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  1. #1
    Join Date
    Jul 2008
    Posts
    3

    Default Bank of America

    My question involves collection proceedings in the State of: ohio

    A few years ago I took out a Debt loan of @ 18,000. But being stupid I took those same CC's and used them again and now am in just as much $$ debt + the 18000 loan. I stopped paying on the BoA loan because of a $400 per month payment. (I pay all my other bills on time)

    Long story short I have not made a payment since @ Feb. They want to settle with me for @ $8000. ($1600 a month for 4 months) I have a friend who is willing to help me on this since no bank will touch me right now.

    They advised if I dont take this it will go to court and I will be sued. I just got a letter in the mail today from a law firm about this (unsure what it says I'm not home right now) soooooo...

    Should I take the $8000 settlement and live with it?
    Should I do a bankrupcy?
    Or should I get sued?

    Please help!!!!!

  2. #2
    Join Date
    Mar 2007
    Posts
    9,096

    Default Re: Bank of America

    Quote Quoting Columbus
    View Post
    My question involves collection proceedings in the State of: ohio

    A few years ago I took out a Debt loan of @ 18,000. But being stupid I took those same CC's and used them again and now am in just as much $$ debt + the 18000 loan. I stopped paying on the BoA loan because of a $400 per month payment. (I pay all my other bills on time)

    Long story short I have not made a payment since @ Feb. They want to settle with me for @ $8000. ($1600 a month for 4 months) I have a friend who is willing to help me on this since no bank will touch me right now.

    They advised if I dont take this it will go to court and I will be sued. I just got a letter in the mail today from a law firm about this (unsure what it says I'm not home right now) soooooo...

    Should I take the $8000 settlement and live with it?
    Should I do a bankrupcy?
    Or should I get sued?

    Please help!!!!!
    If you have a friend that will help you, go that way.

    Shattering your credit is something you want to avoid.

  3. #3
    Join Date
    Jul 2008
    Location
    Michigan
    Posts
    39

    Default Re: Bank of America

    Columbus - Im in the same exact boat as you right now with BOA. I stopped paying in February. I had a "debt consolidation loan" with them (i.e. a gold credit account) for $30,000 and a credit card for $20,000. I lost my over time after I had several surgeries (heart surgery at age 28!) and had to prioritize my essentials (home, car, insurance, health). They've been calling me NON STOP 30 times a day, Im not kidding. They are relentless. I worked out a settlement of $6,000 total for both accounts with them, but the next day they renegged on me saying that a settlement isnt for me. I was like "huh"? Oh well, now they want me to make 80 payments of $600 a month - I can barely afford $75 a month now!! Im going to file bankruptcy as the economic situation isnt looking any better soon up here in Michigan and I wont be getting my over time back any time in the next 2-3 years. Just like my user name here, Im "in too deep"

  4. #4
    Join Date
    Feb 2008
    Posts
    6

    Default Re: Bank of America

    I just settled a credit card debt with BofA. They were very easy to deal with. They offered me a 25% settlement, one time payment. Make sure you get everything in writing before making a payment.

  5. #5
    Join Date
    Jul 2008
    Location
    Michigan
    Posts
    39

    Default Re: Bank of America

    Quote Quoting socal
    View Post
    I just settled a credit card debt with BofA. They were very easy to deal with. They offered me a 25% settlement, one time payment. Make sure you get everything in writing before making a payment.
    You know Socal has a good point; there were very easy to deal with. If i had the $6000 to settle with them, I would've done it. However, I barely have $75/mo to send them!

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