Posted on
September 28, 2009
at
9:23 am
BoA offered a settlement of 4 payments, basically 4 payments of 1700-ish each. They're saying I can make payments of say 500 each due date, as long as the lump sum is paid by the due date.They say they can't put that in writing, but that it's ok to do. I want to see it in writing, but I also would prefer to prevent this from going to charge off, which would happen if I defaulted.Any suggestions?
Posted on
September 28, 2009
at
10:55 am
If they can not put your settlement offer in writing then that should be a red flag that the agent is just trying to ensure that they get money on your account. Remember, some collection agents are paid commision based on dollars they receive in the door. If you can honestly make that payment arrangement insist on it being in writing. To prevent charge off you need to pay it before a specific date that BofA sets for their own cause. If you know that date, then do everything in your power to prevent it. If this is a credit card, you may have more options.
Posted on
September 28, 2009
at
11:46 am
Yeah it's a credit card, they keep saying on the phone that it's no problem, but can't do anything in writing that will say that.
Posted on
September 28, 2009
at
12:27 pm
Am I better off settling this with BoA or letting it go to a collector?FYI, I could give two craps about my credit score, I'm wondering from a "are they going to sue me for garnishment?" approach. Account will be like $24,000... It's looking harder and harder to get the amount needed to settle this stupid thing.
Posted on
September 29, 2009
at
11:03 am
Well, honestly if you "could give two craps about your credit score" but you want to pay the obligation on your own terms you may want to talk to a debt settlement company. They do charge you for their help, but they can negotiate and more often than not get you a better deal than you could get yourself. BEWARE of companies that are not regualted by USOBA and always get a free consultation before signing anything. If they do sue you and get a judgment against you, they will garnish your wages eventually. It will take some time to get to that point, but it WILL happen.
