I have three different account with BOA. Now, I have one judgement against me. My bank accounts get frozen. I still have one bank account active. Will they frozen my other account later. Should I take all the money out first? The lawyer offer me 65% settlement , they will not waive the interest, court fees. They give me end of this month to accept the offer. They told me next month will be 85% settlement. Should I take the offer now, or I can get something better later? Please help

orginal balance: 12,000 judgement amount: 14,600 settlement: 10,000

I need to borrow money from my relatives, friends, in order to settle.


Advise should I get the settlement now or wait for better settlement.

They said they will charge me 9% interest if I don't pay it now. Can they do that?

ScottGem

Sounds like you would be better off settling now. Assuming thse are valid bills since they got a judgement, they can keep attaching your accounts and maybe garnish your wages. So a 65% settlement sounds like a good deal.

And they can continue to charge interest onthe debt. How much depends on the contract.

DrJizzle

how much money have they frozen in your account?

Are you an employee?

DrJizzle

Dont listen to her (sorry.. no offense amIwrong) but...

there are no debt management services that will take on debts that already have judgments on them.

PWONG1235

Yes, I am employee. About 4,000 in account.

DrJizzle

first, there is no "time limit" set on any settlement. Settlements do not "expire". It is B of A that makes those up and uses them as a tactic to get you to pay them now, rather than later. The fact that they already have a judgment and are still offering you a settlement means something. Think about this:

They have a judgment against you. They can levy yor bank account (which they already did.. guaranteeing them that $4K thats in there), they can put a lien on your property (houses, cars, etc.) but that means that they wont get any money until (and if) you ever sell that property, or they can garnish your wages and take up to 25% of your gross earnings each check (depending what state you are in).

They likely dont know where you work, which is why they havent garnished your wages already... so as far as they know, all they can actually TAKE from you is the $4K currently in your bank.

To answer one of your questions... YES< take out any money that is in any other bank account that they may know about.

Now, its your turn to offer THEM a settlement. Tell them no, 65% is too high. They already have $4K of you money, you will give them $1K more and call it good. Get it in writing and be done with it.

If they refuse, then the negotiations can start. Just remember, they cannot take you to jail, they cannot kick you out of your house, they cannot take away your first born. They only other thing that they MIGHT be able to do is try to garnish your wages (if they know where you work). But for whatever reason, they havent done so already.

And besides, they would much rather have a lump sum of money now than get paid off with a couple hundred bucks every month for the next 3 years (random numbers.. dont take that literally).

PWONG1235

Yes, The Lawyer Is Offer Me $10,000 Now To Settle Or 4000 Down And 375 Per Month For 34 Months. However, I Still Have Two Accounts With Boa. Will They Sue Me For That Also? If They Garnish My Wage, That Means My Employer Will Know. Will That Affect My Employment. Please Answer.


Again, Should I Settle Now Or Probably Will Get A Better Settlement Later?


Please Help. They Give Me A Deadline Till End Of This Month.

DrJizzle

what is their offer? $4K down now and $375/month for 34 months? How do they say they will receive that $375? by way of garnishment or payment plan with you?

PWONG1235

4000 Down And 375 Per Month For 34 Months. I Think This Is A Payment Plan.
No 65% Settlement. This Is A Full Payment. Original Balance Plus 9% Intererest. By The Way, Can They Really Charge Me 9% Interest?

DrJizzle

I cant be positive but I am 99% sure that they cannot charge you interest once an account has been charged off (which is was at most 6 months after you went delinquent).

If you've got $40 to spare I can point you in the right direction. i'll PM you where to go to ask.