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.
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