Last Day with OC. Keep it with them or go to CA?

[Anonymous]

I am finally trying to repair my credit and I find out that today is the last day OC will have my account before charged off. My options are take the 20% of total settlement, pay a minimum amount to keep the debt with them or have them charge it off and I have to deal with CA. I am already getting calls for other debt from CA's. It has been a while since I have looked in the forums here. What would be my best option to rebuild my credit regarding this particular debt? My debt is with BoA. I have till 9pm tonight to call  them back and something must post by 9 tomorrow.

[Anonymous]

I am finally trying to repair my credit and I find out that today is the last day OC will have my account before charged off. My options are take the 20% of total settlement, pay a minimum amount to keep the debt with them or have them charge it off and I have to deal with CA. I am already getting calls for other debt from CA's. It has been a while since I have looked in the forums here. What would be my best option to rebuild my credit regarding this particular debt? My debt is with BoA. I have till 9pm tonight to call  them back and something must post by 9 tomorrow.

[Anonymous]

You don't want a CA on your CR.  You don't want a CO.

If you pay them a minimum amount and it does not show on your CR as a CO, I would go this route.

[Anonymous]

This would only be temporary because I can not repay the debt. Could I pay the min then send them a PFD tomorrow? She said if I did the settlement it would go on my CR as paid but not full amount or something. The settlement is for about 20%. Does anyone have any experience with BoA and getting a lower amount in a PFD? Would I be able to pull of the PFD in a month or have to pay again to keep it open. Would I need to DV before the PFD?

[GordonShumway]

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@Anonymous wrote:

This would only be temporary because I can not repay the debt. Could I pay the min then send them a PFD tomorrow? She said if I did the settlement it would go on my CR as paid but not full amount or something. The settlement is for about 20%. Does anyone have any experience with BoA and getting a lower amount in a PFD? Would I be able to pull of the PFD in a month or have to pay again to keep it open. Would I need to DV before the PFD?

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20%?? I see BoA is still practicing their  "settle for very low % before CO" routine.

I'd take the 20% and say my blassings from now until this falls off my CR.

This is probably the best offer you can get on your account EVER.

[Anonymous]

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@GordonShumway wrote:

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@Anonymous wrote:

This would only be temporary because I can not repay the debt. Could I pay the min then send them a PFD tomorrow? She said if I did the settlement it would go on my CR as paid but not full amount or something. The settlement is for about 20%. Does anyone have any experience with BoA and getting a lower amount in a PFD? Would I be able to pull of the PFD in a month or have to pay again to keep it open. Would I need to DV before the PFD?

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20%?? I see BoA is still practicing their  "settle for very low % before CO" routine.

I'd take the 20% and say my blassings from now until this falls off my CR.

This is probably the best offer you can get on your account EVER.

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But is this the best option to rebuilding my credit? How would the settlement compare to the CO in regard to credit score if theyre both going to stay on my CR? I think it is actually 25% and I said 20% because maybe that's what I want it to be.

[GordonShumway]

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@Anonymous wrote:

 

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But is this the best option to rebuilding my credit? How would the settlement compare to the CO in regard to credit score if theyre both going to stay on my CR? I think it is actually 25% and I said 20% because maybe that's what I want it to be.

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So what are your other options?

C/O?

Collections?

Law suits?

IMHO is the lesser of all evils. You take what you have and move on. Dealling with the OC is always better than the rest.

[Anonymous]

If they won't delete, you need to go with what will hurt your score less. 

Be careful in settling.  They can come after you for the rest.

[Anonymous]

Really? Is there a topic on this in the forums I can read, or a post or something? What do I need to listen for in the settlement process?

[Anonymous]

If you settle, get everything in writing before money changes hands.

Make sure they state that upon settlement you are no longer financially obligated for the debt in anyway.

[Anonymous]

Okay, so what I will do is pay the min to keep it with OC. Then I can try to negotiate a PFD or something. Do I need to send a DV?