Jump to content

Settlement negotiations too easy ?


smithgar
 Share

Recommended Posts

I called Bank of America this afternoon after receiving a letter saying they were about to charge off my Acct. Spoke to an acct. Mgr and asked if they would be interested in a cash settlement. Offered 30% and they jumped so fast it really has me worried. My Acct is over 120 days past due. They stated that I could pay one month which would apply to the lump sum offer. I need a couple of weeks to get the cash. I asked for for the offer in writing which they agreed to once I send the the check for one months payment. This sounds fishy to me unless they need it to allow for the 2 weeks I need to gather the cash. Should I be worried?:confused:

Link to comment
Share on other sites

You shouldn't be necessarily worried, because your account had not yet been charged off... although getting it in writing before you sent in the payment would probably have been better. So as part of this settlement, what are they going to do...not charge it off? Not send the remaining balance to collection? Report it as "settled for less than full amount" on your reports?

Link to comment
Share on other sites

I had the same situation in 2006 with BOA. They offered a 30% settlement when I was four months behind. I agreed to it and they agreed to put it in writing. Before I got their letter, a collection agency called and said BOA had sold the account to them. I called BOA and they researched it and told me they screwed up by selling it to the CA but could not get it back so I had to deal with the CA. Apparently there was a lot of confusion there when they were merging with MBNA.

The bottom line is the CA will not make a settlement offer and I don't have the money right now. We are in a holding pattern.

If you research the issue here and at the other similar boards, you will see that what you got is the standard BOA offer when the account is four months past due. I have not heard of anyone getting an offer for less. They will send it to a CA if you do not settle.

If I was in your shoes, I would take the offer. But, get it in writing. They told me they would mark the account for settled for less than full amount.

I don't think any collection agency will give you any similar deal. And, don't miss any deadlines BOA gives you. They are quick to send it to a CA.

Mine went to Portfolio Recovery and then to Eskanos and Adler, a "law firm". Neither one answered my DV and neither one has called me.

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.