i have agreed to settle a debt with boa for far less than the balance they sent me a letter that states by send ing the settlement payment " my account will be considered settled,and i will not be obligated to pay the remaining balance" i guess what im trying to find out is this binding or can they still try to get the full balance because i am sending them everything i have to settle this i know my credit will take a hard hit but it is better than bankruptcy and wiping 25 yrs of perfect credit out

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Hi All,

I have about 35,000 dollars in credit card debt and i am current on each one. I have a credit score of 780. My interest rates on 15, 000 is 4.9%. The one i am concerned about is the 20,000 at 9.9% with BoA…..I can make the payment with struggling at 316 a month i called and see what they could do for me lower interest or not they said no then asked to settle the debt they said they would settle for 12,000 without looking at the credit report pay that in four months which i believe i can do….Should i do it or just continue to pay all my creditors the minimum payment which i am doing now ?????? If i debt settle with BoA how bad does my credit score from 780 go down???

When i get bonus at work i just give that to my credit card companies i have stop using credit cards and hope to pay them off…..
Thanks everyone …..Just don’t know if i should mess up my credit score I good go from 35000 to 20,000 in a year with the settlement and probably pay everything off in 2 years with the boa settlement if not probably going to take 5 or 6 years……
Thanks everyone …..Just don’t know if i should mess up my credit score I could go from 35000 to 20,000 in a year with the settlement and probably pay everything off in 2 years with the boa settlement if not probably going to take 5 or 6 years……
In about 4 to 5 years i want to get another house….i currently own a house that i am current with all mortgage payments…The house would be the only big next purchase….
In about 4 to 5 years i want to get another house….i currently own a house that i am current with all mortgage payments…The house would be the only big next purchase….

Technorati Tags: 6 years, boa, bonus, credit card companies, credit card debt, credit report, credit score, creditors, four months, interest rates, minimum payment, mortgage payments, using credit cards

We just settled with BOA and Chase at 50 percent instead of going chapter 13. Citibank has not settled. If we let our 3 cards totalling 12,000 go to collections will they settle for less?
Yes, I know we need to file any settlements as income with the irs on 1099 forms.

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