Fishboy1

ADVICE Please!! Settling with B of A

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I'm settling with B of A through an "attorney" representing FIA card services(Bof A's in house collections). The deal is 30%, "paid in full", they'll clear my credit. That was all verbal. They said they would put it on paper & fax it to me tomorrow. What should I expect, demand, question, etc??

THANK YOU!!!! :?:

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If they put in on paper, and agree to not sell the remainder to a CA IN WRITING, and SIGN their form, then go for it....

If not, don't do it...verbal aint good enuf.......

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I'm settling with B of A through an "attorney" representing FIA card services(Bof A's in house collections). The deal is 30%, "paid in full", they'll clear my credit. That was all verbal. They said they would put it on paper & fax it to me tomorrow. What should I expect, demand, question, etc??

THANK YOU!!!! :?:

Fishboy could you update us with how this turned out? I'm particularly curious as to whether you ever received the agreement, to your satisfaction as was indicated verbally, and if you entered into it as so, did they clean up your credit as promised? Thx.

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On a positive note - had a similar situation with BoA - I settled a 10,000 for $4800, back last spring. Had my credit report ran this past week - 720 mid score. No long term effects.

On a negative note - waiting for the 1099 I have to turn in with my taxes showing $5200 in taxable income.

:oops::oops::oops::oops::oops::oops::oops::oops:

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Can anyone help in achieving a settlement with BofA? There are the most stubborn and are not accepting anything. Citi offered 65% settlement. Any contact numbers would be appreciated :)

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On a positive note - had a similar situation with BoA - I settled a 10,000 for $4800, back last spring. Had my credit report ran this past week - 720 mid score. No long term effects.

On a negative note - waiting for the 1099 I have to turn in with my taxes showing $5200 in taxable income.

:oops::oops::oops::oops::oops::oops::oops::oops:

use form 982 if you can claim insolvency, then the 1099 is meaningless

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VMAN

How late are you? Bank of Ameirca is known to be one of the easiest to settle with. You may not be late enough. I settled $20,000 for 20% at 150 days and $10,000 for 25% at 170 days.

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finally... have agreement with BofA at 40% with letter in hand.. waited on Citi and they have agreement on 45% but asked for letter twice and never received .. what should I do? btw I am 150 days on both

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The BOA settlement appears high, but if you can do it thats great. Cit faxed and mailed my settlement agreements. If no agreement I'd call them up and cancel the payments...

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I tried asking citi to fax or email and they would not do it. They told me to wait 7-10 business days and this is second time I have asked for the agreement letter. Does anyone else agree that I should cancel they payments?

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hey ozzie69, how did u settle with boa. that is who my debt is with. i mean, who did you contact, how late were you, were you contacted by ca at all? and did i understand right, if you settle, you must claim savings on you taxes?

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If it is NOT in writing, It's not an AGREEMENT! I had a Junky chase me for a debt 3 years later, faxed them the settlement ----> END OF STORY! Without proof, it's a uphill battle...

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