My question involves collection proceedings in the State of: CA
Hi all, I've been unemployed for 6 months and counting now. I have a large unsecured personal loan that's slowly bleeding me dry.
I've been 5 months delinquent on a line of credit from Bank of America. The first time I called 2 months ago they were willing to settle for 50% of the outstanding balance. I called again today and now they are willing to settle for 25% of the outstanding balance. They will mark the account as "Settled."
From what I understand the banks will not budge when it comes to changing the account status on the major credit reporting bureaus for partial settlement. Is this the experience of everyone on the board here?
Was wondering what I can negotiate with the credit card company (BofA)? I figure the settlement amount. Perhaps offer 20%? What else can I negotiate? Any suggestions?