Bank of America credit card charge off vs settlement?

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Bank of America credit card charge off vs settlement?

Postby bmxrider » Thu Jun 30, 2011 12:19 am

I have been trying to work with Bank of America for sometime trying to get them to simple lower my interest rate and do some sort of hardship program. Regardless they will not work with me and have offered a good settlement of 20% of what I owe.

My question is if I am better to just allow the credit card debt to charge off and work with a collection agency or take the offer. There settlement by the way would be a huge stretch to make.

Another issue they informed me of this charge off just on the 22nd and say they will charge if off on the 30th. I though they would have had to notify me of this.

Thank you

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Postby Money card » Thu Jun 30, 2011 9:46 pm

Don't work with a collection agency. Do you live home with your parents? Do your parents know about this? Is there anybody who can help you with this situation?

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Postby Mogul of Pineapples » Wed Jul 13, 2011 8:07 pm

This is not exactly my area of expertise but 20% sounds good. Of course I'm well aware that number has been inflated artificially by the penalty APR you have probably been paying but regardless, it sounds better than some of the other offers I have heard discussed on here for different banks.

Something to research is Bank of America's credit card settlement policy after a charge-off. A few banks have policies they won't participate.
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