BOA Credit Card Collections

[paradiddle]

Does anyone have any BOA CC stories on collection, wage garnishment, time to write-off etc?

[optimistic1]

bofa for me, wrote off the debt at the 6 month mark, and write before that, they offered a settlement for $11000 worth of debt for a mere $2400

they sold the debt to collection agencies, and it has been 8 months since defaulting, still no suits.

[kenshirley]

The only thing we had was an RV with them but they were our bank too.
The RV had a loan balance of nearly $100k (it was used).
We turned it in, they did not want to take it either, at a local branch. They still charged our account some $500 for picking it up there by the way.
We were current on payments but could not afford it or many other things due to job loss for medical reasons.
Anyway, in this market it took them some 3 months to sell it and of course we were not making payments on it at that time.
During this period we had consulted an attorney and he told us to wait to file until the income fell off and get our checking and savings accounts away from B of A as we owed them money which of course we did.
They finally sold the RV wholesale for some $48K (We paid about $110k for it). This left a large deficiency balance of course and they gave us about a month to pay that.
Then they starting threatening and I told them we were about to file Chapter 7 and had just seen an attorney and to please call him.
I never heard from them again other than by letter about twice 2 weeks apart telling me that if I did not pay they would enter collections threatening garnishment and such.
We filed right at that time and sent them the case number by email and I never heard another word from them.

[paradiddle]

Thanks

Yes most of the people on this forum, the search feature is your friend...

I did do a couple of searches ( BOA and full name ) and didn't get much information I was looking for. At least recent information anyway.

Looking for how BOA handles CC debt currently.

Thanks

[catleg]

Try searching just in the Collections forum.
Many of us have been offered settlements in the 10-15% of current balance range.
Trouble is, it doesn't make much sense unless you get your other creditors to play ball also.
I.e. I have a ton of debt due to Chase and Citi also, they don't seem to agree with BofA's collection model, though I think it's fairly accurate.

[bk2009]

It took over a year for them to send it to collections. Now, we have a local number that calls, several times per week. Some are really nice, some are jerks. DH just tells them that income went down before we stopped paying it and now it's really down as he doesn't have a job. They of course want to know about his unemployment (the jerky ones) and he will tell them that it barely covers the mortgage and utilities. Some suggest not paying one of those to pay them (yeah, right!) or to use our food money to pay them. Others are nice and understanding - they'll say, "yeah, your county has like a 12% unemployment rate, it's been hit very hard. Hope things look up for you soon." It's crazy the difference in different people from the same CA.

[treehugger1]

BoA was one of th eoriginal few who was willing to work with me. They gave me a 5-year payoff plan at 0%. I tried very hard to make it work. In the end, I was sued by local creditors and local CA's and couldn't keep up my end of the bargain. I had two accounts. After 180 days of non-payment on the "plan," they charged off the account and sold the debt to CACH. At about 150 days they were wanting to negotiate 25% - 30% on the dollar. I wish I could have accommodated them, but by then the other big wolves were at the door. After I sent DV's and notified that it was inconvenient to call me at any time (BB's suggestion,) I never heard frmo anyone again. One CA account shows on my credit report as "consumer disputes."

Now, I had both accounts for nearly 20 years, and I did try to work with them. I don't know if this makes any difference, but it could.

One of the things I was ignorant of in my early days of default was that I would still share all kinds of info with them. The one thing I never shared was updating personal references, wages, etc. In the end they seemed more than willing to overlook this if we could reach some type of settlement (reduced payment or 5-year plan.) I was never in favor of the 30% on the dollar, as I was uncertain about the 1099 tax liability. It would not have mattered. Eventually, I would have needed to get arrangements with all creditors. I don't think this is likely unless you are sitting on a war-chest of savings. If you were, you probably wouldn't be posting here.

I can only offer personal experience and mine is that I first defaulted over 24 months ago, worked out deals, couldn't keep up my end, and eventually BoA sold the debt. I've heard nothing from anyone about these accounts int he past 4-5 months. I have not been sued. I exercised my rights under both state and federal laws. I live in a very rural place. I have had nothing but a PO Box for nearly 13 years. I'm not easy to serve. I have no (zero, nada) assets. They could sue me and get a judgment and wage garnishment, and I'm fine with that, but it will certainly cost them some greenies.

There is no poster on this board who can tell you what BoA will do, but my best GUESS is that they will not go for a lawsuit themselves over unsecured debt obligations. DOwn the road a CA or JDB might attempt this, but BoA probably has more things to worry about than defaults from no-asset debtors. What's the point?

[Scooter10]

the wrote my balances off 16K and 13K. I ended up filing bk anyways, but they just charged it off 2 months before i filed. I never received one phone call.

Bottom line don't talk to them. They are professionals and collect all day lomg and will get you to disclose infomrtion you should not have (employment, income, savings acct, other sources of income......). If they feel they can collect they will definelty collect from you.