bank of america

[rebleford]

i had a Bank of America credit card i had a balance around 7k now PORTFOLIO recovery is after me for 9k i dont have any where near that much money to give to them i want to do the best thing for my credit can any one give me any suggestions i live in pa. i have been looking on theis site and i do not understand this talk about s.o.l. how can that help me or hurt me thanks you in advance for you help

[NightStar]

SOL = Statute of Limitations

Period of time a debt is legal to be collected on. If they try to take you to court after this period has expired then you have a legal defense that the debt is time barred and no longer collectable.

Here is a link to look up SOL for your state.

http://www.carreonandassociates.com/...es/statute.htm

[omitdebtcom]

The best thing to do, if indeed you plan on rectifying the debt is to call them and request a payment plan for the original amount.

You can request them to close the account to freeze the amount. They will want to keep it opne to continue to acrue interest, but if you in fact plan to pay but wish to keep some sort of control, close it.

If the person you originally talk to will not allow this, ask to get bumped to a manager or someone than is authorized to make such arrangements.

You can also just ask for a suspend to freeze the interest if you wish to keep the card.

So detail what the plan YOU wish to have and fight for that. It will at least provide a baseline to work from. Negotiation can begin from there.

After an arrangement is finalized, request something in writing detailing the plan to be sent to you.

Then contact all three agencies and ask them to update the account (ONLY IF NEGATIVE REMARKS HAVE ALREADY BEEN CREATED) with a notation that a payment plan was agreed upon.

You might not get approved for a new credit card right away, but this type of documentation at leats helps if a new mortgage or bank loan is in your future. It will help if they are on the fence for approval. It shows your intent to settle debts.

Hope this helps in some way.

[skullst]

It's your right to deal only with your original creditor. Check section 805 of the fdcpa. You can basically tell them to shove it. You'll want to validate the debt with the original creditor in order to determine what you actually owe. Some of that $9000 may be interest. If you contact them, you may be able to negotiate the debt, just so they can get it off the books. Get in writing what ever agreement you come to.