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,