dantheman
member profile picture

Hi everybody.
I settled a large amount of debt 4-5 years ago and reported the process on this forum. I am now assisting a friend with settling 2 smaller BofA accounts. Can anyone tell me if they will send an automatic offer to settle, and at what point? The cards are $5k and $2.5k. The cardholder prefers not to talk on the phone. Thanks for the input.




It is difficult to predict the time when BofA will send a settlement offer. Is he making monthly payments right now?

Sub: #1 posted on Thu, 02/06/2014 - 12:04

ditchdebt ditchdebt

(Posts: 577 | Credits: 243.94)

She just went late. I remember getting my first offer at about 60-90 days. Has anyone else experienced BOA or FIA lately?

Sub: #2 posted on Fri, 02/07/2014 - 02:41

dantheman dantheman
Moderators Cum Industry Expert
(Posts: 860 | Credits: 216.14)

most likely she will start receiving offers after 90 plus days -- and before charge off 180 days --

Sub: #3 posted on Tue, 03/04/2014 - 01:48

chrissyhen1 chrissyhen1

(Posts: 152 | Credits: 26.12)

Ok I owe close to $18500 my indenty has been stolen three times and bank America has always been great the call and tell me. But this last time they called me and told me but they wont take the 4200 that was put on my card and on top of that they raised my interest so hi I cant afford to pay minimum payment . I was filling bank rumpsie but I found out I own two homes and I could lose one. I live alone my wife past away and I had a very bad stroke I couldn't talk for two years. and now I don't understand things so well I can read over and over and it don't sink in. I have talk to the people that do the validation thing and I didn't get that at all. and then like 4 different debt consolidation programs and some say pay for 30 months some say 42 months .

And one said they take 50 dollars each month for consultation fees . I haven't paid B of A for three months my other card are under a 1000 2 more and I paying them and they are coming down. After my stroke I had to take early retirement and my pension is less then 750 a month and I get another 150 from other house after I pay the loan payment My step son and his wife are in that house but they are young and don't understand this stuff either. My problem is I just don't know who to trust or who is the best to help me . I look online and get one with 5 stars well two with 5 stars and they both are different fees and the way things are I don't know what to do any more . I get scared I can lose something . I think if I pass away will my step kids get messed up. Please help I can pay I just need to no who to pay who can do best fr me

Thank you
Scott

Sub: #4 posted on Sat, 03/15/2014 - 09:38

Unregistered


I was able to settle with B of A just before Charge Off at 27 per cent of original balance. I talked to them about once a month and settled over the phone. Start your offers low (10-15%) and try to see if they'll accept 20-30 per cent over the phone a couple days prior to Charge Off.

Sub: #5 posted on Sat, 03/15/2014 - 22:45

Chuck Chuck

(Posts: 6 | Credits: 1.29)

Ok I owe close to $18500 my indenty has been stolen three times and bank America has always been great the call and tell me. But this last time they called me and told me but they wont take the 4200 that was put on my card and on top of that they raised my interest so hi I cant afford to pay minimum payment . I was filling bank rumpsie but I found out I own two homes and I could lose one. I live alone my wife past away and I had a very bad stroke I couldn't talk for two years. and now I don't understand things so well.

I can read over and over and it don't sink in. I have talk to the people that do the validation thing and I didn't get that at all. and then like 4 different debt consolidation programs and some say pay for 30 months some say 42 months . And one said they take 50 dollars each month for consultation fees . I haven't paid B of A for three months my other card are under a 1000 2 more and I paying them and they are coming down. After my stroke I had to take early retirement and my pension is less then 750 a month and I get another 150 from other house after I pay the loan payment My step son and his wife are in that house but they are young and don't understand this stuff either. My problem is I just don't know who to trust or who is the best to help me .

I look online and get one with 5 stars well two with 5 stars and they both are different fees and the way things are I don't know what to do any more . I get scared I can lose something . I think if I pass away will my step kids get messed up. Please help I can pay I just need to no who to pay who can do best fr me Thank you Scott - See more at: The more places I call the more messed up I get they are all different not one has the same payment plan or the amount of time please help

Sub: #6 posted on Sat, 03/15/2014 - 23:31

harly98fxr harly98fxr

(Posts: 8 | Credits: 0.9)

when I start saving money to make offer do I just save the money in my checking and savings account or save in my safe what do I do I will try to make offer in a year or so if I can save 250 a month I don't have anything yet but I will start this month I just need to know where to save it

Sub: #7 posted on Sun, 03/16/2014 - 01:10

harly98fxr harly98fxr

(Posts: 8 | Credits: 0.9)

ok sorry two comments same didn't no how to delete one

Sub: #8 posted on Sun, 03/16/2014 - 01:17

harly98fxr harly98fxr

(Posts: 8 | Credits: 0.9)

I kept all my money at home. But the key is having enough money to settle when they make or accept a good deal. For me, B of A settled for $4500. They took $350 from my special settlement checking account a couple days after we agreed on the phone. Then they took about $1375 in the 3 following months. But they money has to be there on the date scheduled. If you miss a payment, the offer might be revoked. Like I said, I settled over the phone just before Charge Off (about seven months after the last payment made). After about 5 months they told me when it's going to Charge Off. They want to settle before that date.

Sub: #9 posted on Sun, 03/16/2014 - 18:59

Chuck Chuck

(Posts: 6 | Credits: 1.29)

See I hired attorney to file Bankruptsy and I paid attorney 4 months but I told Bof A I was filling now they haven't contacted me but I stop paying attorney I was told I could lose one of my homes so I want to go another way but will they get ahold of me now , They haven't even sent a bill since I told them to talk to my attorney. So what should I do I shreaded the card so I don't have there number but I don't know if I should tell them I changed my mind and I don't have attorney anymore help

Sub: #10 posted on Mon, 03/17/2014 - 00:48

harly98fxr harly98fxr

(Posts: 8 | Credits: 0.9)

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