Settling with Bank of America?

[Anonymous]

Hi i have 2 charged off accounts with BOA 

1 for $9540

1 for $6101

FDod= 7/2014

I would like to settle these accounts, i tried at 30% but they countered at 55%, i have read of some people being able to settle as low as 20% with BOA.

Any suggestions or tips or experience on settlements with BOA?

[Anonymous]

if youre in the SOL then they have no inentive to reduce the amount at all.  Check your SOL first then go from there.

[Anonymous]

SOL is 4 years and they reported DOLD as of 10/2015. Although i did not make a payment since 6/2014

[medicgrrl]

Either way, you are still within the SOL.  I would be concerned about a lawsuit if it continues to go unpaid.  

[Anonymous]

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@medicgrrl wrote:

Either way, you are still within the SOL.  I would be concerned about a lawsuit if it continues to go unpaid.  

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That is the reason i am trying to settle the accounts. I have offered them 30% which is what i can afford to pay. If they sue me then i will file ch7.

[sjt]

You can also negociate a payment plan in addition to the settlement amount.

[RobertEG]

Is your state SOL based on date of your first delinquency, or date of last payment?

It varies......

[Anonymous]

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@RobertEG wrote:

Is your state SOL based on date of your first delinquency, or date of last payment?

It varies......

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I am not sure, some websites say it is 4 years from the DoFD and other say its 4 years from the date of last payment