Settle with Bank of America and FIA Services in collection. A good amount of internet coverage about settling debt is either wrong, incomplete, outdated, or posted from the perspective of someone who cannot, will not, or chooses not to resolve a debt. Unfortunately, some of what you read on line can lead to missed opportunities and more expense and stress later on. Given what you shared so far, you are motivated to settle with Bank of America directly, or with a collection agency Bof.
Welcome to Bank of America, the nation's leading financial institution and home for all of your personal financial needs. Gerri Detweiler focuses on helping people understand their credit and debt, and writes about those issues, as well as financial legislation, budgeting, debt recovery. Bank of America sold my mortgage to these people, and like many others, this bank has been nothing but a pain to deal with. My mortgage was drafted out of my account. Legal, regulatory, privacy issues. Credit card issues have become more complicated. Read about the latest legal, regulatory and privacy issues related to credit. Updated: April 27, 2016. If you’re carrying a balance on a high-interest credit card or you need to make a purchase that you can’t pay off for a while, you could. Loan Safe is America's # 1 mortgage and real estate forum. Get free online help today! Want to avoid taxes on canceled debt? Here's what to do when you get a 1099-C in the mail. A sends the debt to. Here are some tips and suggestions using today’s trends: Realistic debt settlement targets with Bank of America range between 2. This assumes you are negotiating an established account (opened a couple of years ago or more), and that there was not a large spike in cash advance, convenience checks, or charged purchases in the months prior to your inability to pay on time. Bank of America can and does offer the ability to make payments along with the balance reduction you negotiate with them. If the account is negotiated and the settlement amount agreed to prior to charge off, those payment terms cannot extend beyond 9. For example: After your account is considered 5 months delinquent, Bank of America agrees to settle your 2. You have 2. 50. 0 available now, or can get it, and are confident you can raise the 2. You take the deal. All of the above is negotiated and accomplished with Bof. A over the phone, and supplemented by a written agreement outlining the settlement amount, payment date and terms. You can accomplish the same goal by negotiating with a collection agency Bank of America may place the account with, or with the internal post charge off recovery team at Bof. A (which is where your account may be now). When accounts charge off and are placed with outside debt collectors, the settlement amounts and payment term flexibilities available will be targeted differently, but are often inline with what I outlined above. There are instances where there are more than 3 months to pay a good settlement once the account is charged off. I don’t recommend stretching settlements out too far if it can be avoided because things can get tight one month and a payment missed, which kills the settlement agreement and the benefits that came with it. If the account goes to an attorney debt collector there will likely be higher costs to settle and resolve the debt. Settling at this stage is often better approached with a lump sum, but is situational. You want to avoid this scenario whenever possible, but I understand that it cannot always be. Try not to get hung up on whether Bank of America, or a later debt collector, will wait for you to have the money to settle. They are going to do what they do with your account regardless. If it takes until September for you to raise the cash to settle, or until next week or month to be confident you can commit to an agreement paid over a couple months, it is what it is. What I outlined above is initiated over the phone, either by you making the call, returning a call, or picking up one of the many collection calls placed to you. Content online telling people to not call or contact Bof. A directly either do not know what I just outlined, or may have some other perspective for their own debts that is not the same as the person researching their options and reading what they wrote. Some stuff can also have an agenda that clearly is more about anger at banks and debt collectors in general. That message may resonate with some readers, but much of it is not conducive with resolving debts and moving on with your financial future. A good amount of my feedback in this comment is more for future readers. Your account is charged off, but may still be with internal recovery. If not, and if Bof. A has assigned it out to a contingency collector, you have options to settle. You have options all along the way too, but the better ones are often in the earliest stages of collection.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. Archives
January 2017
Categories |