a debt validation letter over 2 months ago and no response yet.

1 down 3 to go...to financial freedom!


ask to speak to a supervisor--that's what I did when they said I was ineligible for a settement..we had two other accounts with them and only would settle them first and then agree to the same % for the pre lit account..I am almost done with the payments and then free from Chase..hope this helps..always try to get a supervisor..


Submitted by homeseller on Fri, 09/17/2010 - 06:59

homeseller

( Posts: 23 | Credits: )


Chase finally settled the account for 40%. was able to borrow money to pay it via Zwicker & Assoc. Chase approved my settlement then backed off and sent to Zwicker. I called them and explained I was able to borrow money to pay the 40%.

Could have probably got a lower amount but just want to be done.

Amex has me with Nationwide Credit and they are taking 30% on the balance.

Discover still working with.


Submitted by on Mon, 09/27/2010 - 09:52

( Posts: 202330 | Credits: )


How late were you on BOFA card. Did you initiate the settlement or did they offer.
Thanks in advance


Quote:

Originally Posted by Anonymous
Settled with BofA for $12k on $47500 in debt over 4 payments. Load was lifted off my chest today. However I still have Chase, Discover, and Amex to work out.
Chase is still giving me a hard time. They tell me I am in pre-litigation dept and no settlement is available. They tell me I don't qualify for a settlement. However they extended my pre-lit stay in their dept for another 15 days. They don't call very often, maybe twice per week. Hoping they reconsider and settle for 25-30% on $25k balance.
Discover is still trying a hardship program...boohoo. Not interested since I won't be able to keep up with the payments.
Amex has already sent me to MRS collections but I sent a debt validation letter over 2 months ago and no response yet.
1 down 3 to go...to financial freedom!


Submitted by on Tue, 10/19/2010 - 14:40

( Posts: 202330 | Credits: )


i couldn't get anywhere with chase so it went to collections and I owed 14,000 the collections said they would settle for 9,000 about two weeks after it went to collections i wrote a debt settlement letter statiing out of good faith and after seeing a bankruptcy attorney he stated i should try to settle before proceeding bankruptcy and i am able to come up with 3,100. Anyways I sent it to the collection agency AND Chase at the same time and within a week the collections had emailed a letter saying they had been instructed by chase to agree to the settlement :) Good luck

Quote:

Originally Posted by Anonymous
Settled with BofA for $12k on $47500 in debt over 4 payments. Load was lifted off my chest today. However I still have Chase, Discover, and Amex to work out.

Chase is still giving me a hard time. They tell me I am in pre-litigation dept and no settlement is available. They tell me I don't qualify for a settlement. However they extended my pre-lit stay in their dept for another 15 days. They don't call very often, maybe twice per week. Hoping they reconsider and settle for 25-30% on $25k balance.

Discover is still trying a hardship program...boohoo. Not interested since I won't be able to keep up with the payments.

Amex has already sent me to MRS collections but I sent a debt validation letter over 2 months ago and no response yet.

1 down 3 to go...to financial freedom!


Submitted by Buckster on Wed, 11/03/2010 - 17:41

Buckster

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As you're facing hardship in paying off your debts, then you can contact a debt relief company and try to consolidate your debts. Consolidating your debts will help you reduce your monthly payments and eliminate the late fees. You may even have a look at the given page to know about debt consolidation: http://www.debtconsolidationcare.com/program.html

The best part is that debt consolidation does not affect your credit scores. However, if you close your account after paying off the dues, then it will have a negative affect on your credit scores.


Submitted by Anna Sweeting on Fri, 12/31/2010 - 23:13

Anna Sweeting

( Posts: 1827 | Credits: )


We had one Discover and I had heard they were a nightmare. They weren't the easiest. We settled with them about 1/2 way through our 9.

I agreed to 40% one day over the phone, received my letter by fax and mailed my payment. But the day after I mailed the payment, I received a letter from them offering me a 25% settlement on the card! I called them and explained my situation, told them that I WOULD be stopping payment on my first check.

They agreed! The person I talked to had to check with a supervisor but they agreed to do it. I canceled the payment on the first check and mailed another for the 25%.


Submitted by lisaawilliamson on Sat, 01/01/2011 - 10:09

lisaawilliamson

( Posts: 210 | Credits: )


Quote:

I canceled the payment on the first check and mailed another for the 25%.

Well, I'm just being a bit curious to know more about it. Did they finally settle it for 25% ?
I thought you had given your verbal consent earlier for a settlement worth 40%. Did they agree to cancel your verbal agreement?


Submitted by on Thu, 01/06/2011 - 02:06

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