BOA settlement offer so soon? Is this normal?

[NoTomatoCan]

Ok, so wife and I are filing CH13 in just over a month. We stopped paying on our CCs in November.

Calls started coming right around Christmas time (fun stuff). Normal collection calls. Nothing to write home about.

Then today we received a call from BOA. It was from a new number (weird how after a while you start to recognize the numbers on the caller ID).

I started with our typical spiel, and without any prompting the BOA rep offered to settle our $25k CC debt for $13k.

That card is only 45 days late. Is that type of steep settlement offer typical after such a short time? We have ZERO lates on our credit report until now. This just seemed odd.

At no point have we given any hint to any creditor that we might file BK.

Is this type of offer so soon normal?

[OHBOY]

Being of sceptical nature I would wonder who is really calling...most calls that I recieve are 'unlisted'... I would ask them to send me any offers via mail as I would not go into any financial details over the phone with who knows who...but that's just me......

[NoTomatoCan]

They seemed legit, but who knows.

They did offer to send me a settlement agreement in writing if I agreed to the terms. Seems backwards, doesn't it! LOL

It is all moot since:

1. We are still going to file in just over a month.

2. This $25k is just a drop in the bucket.

3. If I had $13k right now I sure as heck wouldn't hand it over to BOA!

Just curious if others have experienced this type of quick offer for settlement.

[pcn]

BOA got down to 30% right before ours charged off (after 180 days). Mitchell Kay who represents Chase is still stuck at 70% almost a year after the last payment. Small proof that some are smarter than others I guess. And then there's the small jewelery company that ran a $100 charge into $390 with fees, but is "willing" to settle for $190...

[paradiddle]

I just got a 20% offer on 40K from BOA. I didn't even ask. It was 45% 2 weeks ago. I'm close to the 180 day mark. They will give me 4 months to pay - 2k a month starting at end of Feb. I play dumb, ask questions ( what will my credit statement say etc. ). I thank them for the help and tell them I will try my best. I did not make any commitments or ask for any deals.

[jwmc1]

I was able to get $4,000 settlement on $13,500. I could have gotten lower, but I needed 6 months to pay it back. The offer came through United Recovery Systems.