Jay_Z

Hi, I'm hoping to get some help and/or advice on this! I have a debt with BofA - it went through a number of different collection firms over the past 2 years, now it is with a law firm that has filed a suit. I haven't received the summons yet, but it's on the way. This is for approx 10k - I'm wondering what my best options are today, call to see about a settlement? I could only work up about 3500 in funds right now and payments wouldn't be a good option since I'll be under-employed for the next few months. That probably isn't a lump sum they would be interested in. Otherwise, is it best to follow through on the suit and see where that goes? Any advice on the call to settle - info to provide, info not to provide, how to negotiate?

Last payment was Aug 2014. As I mentioned, this is not with BofA/FIA - or, at least, they've assigned this to NCB for collection. So, now I am/will be working with NCB vs BofA directly. No, I didn't do a "debt validation" - I know this is correct info. Unless it's good to verify that they are authorized to collect. Just trying to figure out the best way to resolve this and put it behind me - but, the most effective given the lack of resources. I called today thinking the end of month/quarter/year might make them more eager to complete. But they said to call back next week and let them know if I could do 60% lump sum.

Hey All, Been reading through the forum - great info and resource. Currently, I have a debt of 11k with BofA that has been turned over to NCB Management Services (debt collector). I (fortunately) have no experience with this situation. Due to an unexpected career change and medical bills, I got into some financial challenges (after years of an 800 FICO score). They offered 60% lump sum or, to make monthly payments toward a settlement. I've read that it's best to start with a low offer (10-15%). Is it reasonable to start with an offer of 1200? Or, is that ridiculous? What would you suggest? I don't foresee in the next 6 months a great change in my ability to pay. Also, would it be advisable to send a letter of an offer to them? They guy that has been assigned my account is very unpleasant. Just thought I'd see if you'd recommend sending a letter, explaining the situation and that this is what I have to offer today and I know my resources will continue to be limited for the forseeable future - but, this will allow this situation to be settled today. I'd appreciate your advice.