Need Help with 10 yr old BoA Card Charged Off to FIA

[Anonymous]

Hey all,

I had a credit card with BoA that I opened on 8/1/2004. I never missed a payment until September 2013 when I missed 3 in a row as I fell on hard times. I got back on track until July of 2014 and am now 150 days past due. Sometime in between the account had been closed. I called today to work out an arrangement to get me back on track to which BoA told me that my card had been charged off to FIA card services on 11/29. I called and spoke with BoA and was transferred directly to FIA and was under the impression they were the same company and that I was working out a payment plan with BoA. Having done a little research now I'm a little confused.

The balance owed is $5700 and my plan is to pay the balance in it's entirety with the help of my tax return in a few months. What would be the best avenue to try and get the charge off removed? From what I understand, FIA is owned by BoA - is it possible to discuss a PFD? I really wish I had called last week and gotten this resolved before they charged off the account.

Thanks in advance for any feedback. I've been a long time lurker of the forum.

[Anonymous]

Anyone?

[RobertEG]

A charge-off is an accountng measure taken in their own books, moving the debt from an accounts receivable asset to a non-receivable bad debt based on their determinetion that the debt is unlikely to be paid.  That then permits them to offset the loss in their next tax return.

I am unsure of what you mean by "charged off to FIA."

They apparently assigned/transferred the bad debt to them for collection

The OC would be the party who could agree to deletion of their own reporting of the charge-off, not a debt collector.

FIA would still be a debt collector, even if affiliated with BOA, as they are using a name that implies they are not the same entity as the OC.

[Anonymous]

That's right. I really can't afford to take a charge off to my credit score.
Considering how recent the charge off is and my previously solid payment history that BoA would take the debt back if I paid in full?

[Anonymous]

What was your end result with this? I'm in a similar situation now. B of A card was charged off and transferred to FIA.