Bank of America

[RedsoxMA]

Hi everyone. This forum has given me info I never would have considered. Thanks so much!

Here are my questions.

I have $25K in BofA credit cards (4 different cards, the one with the highest balance has $14K). I also have a loan with BofA (called a gold option, like a credit card really) that has $7400 remaining on it. About $1000 a month in payments. I have very little room for error each month.

I am going to be getting a small inheritance amount of about $15,000 toward the end of the year. I have read on here that 50 percent; settlements are sometimes possible. Using the scorched earth policy, if I stopped paying tomorrow, I could save up another $5-6K by the 180 day mark.

1 - How would you guys rate my chances of settling this kind of debt with a $20K settlemant offer?

2 - Is there usually some kind of settlemant offer from BofA before ultimately going to court? I would really like to avoid any court situations.


Thanks so much,

Dave

[IOAlot]

Even though you are a sox fan, i will answer.

Read around, you can do even better with Boa than 50 %, more like 25-50%. Everything has been answered before, no need for scorched earth policy, BoA will likely settle with you before court. If after your research and you have specific questions, fire away.

Also see...

What IS the number BOA Credit Card is looking to settle