Bank Of America Credit Card Settlement: Willing to settle for $11k.

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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?




Do you think you realistically believe you can raise the $8100 in 6 months?

Sub: #1 posted on Fri, 10/31/2008 - 09:14

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how many months behind are you? is this the first settlement they offered you?

Sub: #2 posted on Fri, 10/31/2008 - 09:29

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Great job pls share with us how you did it.

shah

Sub: #3 posted on Sat, 11/01/2008 - 04:00

shah59 shah59

(Posts: 2 | Credits: 0.75)

Good job. I settled 60,000 for 12,500. Borrowed the money off a friend and will pay him back through income taxes for the next 2 years. I lucked out there but now I am strapped for my other accounts.

Sub: #4 posted on Sat, 11/01/2008 - 07:44

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Bank Of America Credit Card Settlement
My cousin just settled yesterday with FIA / BofA and owed about 17k ...he settled for $4200 and will be making payments til end of Feb 09.

You need to make sure you can swing the deal on your end before you do any deal.

Good luck

Sub: #5 posted on Sat, 11/01/2008 - 11:53

Bman90278 Bman90278

(Posts: 87 | Credits: 12.68)

I am going to make bigger payments for the first 4 months, most likely $1500 a month..and then use money from a family member to swing the rest. However Amex is not being paid and is about 5 months behind (also the bofa is the same). Thanks

Sub: #6 posted on Sun, 11/02/2008 - 11:26

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Did you send a letter to negotioate the debt settlement or did you call them?

Sub: #7 posted on Mon, 11/03/2008 - 00:01

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Did you write letters or make a phone call to Bank of America for your debt settlement?

Sub: #8 posted on Mon, 11/03/2008 - 00:02

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You definitely should try to settle with Bank of America ASAP - many people are having really good luck lately, with very good settlements. I thought mine were great, at 30%, and then I keep reading about the 25% and 20% ones people are getting! BofA is in a generous dealing mode right now. And although I am in a debt settlement program, my payments were spread out over several months.

Sub: #9 posted on Mon, 11/03/2008 - 07:15

SusieQ SusieQ

(Posts: 302 | Credits: 34.59)

They contacted me and originally offered me a 30% settlement in 4 installments and couldn't do that, so I told them I could do 10% over 12 months. They came back with 17% over 6 months. I am just hoping that Amex doesn't start any type of litigation with me in the meantime.

Sub: #10 posted on Tue, 11/04/2008 - 08:13

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