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How to Settle Credit Card Debt with Bank of America (BofA) - YouTube
Channel: Michael Bovee
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Hi there, Michael Bovee with
Consumer Recovery Network.
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Thanks for tuning in to our
YouTube channel DebtBytes.
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Today I want to talk to you
about settling credit card debt
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specifically with
Bank of America.
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B of A is one of the largest
credit card insurance in
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the country they have been for
many years.
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They are probably one of the
banks that historically let's
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say of last maybe decade I've
been doing this kind of work for
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two decades or more but
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the last decade I would
consider them one of the most
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fair and favorable banks to
work with if you're trying to
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resolve credit card debts that
you can no longer afford to pay.
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During the recession for
example, Bank of America was
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offering their struggling card
holders settlements that were
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better than virtually every
other bank out there.
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They don't do much of
those kind of favorable
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settlements anymore.
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I still do see some say 25%
settlement would be available,
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but it is getting
harder to come by.
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They do settle pretty
consistently at the 40% rate
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like many major banks.
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They still do settle some at
even 30% in that area too.
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Whether you're working directly
with Bank of America or
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working with one
of their outside,
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third-party contingency
debt collectors.
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The most common type
of debt collector who
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basically calls you and writes
you and tries to get you to pay.
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If they get you to pay anything,
that's how they get paid.
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Otherwise, they're not
really earning anything.
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That type of debt collector is
pretty easy to work with on Bank
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of America accounts when
you weigh several different
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things about yourself, and how
you're seen by Bank of America,
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or FIA card services,
by the way,
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who does a lot of collection for
as part of Bank of America.
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It does a lot of collection for
Bank of America, the brand.
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FIA card services is
part of that company.
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So when you're unable to make
your minimum payments and
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you've fallen behind by say,
five months, that's about when
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you're approaching
the opportunity to settle for
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the best savings rate, you're
gonna be dealing with either FIA
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card services, or
Bank of America, and
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your targets are between 30 and
40%, realistically.
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If you are paying other
creditors on time and
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if you're paying other
credit cards on time,
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if you've had things about your
account with Bank of America
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like just three months
before you stopped paying
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you just withdrew a cash advance
for thousands of dollars or
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used the card for thousands
of dollars of purchases,
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a huge percentage in other words
of your available credit limit
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is something that you recently
tapped into and/or you did
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a recent balance transfer
in the last say 12 months.
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And the balance,
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most of your B of A balance
is due to a balance transfer,
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those kind of percentages that
I'm sharing with you are going
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to change more often than not so
realistic targets are going to
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be situational if you have
some not so common issues,
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leading up to your default
in payments to them.
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But otherwise it's gonna
be pretty straight forward,
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common to everything I talk
about with on YouTube channel
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here about settling with
your original creditors.
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Everything in that
video applies.
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Everything that I talk about on
settling with Bank of America on
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the consumerrecoverynetwork.com
website, have a couple
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pages dedicated to settling
with original creditors and
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specifically Bank of America.
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It all applies.
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When you deal with an outside
third-party collection agency
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with Bank of America,
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some things are going to
be a little bit different.
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They're going to be paying
closer attention to not just
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other creditors that you pay,
but how collectible you look.
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Are you paying
the mortgage on time?
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You're somebody that's probably
going to be viewed as more
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collectible than somebody
who's just paying rent,
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because you have an asset.
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Your home is
considered an asset.
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If you're paying on a car
on time versus not.
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Those kind of things are going
to create a more collectible
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vision of you.
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And that means that while I
might look to settle with a debt
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collector for Bank of America
I'd say 25%, like I think you
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have a realistic shot because of
your hardships and everything.
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You're somebody who might look
like you can pay 35 or 40%,
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so those targets
are gonna be adjusted
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depending on the debt collector,
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cuz they have different
internal policies as well.
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And depending on how
collectible you're viewed.
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But Bank of America and
settlements or
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negotiations with them or
the collectors
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are really straightforward for
the most part.
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Debt buyers are not currently
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picking up a lot of
Bank of America debt.
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Bank of America is not
selling a lot of unpaid
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credit card debts right now, but
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at the time of this recording
it's the end of 2015.
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I expect that to,
there's some ebb and
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flow to collection laws and
against debt liars and
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things like that and
the creditors.
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I expect that to shift and
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I expect big banks like B of
A to start selling debt again.
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Sometime maybe later in 2016 or
even 2017,
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and that dynamic will change.
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So if your debt is say five
years old, four years old from
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today and you're dealing with
a debt buyer, that was common.
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Settlements with debt buyers can
change, do a search here on our
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channel we might have covered
that debt buyer in a video.
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You can certainly search
more about that debt buyer
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on our website.
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Because I cover most debt
buyers on the CNR site.
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Anyway, if you have questions
about negotiating your debt,
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your credit card debts, with
Bank of America, even mortgage
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debt sometime, post them
in the comment area below.
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And I give dedicated
free feedback.
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You can also reach me by phone.
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Call the number on the screen.
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Press 2, that rings my phone.
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I look forward to seeing
you on the next video.
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