Help – How to settle a debt with Bank of America!?
I owe Bank of America k on an unsecured line of credit. I borrowed k on the line of credit a year ago at 5% to remodel a foreclosure I bought. The market turned 4 weeks after I bought the home last Sept 08. I finally sold the home for a huge loss. During the process, I was never late on a payment and I still have never been late. BofA jacked the interest to 12% and place credit insurance on the balance without my permission. I had them remove it and they still made me pay them 0 for the one month they had it on. Dirt bags!
I took less than I owed on the house just to get rid of it. I now have in my possession a check from the sale of k. I want BofA to settle for less than this check.
How do I do it – Will they do it? Who should I call? I have k toward a k debt and I am not late. I am calling them in 24hrs to start negotiating. What do I do?
Additional Information: This line of credit was never secured with real property. It was always unsecured, hence, BofA does not know how much my check is for. Look, I am not trying to be dishonest or rip anyone off. I want to give them every penny I owe them but unless I aproach them on my terms, they will continue to take advantage of me. All I want is a level playing field.
Actually, you DID give them permission to buy credit insurance at your expense. You probably never SAW that clause in the original line of credit agreement, but is was there. You also agreed to the increase in interest rate when the loan became unsecured on the sale of the house.
If they know you have a check for $20,000, the MINIMUM they will settle for is $20,000 . If you wish to settle, you DO NOT negotiate. You INFORM them that if they agree IN WRITING, to settle for $X by a specific date, you will FedEx a cashier’s check upon receipt of the agreement. If they don’t, you will call them back next week to ask again.
February 9th, 2010 at 11:49 amThink about this. If the market "hadn’t" turned you wouldn’t let BoA share in the gain, so why should they share in your loss?
This was a line of credit, not shared equity.
February 9th, 2010 at 11:49 am