It will soon be 6 months that I have stopped making payments to BofA on a $42,000 balance which was mainly used for a balance transfer from different accounts over a year ago. They raised the rate and payments and could not afford it anymore since I haven’t been making money. I hired a lawyer a month ago to work with them on a settlement. He has had a very difficult time getting connected with them. 2 weeks ago, they sent me a letter to settle for $32,000 and my lawyer sent them a counter letter for $10,000 but no answer. Today I received a letter asking for a minimum payment or to call them for a payment arrangement since the account is seriously past due.
I am so confused about 2 contradicting letters. Once to settle and one to pay the minimum balance. I also called them 3 weeks ago and gave them my lawyer’s information so he can handle the calls. Is this a trick? Why is BofA still contacting me and ignoring his calls? I would appreciate your help since I am getting worried now.
I’m not surprised by their approach. You’ve got a couple of different departments at Bank of America communicating with you and it’s fractured. Bank of America isn’t the only one to do this. I remember a consumers that once called Capital One to offer $35,000 on a $43,000 balance and they refused. When he got home there was an offer in his mailbox from Capital One to settle it for $15,000. Logic and creditors don’t always go together.
It feels like you are a bit all over the place on this. We need to pick an approach. If you are going to pay for a professional to handle this for you then let them handle it. If you want to do it yourself there are good programs out there that can help you for not a big fee.
I’ll email some of those companies and ask them to come and comment on this question for you and share their wisdom and experience.
Please post your responses and follow-up messages to me on this in the comments section below.Big Hug!
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