If we called Bank of America and asked them to settle w/ us.....

[nadamoney]

Would they?

We had to stop paying them about a year ago because we were late one payment (on accident) so they raised our min. payment and interest way above what we could afford. Since then we have been working with a debt settlement company. This company has already gotten one account settled for us. Now we're working on BOA (which we have to debts with) but since they've had to wait so long they are now sueing us.

We don't have enough money in the account with the debt settlement company for them to negotiate with BOA yet - if we did they could have done this already.

The court date is November 9 and we have been scrambling to gather up as much money as we can to get in that account. I have been arguing with my husband to call them himself (eliminating the middle man) and say "How much would you settle for if we could get you the money before Nov. 9 to pay off both accounts?"

He is afraid to do that. What would they say if we did that? My guess is they'd rather settle than go to court. Right?

We know we owe it and we have ALWAYS paid it on time but for that once.....we've been working to get it paid but we can only do so much at one time. We're not just sitting on it twiddling our thumbs. I'm praying at least that means something.

Thank you for any advice!!!

[hcorreia1]

Call them and try to settle don't let them get a judgment they might even work out a monthly payment. I had 30k worth of credit card debt and negotiated with almost all of them lowest was 25% and the highest was 60%. Start out by offering 30% and they will counter back go back and forth but whatever payment you settle on make sure you have the money to pay it.

[AngelinaCatHub]

If you don't ask, there is always only one answer. Call them. I doubt they will settle for what you could afford. If you are using a settlement company and it is working for you, you will be the FIRST one I've heard of. Most are rip offs.

They want your money, not a foreclosure. What would they sue you for except the deficiency and they would have to foreclose first. I'm not understanding the suit, but I do understand the foreclosure. Then, perhaps a suit. Are you considering bk? If so, that will stop all activity towards a foreclosure (until they request a lift of stay) and any law suits. 'Hub

[SwimminUpStream]

They settled 2 accounts with us. Split it up as well into 4 monthly payments. Were more than nice about it too!

[ryan]

This is a credit card suit, not a FC suit, correct? It can't hurt to talk to them. When they do settle, BofA CC can be a better deal, some have said. Average settlements across the board are about 50% of balance.

[nadamoney]

Thank you everyone!

Yes it's just a credit card suit, not a forclosure.....I just wasn't sure if it was too late or not since they've already served us with a court date. We're going to really have to scramble for the money so hopefully they'll let us settle and for about 50%.