For the amount of the debt, why don't you contact the attorney or BOA and try to work out a payment deal of settling the debt for some percentage on the dollar? BOA is not going to spend $5K to collect $5K.
For the amount of the debt, why don't you contact the attorney or BOA and try to work out a payment deal of settling the debt for some percentage on the dollar? BOA is not going to spend $5K to collect $5K.
I'm kind of spooked by some of the stuff I've read about not trusting the creditor's attorney. Aaaaand I just found out they're suing me for another $5,700 or so. I've also read that creditors rarely settle for less than 20-50%. So, I guess I'm kind of a deer in the headlights right now.
At this rate, they couldn't collect $5,000 even if they tried anyway. I just don't know how to convince them to go easy on me. It's really not worth their time unless they're just trying to be vindictive.
You can broadly trust an authorized person who negotiates a settlement and payment plan, but you need to get any agreement in writing and you need to understand the consequences that will follow if you miss an agreed payment.
As for trying to negotiate a reduction of the debt, as opposed to a payment plan, you won't know if that's a possibility until you ask.
If you are going to be negotiating over two (or more) debts with the same lender, you would normally want to negotiate a resolution of all debts in the single deal.
If you attempt to negotiate, the worst they can do is say "no".
The creditor and its representatives are your enemy. Their job is to get you to pay your debt using any legal means at their disposal.
True. But, in states where wage garnishment is not an option, they may accept a payment plan and avoid judgment.
You're making the mistake of thinking that this is personal. It isn't. There's no vindictiveness. This is an impersonal assembly line process designed to collect debts. Institutional lenders are budgeted for it. They don't go easy, they don't go hard, they just go.
I didn't necessarily say they "were" trying to be vindictive. What I said was that, at this rate, if they're not willing to settle for an amount I can give (which would be way less than 50%), vindictiveness is the only point in trying to collect from me.You're making the mistake of thinking that this is personal. It isn't. There's no vindictiveness. This is an impersonal assembly line process designed to collect debts. Institutional lenders are budgeted for it. They don't go easy, they don't go hard, they just go.