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Bank Of America - Are they easy to settle with?



dw371

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Sub: Bank Of America - Are they easy to settle with?
Mon, 28/02/2011 16:49

Has anyone worked with bank of america (cred. card) on debt settlement? What information can you provide me on dealing with them?



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Sub: #1 Well, BOA is easy to work with... I got a $5853 balance card dowMon, 02/28/2011 - 16:49



Well, BOA is easy to work with... I got a $5853 balance card down to $1750 TODAY the day of charge off... Thats 29.8%!!!! WOW. I really did have a difficult situation though -- I am unemployed.

It all started when I saw a post online a few months back where you can slash your card bills by more than half. SOoo after research, I stopped all of my payments. Then the dreaded phone calls began.

At first, they would call me all of the time so I wouldn't answer all of them. I told them about my situation every time and every time they tried to get me to pay. I refused saying I will call them but never would. On month three, I inquired about settling and they gave me a s#itty $5000 :confused:

Every month they will call and every month I stuck with the same story... I cant pay. All the while, I saved and saved all of the money I got from my unemployment benefits. The amount would go lower and lower until BAM... today, the day of charge off, I called once more and offered $1200 (20%) but they refused and countered with $1750.... I once again told my sad sad story but this time she said $1760 OMFG!!!! :shock:
:-x I took the settlement since the lady was being an evil B$%# and got to pay $440 in 4 payments. I was promised a letter in three to five business days and a "settled" on my credit report.

I've already done this with CRAPital One :evil: (but they're losers so they only did 71% I took it because I heard they like to sue people) and I'm only 23 so I'm hoping that in a couple of years I can buy a house :) Hope this helps!!!!


Good Luck Everyone Going Though This... I Feel For You!!
:hug:


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Sub: #2 I have a question I don't think anyone has asked yet. I am at tSat, 08/28/2010 - 19:20



I have a question I don't think anyone has asked yet. I am at the point where I can no longer make my monthly payments on all of my cards. If I would like to settle with BofA, should I still try to make my payments on my other cards? Should I just give up on all of them? If I make payments on my other cards, but not on my BofA cards, will that be a problem? Thanks in advance.


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Sub: #3 traci, BOA will settle for 30 to 40% of the balance once you areMon, 08/16/2010 - 16:51



traci, BOA will settle for 30 to 40% of the balance once you are 5 months behind. Of course, this will wreck your credit, but if you can't pay, you can't pay.

Can you come up with $7 to $9k cash in the next 5 months and pay a lump sum to them as settlement?

They also have a hardship program where they will reduce your interest rate and sometimes your payment, but they won't offer this to you until you are 30 or 60 days late or longer.

Everyone here is in your situation, so read as much on these forums as you can.


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Sub: #4 I have a $21300 balance on a B of A credit card. The account isMon, 08/16/2010 - 10:46



I have a $21300 balance on a B of A credit card. The account is in good standing. A year ago I had a late payment of 9 days and they jacked up my interest rate. It is currently at over 23%. I have not had any late payments since that one. I am not able to make a the payment of $630/month and won't be any time soon. I don't know what to do. Is it advantageous to call and discuss w/ them? I have never been in this situation with any creditor and do not know what I am doing.


Sub: #5 We got 30% from FIA (BOA). Didnt take it because we didn't haveMon, 08/16/2010 - 09:48



We got 30% from FIA (BOA). Didnt take it because we didn't have the funds, it went to collections and ended up doing 40% with the CA.


dantheman
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Sub: #6 Yes, you have to wait, wait and wait. 150 days to you may only Mon, 08/16/2010 - 09:28



Yes, you have to wait, wait and wait. 150 days to you may only be 110 days to them so just wait it out and you will receive offers.


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Sub: #7 I settled with themSun, 08/15/2010 - 11:32



Quote:
Originally Posted by dw371
Has anyone worked with bank of america (cred. card) on debt settlement? What information can you provide me on dealing with them?


I waited till they send me a letter offering to settle for 40% and I took them up on it. I was approximately 5 months behind on my payments. If that helps any it is possible to either wait it out and see what they do or you can call them and make an offer. I have been doing a lot of reading and usually the settlement rate is around 40% for BOA.


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Sub: #8 DebtThu, 06/10/2010 - 18:33



Hi everybody
I had a $50K debt with BofA. I'm currently in a pay of program with 4.25% interest rate. I have left $37k more but it's going harder and harder. I'm current with my payments. Want to start a settlement conversation with them. Do you have any suggestions what should I do.
Thanks


Sub: #9 Quote:Originally Posted by AnonymousI changed the tone of situatWed, 03/03/2010 - 08:35



Quote:
Originally Posted by Anonymous
I changed the tone of situation and they mentioned settlement. They gave me an offer for 60% and wanted me to let them know how much I can come up with. I can go up to $8 - 10k. Should I offer that amount or wait more?


Do you know when it charges off. 60% is high based on many others results. You could wait and next time they call tell them you can do $10,000. That is only 20% but they may counter with 25%.


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Sub: #10 I changed the tone of situation and they mentioned settlement. Wed, 03/03/2010 - 08:30



I changed the tone of situation and they mentioned settlement. They gave me an offer for 60% and wanted me to let them know how much I can come up with. I can go up to $8 - 10k. Should I offer that amount or wait more?


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