cuthatcard Posted March 15, 2007 Report Posted March 15, 2007 New here, been lurking for a month or so and I have a Question that someone may be able to help me on. I have a CO from BOA that has been CO'd. The last payment was made in July of '06. I just simply could not keep up. Now I have been doing credit repair, with a little luck. This OC is still reporting and I have not received anything from a CA. The CO states that it has been CO'd as a bad debt. I need info on how to approach BOA. The intial bal. was somewhere around $500.00, now around $1,000.00. I need to know if I should just mail an offer to settle this, maybe for the original balance. I would like to have a PFD, but I doubt BOA would do this . I thought maybe an offer with a PFD, then they would contact me back telling they will not PFD but will settle for less than reported on CRA. I would like to do something with this before it goes to a CA. Best case senario? < (sp)?Any advice?
savymicheal Posted March 15, 2007 Report Posted March 15, 2007 First of all call customer service rep and find out the status of your debt,i.e. it hasnt been sold to ca. Then discuss with customer service rep the possiblity of a settlement. Then negotiate how it will appear on your reports hopefully not at all since if I am understanding you it isnt yet on your reports but once you make a payment it will appear believe me. So it is imperative that you get everything in writing from the customer service rep before sending in a dime this is important.The letter should chronicle the entire conversation including terms of how it will appear on your reports you may need to send a copy of this letter to the credit bureaus so it is important to everything from BOA in writing first!!! That's how you handle this!!
cuthatcard Posted March 15, 2007 Author Report Posted March 15, 2007 It is already on my CRA report as a CO. Was CO'd in Dec.. Just no activity from a CA. Should I still call Customer Rep. or send by mail?
someonesomewhere Posted March 15, 2007 Report Posted March 15, 2007 If no hits from Mann, Dewey, Cheetim and Howe CA on your CR from the BOA TL, then as savymicheal said, call BOA immediately. Tell 'em you wanna work with them, they were good to you, helped you out, gave you a CC when no one else did, whatever.Be nice and polite to BOA. Collections Department is used to people screaming at 'em. If you're nice, they'll be nice. But, also as savymicheal said, get 'em to send you a settlement offer in writing.I'd offer to send 'em a settlement offer. "Can y'all send me a written settlement so everything is clear. I guess I could send it. Which address should I use? And umm, ah, what should I say in it?"IOW, play dumb. People have an inherent desire to try and help when one appears lost. Maybe it's innate goodness. Maybe it's an opportunity to feel superior. I dunno. But I do know it works from talking with friends who are cops or private investigators, and from personal experience playing dumb. [sWMBO says I ain't playin'.]If you can get them to initiate and send you a settlement, then it will likely keep the account with BOA, and not sold to a CA, that much longer. If their settlement letter looks like it has any gotchas in it, send them your own settlement. Same terms agreed to over the phone, but without the gotchas. Again, play dumb and include a cover letter. "Umm, I saw some stuff I didn't understand in your settlement offer. I hope this one I've printed is OK. Thanks. Oh, please sign and return it to me. I'll get payment out as soon as I receive it."
Recommended Posts