Accepting offer from BOA

[Anonymous]

I have been offered to settle a $3,600 debt from BOA for $730. My CR will be marked settled for less then the full amount. They are claiming that my debt could go to a CA soon as they are closing down their internal recovery dept.

At this point, I see several options:

1. Accept the offer. They are not going to remove any previous notations on the account.

2. Write a PFD (I still don't know how to word this). If I do this and they reject it could it hurt me? Could I lose the above offer or even piss them off so that they decide that they are going to go after me?

3. Do nothing and let it clear off my report in two years. With this option, I can only hope they don't sell to a CA who opts to sue.

I would like feedback on what you would do in this situation.

[ngerasimatos]

Even if they sell the debt, it will still fall off in 2 years. The debt falls off 7 years from the first reported date.

[Anonymous]

If this letter is from the OC    send them a PFD for the amount that they offered. On CR  "settled for less" means nothing!!!!  Scores will not go up until it is deleted. The worst scores come from the OC reporting CO!!!!!!! Not from a CA reporting.

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=2659

Message Edited by HappyDays on 02-29-2008 11:58 AM

[Anonymous]

Whenever BoA accepts a settlement, they will ALWAYS report as charge-off for the amount not collected.