BoA 150 Days + offering 30% now

[lt2828]

Just got off the phone w/ BoA at the 150+ day. He told me "sir, there's no way we are doing 15%". I was pretty straight forward with him, and told him I wasn't going to do anything above 15%. He wants me to settle $48k for $15k about 31%. Last week at the 120day office they had offered me 25%.

I told him you can either have 15% or 0%. To which he answered "We are already taking a huge loss, why would we settle for 15%. I'm just going to have your account written off to an attorney". To which I answered, "Sounds good. You've got my number if you change your mind".

Those of you who have settled for <15% Is this normal? Will he call again and offer the 15%?

[Cheeseater]

They will call again before charge off and offer 25%. You will have to convince them that taking your offer is in their best interest. They need to believe you will file bk. Good luck.

[DYLAN150]

Do they want cash to settle or will they take payments over a period of time?

[lt2828]

They want the settlement paid within 90 days

[ForumReader]

Do they want cash to settle or will they take payments over a period of time?

In some cases they would want a lump sum payment for the settlement, but may accept several months of payments--depending on the creditor and or the CA

[lt2828]

They will call again before charge off and offer 25%. You will have to convince them that taking your offer is in their best interest. They need to believe you will file bk. Good luck.

Well I can't do 25%, so I can only accept 15%. The tax implications itself will make it a total of 25% anyway.

Does anyone know how much they get for the debt when they charge it off? I mean, wouldn't it make sense to take my 15% offer instead of 0% when I file?

[StartingOver08]

If you are really filing, why pay them anything?

Are you doing this to not file?

[lt2828]

If you are really filing, why pay them anything?

Are you doing this to not file?

Yes, of course. I would prefer to settle with them and not file as they are pretty much my only creditor. I am still able to make payments on the rest of my debts. At 15% I'd be willing to settle as I'm insolvent according to IRS guidelines so the tax implications are not an issue. However, I only have about $7k which is about 15%. They want me to come up with about $14k which is impossible for me.

Just looking at it from their POV I don't understand why they wouldn't take the 15%. If I had a business and I knew I was going to get $0 on a receivable I would rather get $7,000 instead of $0. That is, unless I am not aware of something? Are these banks able to sell the debt for more than 15 cents on the dollar?