Posted on December 10, 2009 at 5:17 am Hello, would you know if Bank of America settles debt? And for how much? Thanks!

Posted on December 10, 2009 at 5:23 am Hello, would you know if Bank of America settles debt? And for how much?I am not too sure about this, but I heard that they are one of the friendlier creditors, and that they do settle debts for more or less 50%

Posted on December 10, 2009 at 5:25 am Wait, are you planning a d.i.y. settlement of your debt with Bank of America?If you are not past due - 120 to 150 days (5-6 months) delinquent - expect them not to agree to settle.

Posted on December 10, 2009 at 5:34 am Hello, if you are wondering how settlement is possible, here's a brief explanation:The original creditors would try to collect for the full amount for 5-6 months (they would not settle for less than the full amount), if they fail, by law, they've to write off your account to the IRS. To get at least a portion of the debt back, they pass it on to a third party collection agency. If you're account is with them, that's the time to settle.

Posted on December 10, 2009 at 5:44 am If you are interested in hiring the services of a professional debt settlement company, here are some guidelines (what to look for in a settlement company):-The settlement company's program must have a fast completion time. 12-36 months.-The program must be able to protect and improve the consumer's credit standing.-Must be a member of the Better Business Bureau, BBB, for at least 5 years.-Must also have a good standing with the Chamber of Commerce-A Member of TASC - The Association Of Settlement Companies and the IAPDA or theInternational Association of Professional Debt Arbitrators

Posted on December 10, 2009 at 5:47 am Keep in mind though, that even if the settlement company that you've chosen is one of the bests, it doesn't guarantee the success of your settlement.It's all about getting your financial situation matched up to the company's program. Debt settlement lasts for 12-36 months typically, so it's important to have a good relationship with your settlement company.Speaking of which, if you'd like to get matched up, for free, just fill out a form here at destroydebt.com. All the best to you!

Posted on December 10, 2009 at 1:47 pm If you are going through a DIY settlement....what do you do about the banks calling you while you are defaulting and not making payments on your credit cards for the first 5-6 months when they wont settle yet? Do you answer their calls and tell them you are waiting to settle? Or do you just avoid answering the phone for 5-6 months?

Posted on December 10, 2009 at 1:53 pm CMS, check out the last post made in the thread created by shiverrific and see what that person posted about his dealings with BOA!

Posted on January 5, 2010 at 1:29 pm I have almost 90000 on credit card dept.(20000 on BOA)with 10 different credit cards(Citibank,Discover,Chase and BOA)I have been not able to pay last 2 months now.can anybody tell me ,do you think I should do settlement with the banks by myself ,or find a company to do it(does it worth to pay %15 com to them). 

Posted on January 7, 2010 at 4:07 am Hi all, I hope the following information is helpful. BOA is one of the more 'settlement friendly' creditors out there. Discover, AmEx, Chase, Citi, Advanta, Juniper, WFNNB (Victoria's Secret/Express) et al. aren't as accomodating. This is not to say that they WON'T work out a settlement, but not as good of a percentage. BOA--account must be delinquent between 150-180 days. The accounts typically 'charge off' to a 3rd party collection agency/collection attorney at 180 days. If you are able to offer a lump sum, this will give you more leverage, but if you are able to pay off the settlement within 93 days, it may not matter. You'll be looking at a 20-30% settlement with BOA. Yes, thats right. They will DISMISS 70-80% of your debt. You've heard about the mess they're in...they need the cash. AmEx/Chase/Citi/Juniper--Next likely to give a decent settlement. Again, the accounts must be at least 120 days delinquent. They have to at least THINK that you might file Bankruptcy and they face getting $0. AmEx usually will go to 40-50% and divide the settlement amount into installments over 12-24 months in some cases. Discover is pretty tough to work with. AmEx, Discover, Chase and Target will NOT work with settlement companies. This changes from time to time, but if most of your accounts are with these lenders, you're better off doing the settlements yourself. The settlement companies will twist and squirm their way out of this question in the event that you ask. Some Collection agencies will do the same thing, but will try and play hardball with you--lowball a settlement, ask for it in parts. These people work for 100% commission and are HUNGRY to make deals like this. Collection Attorneys are a different ballgame. They can run skip-traces and see where you live, what your property value is, look at your credit report to see what is being paid and what isn't--and they'll use all of this against you. Your mortgage is $4000/month? Your income is over $6K/month? Get ready for a possible 80% settlement. If you don't take it...they know they will be better off suing you (only IN-STATE collection attorneys can sue you, and you can't go to jail for debt) because they can seek a judgment of the balance (plus interest, late fees, penalties and court costs) and go after a lien on your home, a garnishment, or a bank levy (only on an account that bears the same SSN as the unsecured line of credit was obtained with). In many states if they put a lien on your home, they can't force you to sell. You do not need to hire an attorney if you are served with a summons. This is all info that the debt settlement companies don't want you to know; but since I was laid off by one, I'm sharing my knowledge with the masses. I'll check back on this site in a few days to see if there are any other questions!