I have an established relationship with Bank of America however there are several other smaller banks and lenders out there with better rates. What happens if you get a mortgage through a smaller bank or lender and they go bankrupt or get bought out by another company? Does it affect your mortgage rate? Is that the chance you take or is the rate locked in no matter what?
Hi. I had a bad period with Bank of America, I owe them roughly 2k over 3 accounts. I have the money, went to the bank and they said they’d accept payment, but would not open a new account.
They have sold all 3 debts off, and I get calls from the agency they have sold the debt to. They want like 1,200 for all 2 thousand worth of debt! Do I get a benefit from paying BankAmerica directly? I pay less with the credit agency.
I know once you pay the bank, they are supposed to send something to Chex systems saying I’ve paid in full. My question is wont the debt agency send that same report? And if they do dosn’t it just make ALOT more sense to settle with the debt agency at a discount then pay BankofAmerica (who were VERY RUDE). The lady called me a deadbeat. I accept that I made mistakes, and I want to correct them.
Strategically does it make sense to give the Bank the money, despite the fact they’ve already sold the debt?? Effectively there making money of my mistakes!
I’m scared.
My mom is an accountant and my dad is unemployed. He has been for about 5 years. I’m mad at him enough so please no comments on how he should be getting a job. I don’t think he will because he is stubborn and if he was planning on getting a job, he would have by now.
Today I found out that we are being sued by the Bank Of America because of credit card debt. My mom told me not to worry and that we are just going to file bankrupt. I know it’s bad.
Any advice?
Does anyone have or know an address to send correspondence regarding credit card debt settlement for Bank of America VISA?
When Ronald Reagan shuffled the nation by encouraging us to embrace FreeEnterprise we all "felt good" and it worked. But it grew into a corporate capitalism since then, so hated by Karl Marx and now look what it has become: BigBanks need a bailout.They get it at a low %, while our credit card interest rates remain high. Is that how capitalism is supposed to work?
The Washington-based Center for Economic and Policy Research calculated that the below-market rates offered by the Federal Reserve to JPMorgan Chase — and 17 other large banks — accounted for 41 percent of the profits at Dimon’s banks.
They accounted for 47 percent of the profit at Bank of America, the group said.
A report by the CEPR compared the rates the Fed charged large banks to the rates it charged smaller banks.
The difference amounted to 0 for each of the 120 million families in the country — or roughly billion.
"Most people, if you asked them what do you want to do with 0, I doubt the answer would be, ‘Why don’t we subsidize the large banks?’" said Dean Baker, the group’s co-director. "A lot of things we think are important cost much less — billion annually would go a long way to subsidizing health care [costs for American families]."
Financial experts blasted the subsidy as corporate welfare.
"It rewards their irresponsible behavior in the past and encourages them to do the same thing again in the future," said Simon Johnson, a professor at MIT’s Sloan School of Management.
If a company fails it goes bankrupt. But if a corporation fails it gets a bailout. What are the benefits to taxpayers if any?
When corporations form by buying up large amounts of small companies they should be made clear that if ever in the future they fail, they ought to sell off the smaller entities before begging for bailouts. And guess what, this is EXACTLY what happening now (in Europe) after the public’s outrage.
My fiance has a Bank of America credit card. There’s a 00 limit on the card but after finance charges, late fees etc, the debt is now at 00. She went 120 days late on payments and was called by Card Services, they say they’re a collection division of Bank of America. They offered her settlement in the amount of 00 rather than the 00 on the card. She thinks its a deal because half the debt is "vanishing". We checked her credit report and she isn’t listed as being in collections just extremely late on pay. I argued with her saying that the settlement is bad and that it will affect her credit for years to come but she thinks its a good plan. We’re planning on looking for a house in a year and a half and i don’t want this to affect our buying power. So how does settlement effect her credit? Does paying off the full amount rather than settling look better on your credit report even though the account is past due? What should we do, who’s right here?
I bank with Bank of America and I have a bad debt on a credit card that I no longer have.
My question is??
With this bank I also have a car loan that I’m about to pay off in a few months and also have my mortgage thru them. I will try to settle the credit card debt but would they offer a settlement if I have a vehicle loan and a mortgage loan?
I wanted to know what my options are in terms of settling old credit card debt. The debt was charged off in september of 2009 and now they are looking to seriously collect as I recieved an official "summons" with no court date. I called the lawyers office who are repesenting the creditors and they said I can still mediate the account by writing a letter stating how much I can settle for or how much can I pay monthly on the account and they will report to the court the agreement and cease legal action. Is this really the case? or do i automatically have a judgement/lien against me being the fact that they took the step to start action with a summons. Called this morning and he said it is just the initial step. How do I approach this?
