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B of I Credit Card - Short Settlement ?

  • 17-01-2012 6:32pm
    #1
    Ron J
    Registered Users, Registered Users 2 Posts: 38 ✭


    HI All.

    Has anyone agreed a short settlement with B of I. Hear they wont settle for less than 85% of what's owed.

    Did anyone achieve a better result and if so how ??


Comments

  • #2
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    Ron J wrote: »
    HI All.

    Has anyone agreed a short settlement with B of I. Hear they wont settle for less than 85% of what's owed.

    Did anyone achieve a better result and if so how ??

    Really depends on the situation. If you are in employment and budget is ok and just seeking a smaller amount to clear the card then a no go really.

    If you are seeking a write off of part of the debt due to bad financial position you would really need to put forward your offer with evidence as to why this is the best you can do and even at that it may be refused. Very often short settlements are refused.


  • #3
    Ron J
    Registered Users, Registered Users 2 Posts: 38 ✭Ron J


    Thanks Chris85.

    Have a very reduced income situation. Owe 9.5k. Have submitted budget sheet last month. Have being paying reduced payments for about 18 months. Have access to 6k from family member and they have rejected it to close account indicating an offer circa 85% is required (8144 ish).

    Can't aspire to this right now so just wondering if anyone was able to achieve a settlement of less that 85% with them.


  • #4
    Gareth2011
    Closed Accounts Posts: 579 ✭✭✭Gareth2011


    Hi Ron, My wife had a BOI loan and she was able to get away with a 75% settlement but they had started legal proceedings and all at that stage so we guess thats why they accepted the 75%. If you go to mabs they might be able to contact the bank for you and push them for the settlement of 6k.


  • #5
    Ron J
    Registered Users, Registered Users 2 Posts: 38 ✭Ron J


    Many thanks Gareth. Will keep at them for a while to see what they will suggest. Will look into the mabs angle too. Good idea.


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