Bank of America is suing me right now in Texas for an unpaid credit balance. The Bank is owed $4,502.83. The lowest they will accept is 75% of the total over a 4-month period, or $877 a month. I have called to try to negotiate for less than the whole amount. They assert that they are UNABLE to accept less. Shall I give up or just accept it?Do I still have to file an Answer if I accept this settlement offer? In that case, how can I submit? Do I have to admit that I owe? Do I intend to start a payment plan and acknowledge that I owe the entire amount? I don’t know if I am completely denying it, but all I can see online are denial templates.
I just want this to go away as quickly as possible, and any guidance would be greatly appreciated. I really don’t know how to approach this and would really appreciate any assistance.
If my interpretation is accurate, it appears that you can complete the four-month schedule. There is a 25% save. Why not just pay the amount you genuinely owe and be done with it if you have the means to do so?
Speak with an Attorney, you might want to think about getting legal counsel from a lawyer who focuses on consumer law or debt collection.
They can assist you in comprehending your choices and rights.
Talk to the Creditor,If at all feasible, attempt to work out a settlement with the creditor. This could entail consenting to a debt reduction plan or payment schedule.
Try to examine Your alternatives for Debt Relief, If you’re having trouble managing your debt, you might want to look into your alternatives for debt relief, like debt consolidation or bankruptcy. These choices, though, have only be made after giving them some thought and seeking expert guidance. 