Negotiating with Bank of America

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I am 6 months behind on my payments to BOA and owe them $9700. Obviously, I have received numerous phone calls (which I've avoided) and letters (not answered). Today, I received a letter that stated this is their last attempt at this debt and that it will be turned over to a CA on June 1st. I haven't made any payments since Nov. 2007. I would like to settle with them for 30%-40% of the balance. However, I will not have the money to send to them for 60 days. Can I negotiate a settlement but not pay them for that long? My husband is going to pull money from his 401K so we can get this paid off but his 401K said it can take up to 45 days to process. Any suggestions on how to handle this? I am planning on calling BOA tomorrow to offer my settlement.

TIA,
Kim




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Sub: #4 I would like to ditto user kimberlysnewell-well's experience. I
Wed, 07/28/2010 - 07:36

I would like to ditto user kimberlysnewell-well's experience. I had a 6000 dollar debt and have closed a roughly 2000 dollar settlement. I also have discover card debt. I find it very hard to work with discover.




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Sub: #5 Anonymous
Thu, 10/22/2009 - 07:44

I called BofA after struggling to make a rather high monthly payment each month and racking up finance charges. They didn't lower the total balance, but reduced the interest rate, lowered/settled on a lower monthly payment as long as it was an automatic withdrawal each month, stopped any late charges(since I was already over 30 days past due). They closed my credit card(which anyone in this situation should not have one open anyway) and it shows "closed by consumer" on my credit report. After 4 months of consistent payment, they stopped reporting "30 days past due" on my credit report. Basically it became a fixed loan over 5 years. Of course if my situation changes for the better, I can pay more than the regular payment and pay it off sooner.

M.




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Sub: #6 I tried with BOA and they kept giving me a run around. I did no
Thu, 01/29/2009 - 20:18

I tried with BOA and they kept giving me a run around. I did not know they even turned me in to a CA. I had now warning or anything. I tried to get in and make a payment and it won't let me. After that I was comletely locked out of my online account. They gave it to Tritium. I thought it was the law I hate to get correspondence or something when there was a problem. I was only two month behind and I didn't know anything was going on. Help




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Sub: #7 I've had a good experience with negotiating with BOA too. They
Mon, 06/09/2008 - 09:20

I've had a good experience with negotiating with BOA too. They will work with you, just don't let it go too long. I had a $7000 debt that they negotiated a payment plan for $160 a month @ 3.25% interest. You have to be approved for their hardship plan. They will work with you, in case anyone else needs to know:) Don't wait till the account's charged-off.




unclewulf

Posts: 3181
Credits: 31502.8

Sub: #8 I'm a nasty, suspicious, old Wulf, but... I wouldn't take a fax
Fri, 06/06/2008 - 16:57

I'm a nasty, suspicious, old Wulf, but... I wouldn't take a fax for anything other than toilet paper. I'd want it typed/printed up, on company letterhead, and hand-signed in ink. Especially on an offer like this.

Wulfisms: my blog

The four 'no's of dealing with collectors:
No validation? No payment. No way! No kidding!!

Tellin' you all the zomby troof
Here I'm is, the zomby woof
[Frank Zappa, 1988 - R.I.P.]




kimberlysnewell
Posts: 13
Credits: 649.45

Sub: #9 I did get it in writing via fax. That was their offer! I was sho
Fri, 06/06/2008 - 13:03

I did get it in writing via fax. That was their offer! I was shocked myself. Since I have it in writing, I am hoping that all goes through ok. I will keep ya'll posted.




Reesie
Posts: 122
Credits: 3432.05

Sub: #10 A 2400 offer of settlement on a 9700 debt sends up a red flag th
Mon, 06/02/2008 - 16:34

A 2400 offer of settlement on a 9700 debt sends up a red flag that you should be extremely cautious.




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