Credit Card Forum
  1. #1
    bmxrider
    bmxrider is offline
    Green Member
    Join Date
    Jun 2011
    Location
    seattle
    Posts
    1

    Default Bank of America credit card charge off vs settlement?

    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
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
    Reply With Quote Reply With Quote     Jun 29, 11, 10:19 pm
  2. #2
    Money card
    Money card is offline
    Centurion Member
    Join Date
    Jun 2011
    Location
    New York state
    Posts
    868

    Default

    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?
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
    Reply With Quote Reply With Quote     Jun 30, 11, 7:46 pm
  3. #3
    Mogul of Pineapples
    Mogul of Pineapples is offline
    Centurion Member Mogul of Pineapples's Avatar
    Join Date
    Jun 2008
    Location
    Smogland
    Posts
    1,399

    Default

    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.
    Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed. Regardless, anything I say is my honest opinion.

    Current Cards:     American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
    Primary Everyday Card: American Express Blue Cash
    Primary Travel Card: Citi Thank You Premier
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
    Reply With Quote Reply With Quote     Jul 13, 11, 6:07 pm
« Previous Thread | Next Thread »