settlement with bank of america

Hi Anita,

If the debt is already charged off, but you are able to communicate direct with BofA in your negotiations and not a collection firm, the end of the month thing could mean that the account will be placed with a collection agency, put into a portfolio of non performing accounts and sold to a debt buyer, or placed with an attorney for collection, at that time.

Were you connected with a collection firm or given contact information to connect with one when you spoke to BofA?

What will happen next month depends on the disposition of the account.

Someone else,

our debt is still with BofA. We talked to people in the internal recovery department. We probably will wait to see what is going to happen next month since we can not afford 40% of the total balance at this time.

If the debt is not assigned out right now and you can negotiate with BofA recovery, I would encourage you to make continuous efforts to settle the account prior to the end of this month with a target of 25% to 30% of the current balance with payment terms of 2 or 3 months if necessary to be able to fund it.

Yes the account can be negotiated after it is placed or sold to a 3rd party (which is how I interpret what will happen next month based on the information you have given), but that path can lead to less favorable results. Especially if placed with an attorney.

There are reasons BofA will be sticky at 40%. Your file may meet some of that criteria. If you do, the offer approval with a 3rd party usually does not improve and the balance will be growing. The exception would be if the debt is purchased and once purchased seasoned a bit.

You also just may have been speaking with a more obstinate person in their post recovery department. Call back today, you will likely get a different person. Explain the hardship and stick to that. DO NOT go into all the details about what this board says (I saw your other post on this topic on another thread), just focus on the hardship and what you can afford to pay in settling the 25k balance.

If that call does not yield results, call again on Thursday and speak to another person.

Go get um!

Someone else,

Thanks a lot for your suggestion. I will try to reach them again before the end of the month.

I was able to negotiate 25% on a $13,000+ balance with them after the account went to a collection agency. I am making the last payment on the 28th. Did you speak to Bank of America at 866-495-8436? That's their internal recovery department.

I settled a $38k boa-the snake balance for 30%.

And used this magic number; 1-866-429-1097


Keep trying.

Aubrey,

Thanks a lot for yoru reply. Yesterday I called BofA again and talked to a different rep. He is very nice and respectful, but he also insisit that 40% is what they can offer at this time. I called 1-888-647-6262. it is also internal recovery department. I wonder if you can give me more information about your account, like how long did it take for the account to go to colleciton. Did you negotiate with creditor or colleciton agency? We joined a settlement company last May and haven't paid anything since then (we were told to do so). Recently we realized the company did nothing but toolk our money. We have to fire them and negotiate by ourselves. Our debt was already charged off. Thanks a lot for your time.

King Jabba Labba,

Thanks a lot for your reply. I am so gald I found this website and so many people are willing to help. Would you mind to share more information? Is your debt charged off? According to the rep we talked to, we might be able to get a better deal before the debt was charged off. Unfortunately, we were fooled by the settlement company and never picked up any phonecall from the creditor. When did you make the settlement? Thanks a lot for your time.

My BofA account is a long story. It charged off last May and was sent to collection agency who contacted me to make settlement arrangements. I accepted their offer, however, they took more money than they were supposed to (yes, I stupidly gave them my checking account number). I called them but they continued to debit my account, and I found myself overdrawn when I was down the shore a couple days. I closed the account. They continued calling, harassing me, etc. Finally I contacted Bank of A and told them and they pulled it back. I filed a lawsuit against the collection agency for violations. Bank of A gave it to another collection agency which negotiated a handsome settlement that the bank approved. However, when I sent the payment to them, they advised me Bank of A had pulled it back. So in the end, I got a 25% settlement in 4 payments and have a pending lawsuit against the original collection agency.

Sometimes you can get a better percentage if it charges off. Depends on who the bank is. Don't try that with Citibank or Capital One.....

aubrey,
Thanks a lot for your information. Good luck with the pending lawsuit.

I think they can go lower if they already charged it off and sold it to a collections agency. They told me no lower than 20% and thats before the charge off. I got a $5853 balance card down to $1750 today woohoo! So Im sure they're just trying to get you to pay.

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

Greetings"[URL="http://www.debtconsolidationcare.com/forums/member.php?u=244221"]anita11[/URL]"

Sorry for the delayed response to your post.
Tis a great forum to learn from and then act upon your learning!

I did not let any of my debts charge off and negotiated aggresively.
Settled boa-the snake at 151 days.

You'll get differing opinions regarding charge off versus original creditor which may be a moot point now.

And remember that if you don't get the offer you want, try again with a different agent.

Regards,
King "Kash" Jabba Labba

Does anyone know how long it will take before they will discuss settlement? My account is almost 90 days delinquent and I need to settle ASAP.

Send a letter with a settlement offer and see if they bite.

We missed the first payment in 11/20 and now the lady I spoke to said that our account will go on charge off by 03/20. Is that correct?

She mention that the last payment we did is 9/27 and seems to me that she is calculating the date for charge off based on that, our last payment.

We owed $23500 to BOA and they are offering 35%. Really high for us to afford. But is this a good offer?

Crybaby,

Charge off occurs 180 days after 1st missed payment. So even if your last payment was 9/27... 3/20 would be too early for charge off. Make sure and speak to someone at Bofa who can give you correct information.

You would need to really figure when you missed your first payment, was it October or November and then go from there.

As far as 35%, you could probably go a little lower, but 25% to 35% is the range that most settle with BofA.

Bill,

How much did Rapid charge their customer to obtain this settlement? Have to add that to the settlement amount for a complete picture.

Also, more details would help, like was the settlement done before charge off, if not how long after.

was anyone able to get a credit retraction?

I found a website www.debtbailoutusa.com that helped me communicate directly with the creditors, rather than paying someone to settle my debt for me. I had much more control over the process and ended up paying a lot less than going through a settlement company. The folks over there were very helpful the few times I needed to speak to someone. Most of the time, the answers I was looking for were right there on the site. It really taught me a lot about what kinds of credit is good and what kind is bad, as well as, how to talk to the creditors, what to watch out for, and how to negotiate the accounts i needed to negotiate. They are a really great firm!!