@welshdan wrote:Ok finally got through to BofA.
Lowest they can do is around 60% of the balance.
CC1 = $6530 = $4000 = 61%
CC2 = $5937 = $3600 = 60%
Total of $7400 paid against balance of $12400
They also offered to spread the settlement amounts across 24 months which i thought was generous but doesnt really help me bounce back until 24 months from now.
However It was a good phone call and I suppose I need to decide what I can afford and what I'm willing to sacrifice now to do it. I'm desperate to have these accounts paid up and to start recovering.
Realistically speaking i'm probably to leave it a few days, maybe a week and go back in with 30% offer and accept anything below 45% as I think I can swing that. They may stand firm and say no but worth a shot.
Any words of wisdom?
If these are still within states SOL then that is a generous offer, if not you may have to pay that amount or wait for it to drop off then settle for a much lesser amount. You can try a counter offer but only do so with what you can actually pay. You dont want payments on this you want them updated to 0 balance as quick as possible to it can cease reporting. COed accounts once they are paid off to 0 are to stop reporting per CRA rules.
