Debt Settlement with BofA/NCB

[Jay_Z 0]

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.

[willingtocope 1,336]

Have you gone thru the "debt validation" process? 

 

Telling them why you can't pay is a waste of time.  They don't care. 

[Clydesmom 1,222]

WHEN did you default on the account?  If they can still sue they will and settling is likely in your best interest.  A 10-15% offer works with junk debt buyers not an original creditor like BoA.  They can and do sue.  An OC lawsuit is very difficult to defeat.

[Jay_Z 0]

WHEN did you default on the account?  If they can still sue they will and settling is likely in your best interest.  A 10-15% offer works with junk debt buyers not an original creditor like BoA.  They can and do sue.  An OC lawsuit is very difficult to defeat.

 

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.

[Clydesmom 1,222]

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.

 

It VERY much is with BoA/FIA.  They have merely given it to NCB to collect for them.  These past few years BoA has sold no accounts to JDB choosing instead to sue themselves.  They are winning too.

 

NCB told you to call back not just because of the holiday but because they will ask BoA what amount they will settle for.  Given that you just defaulted they are not going to settle for less than 60%.  Not when they can sue you.