Bank Of America Credit Card Settlement
I lost my job about a year ago and am now back to some what of a stable income and had an MBNA card that went to Bank of America the balance is $64k and they are willing to settle for $11k over 6 installments (I know from reading previous posts that this is a very favorable settlement). Which they are letting me do $500 now then $600 for 4 months then the last payment of $8100.
If I can't raise the $8100 in 6 months, which I am going to try my best would the drop the settlement altogether or work with me?
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.