Posted on
August 18, 2009
at
1:51 am
..... and i need to know how i can go about it. i have to write them a letter and all that, right? or can i get a debt negotiation firm to do that for me?? i owe them a hefty amount and i'm hoping to be able to pay at least 50% of my balance with them. pls give me pointers, tips, and what have you on how to settle a credit card debt with bank of america!!! thank you
Posted on
August 18, 2009
at
2:41 am
A news report from the NY Times website states that Bank of America allows consumers to settle their credit card debts with them, but only on a case-to-case basis. The same holds true for American Express.Also, a debt settlement company claims that they have worked with BOA and was able to get a 78% settlement with the creditor. I am not 100% of the truth of this statement or if the company was just telling a tall tale.
Posted on
August 18, 2009
at
3:11 am
To settle debt with Bank of America may actually not be as challenging as one may think. I may also have to echo what WonderGurl mentioned earlier in terms of BOA's stand on settlements. According to the
ConsumerReports.org website:
"Bank of America is offering repayment periods of up to five years, and the rate could be in the single digits. In terms of other settlements, on a case-by-case basis, they also may settle for less than the full balance."The article also further illustrates other major creditors in terms of their settlement offers with their clients.
Posted on
August 18, 2009
at
4:03 am
If i settle credit card debt with bank of america, or if i settle my debt in general, how would that appear on my credit?
Posted on
August 18, 2009
at
4:16 am
It will simply appear as "settled" on your credit report. Not quite sure how long it would stay in there, though . . . . .
Posted on
August 19, 2009
at
7:22 pm
I had this problem and I couldn't get them to talk to me. I used debt-rx and they were able to get it knocked down to only paying 55 cents per dollar. Paid off in just a yr and no interest making me pay less than I was.Id say it doesnt matter what the impact is on that account because your better off debt free. Chances are you like me were close to the account limit right? I was
Posted on
August 20, 2009
at
2:16 pm
I tried settling with them on my own but couldn't. I joined an attorney debt settlement program with the lewin law group and they got saved me 80% on b of a. They charge a small retainer fee and a small % of the savings. John Lee was the person that helped me at 866-733-3452 x 228.
Posted on
August 24, 2009
at
2:35 pm
Whether or not you are saying- I need to settle a Bank of America credit card or not- a settlement to address your question Punk Zappa remains on the person's credit report for 7 years from the date the account was settled. Hope that helps.
Posted on
September 8, 2009
at
11:15 am
I just finished payments to settle 5 Bank of America account (several were obtained through buyouts of MBNA and Merrill Lynch). They
offered me a 20% settlement when the accounts became around 90-120 days past due. I did not even ask for this. I was trying to make payment arrangements at a reduced rate which they kept refusing. Finally, thiss is what they offered -- we settle about $42000 for a little less than $9000. We are insolvent so we can file IRS Form 982 to get out of the taxes.
Posted on
September 8, 2009
at
3:11 pm
Thanks for sharing LD- anyone thinking, I need to settle a Bank of America credit card can read about your situation and see that there are ways to get out of debt without setting up a payment plan for the balance in full.
