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PWONG1235 · Apr 29, 2008, 11:12 AM

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

Original 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 · Apr 29, 2008, 11:18 AM

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 on the debt. How much depends on the contract.

DrJ · Apr 29, 2008, 11:24 AM

How much money have they frozen in your account?

Are you an employee?

DrJ · Apr 29, 2008, 11:27 AM

Don't listen to her :D (sorry.. no offense amIwrong) but...

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

PWONG1235 · Apr 29, 2008, 11:40 AM

Originally Posted by DrJizzle

how much money have they frozen in your account?

Are you an employee?

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

DrJ · Apr 29, 2008, 12:31 PM

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 that's in there), they can put a lien on your property (houses, cars, etc.) but that means that they won't 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 don't know where you work, which is why they haven't 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 haven't 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.. don't take that literally).

PWONG1235 · Apr 29, 2008, 01:03 PM

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.

DrJ · Apr 29, 2008, 01:07 PM

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 · Apr 29, 2008, 01:16 PM

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?

DrJ · Apr 29, 2008, 02:41 PM

I can't 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.

PWONG1235 · Apr 30, 2008, 05:46 AM

Thanks a lot for your help. My life is really mixed up. I really want to put this behind me.

stones123 · Apr 30, 2008, 11:29 AM

Please keep this up-dated. I would really like to know how this turns out for you. I'm in a simpler situation but they have not offered any settlement. Just a judgement against me. I am going to try and have the judgement reversed since I can prove that they will not talk with me or even try an settle this account.
Has a judgement ever been reversed by a judge?

progunr · Apr 30, 2008, 11:43 AM

Since this is a judgment, the rate of interest would be governed by the law in your state or county and would not be up to the creditor to determine.

If you can borrow from family, to eliminate this judgment, I would do so.

If they continue to levy your account, and possibly garnish your wages, I can only imagine that would create even further problems with the bills and debt you still have to take care of.

As to the other BOA accounts, if they too are delinquent, there certainly does exist the possibility of further legal action on them as well.

Good Luck to you.

ScottGem · Apr 30, 2008, 11:52 AM

Originally Posted by stones123

Please keep this up-dated. I would really like to know how this turns out for you. I'm in a simpler situation but they have not offered any settlement. Just a judgement against me. I am going to try and have the judgement reversed since I can prove that they will not talk with me or even try an settle this account.
Has a judgement ever been reversed by a judge?

First its not a good idea to piggyback your question on someone else's. This can lead to confusion. You should start a new thread. Normally I would move this, but since it does apply partially to this thread I'm going to leave it here. However, I request that you start your own thread fopr any follow-up.

Judgements can be vacated if sufficient legal grounds exist. Unfortunately, the plaintiff's refusal to talk to you or negotiate a settlement is not grounds for reversal.

PWONG1235 · Apr 30, 2008, 11:57 AM

The Lawayer Give Me An Extension To Send In The $10,000 (65% Settlement) Before May 15. Should I Take The Deal? Do Anyone Think I Can Get A Better Deal Later. The Lawyer Took Me It's Legal To Charge 9% Interest. It Indicate In The Judgetment Also. Advice, Should I Take The Deal Or Not?

ScottGem · Apr 30, 2008, 11:59 AM

I told you before I think you should take the deal. But make sure you get it ALL in writing.

PWONG1235 · May 1, 2008, 01:02 PM

Thanks Djizzle. I Agree To Settle With The Laywer $10,000 (65% Settelement). The Lawyer Say I Must Have The Money By May 19, 2008. I Put $4000 Down First.
Need To Borrow The Rest From Relatives. Just Need To Get This Behind Me.