Should I write a letter to settle the account? For how much?
Should I pay monthly and then settle later on or pay in full over time?
I cannot afford to pay in full up front. Just graduated in 2008 but just started working full time.It is an old debt and credit cord from my college years coming back to haunt me. I use to make regular minimum payment without missing a beat until mid last year and then they charged it off.
Now it is at a collection company who is now being represented by a collections attorney company.
I am interested in pay for delete off my credit report but do understand that it would remove my oldest credit account on my report which would negatively affect me. How should I apporach this and what should I state in my general repsponse letter to them?
the account is about ,000 from student credit card from bank of america. It is now with cavalry portfolio after going through FIA CArd services.
I just could not afford the payments at the time
Does the summons and/or me sending a settlement letter to them after the fact show up on my credit report as a consent judgement or just a charged off account being paid on?
A lot of bills, unemployed, it’s too much now
I had to put a lot of my college tuition on credit cards because I expected I would find a job after (graduated 08)
Bank of America after that new law was passed for banks and/or creditors to increase their rates
my monthly payment went from 150$ to 300$
I have 1,000$/mo. in bills and only make 600$/mo from unemployment
I’m wondering if I can kind of selectively go bankrupt on this
I figure if I just don’t pay that I’ll only be at a negative 100/mo
I live out of my car and don’t eat much so gas/food is pretty low.
Only I usually had to put them on a credit card. A different card.
Not paying this one bill will probably cut off my other cards too?
I have really good credit and I was hoping to hold on until I could find something but I can’t and once i find a job I’ll have another 500$ in student loans.
I either need a good paying job or 2 or 3 regular ones but I have to acquire them at the exact same time because of that student loans. Right now I can hold up some of it with unemployment deferment
not sallie mae, you can’t defer private loans for any reason
I’ve already sold most of my things. It doesn’t hold up too long
I just want to stop paying bank of america
How bad will it be?
I owe over ,000 on a Bank of America credit card. The bank has made me an offer of reducing this debt to 00. They want me to pay almost 0 for the next four months and then the debt will be settled. I don’t have an extra 0 a month to pay this off and explained this to the rept. If I cannot pay the 0 a month the account will go to their legal department and I will have to pay the full amount of the debt in one year.
It seems like a take it or leave it situation. What should I do?
Due to domestic violence in my home, I left my marriage. I drew up a proposal to my (soon-to-be) ex regarding our MASSIVE debt which left me with one medical bill of ,000 (not including interest) and two credit cards of over 00. I also left with only what I could fit in my car and left all our furniture and assets to him. I don’t work full-time, though I’m going to try to soon and I just CANNOT pay these debts. I have no problem with the idea of bankruptcy for myself…however, NOTHING is in my name except our Bank of America overdraft protection credit card and he works for a financial industry and told me that if he has a bankruptcy that he’ll loose his securities license and then his job. It’s not my goal to be malicious and cause that – but I can’t pay these bills. Will it be better for me to wait until the divorce is final and then file bankruptcy on whatever debts the judge gives me? Any advice? I don’t know what to do.
If you have settled credit card debt with Bank of America, what percentage of the total balance did they accept? My first offer from them was 50%. Thanks!
We have a Bank of America checking/saving account with some money in it (not a lot). We also have bank of america credit cards with thousands of dollars on them (we’ve used them to that point I mean). If we file for bankruptcy, can we keep the checking account we’ve had for 17 years?
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.
We just got an offer from Bank of America that offered us a chance to settle our 00 debt for 00 if we do it in 4 payments. We are delinquent on the account, I believe past 90 days without a payment, so its already affecting our credit report.
By taking this settlement, would it affect my score even more in the years to come as we rebuild our credit?
i heard people settling their credit card debt for almost half the balance and the rest was forgiven. and this was directly with their bank. not a third party. how can i do that? how can i convince bank of america to allow me to pay a portion of my 0 balance and have the debt settled on my student visa credit card? this would help greatly when apply for loans.
I am about to start negotiating debt settlement with Bank of America. Have you been successfull? Does anyone have a good phone number for them where I can start the process?
we had a bank of america card that was forgotten about when we moved (honestly that is what happened) it was not paid on for a few months and then i get a letter from frederick j hannah saying they were going to sue if we did not pay it in full by the end of the month. these people have a very shady reputation, i do not want to deal with them. would it be possible to call bank of america and settle the debt with them even though it has been sold??