Mailing Settlement Offers to Bank of America, Advanta, and Others, Instead of Calling on the Phone
Credit Card Settlement
Where can I find a mailing address' to offer a settlement on my credit cards to Bank of America, Advanta, and others, instead of calling on the phone ?
—Bobby
I cover debt settlement letters and how to go about them in the critical report you can read here: https://consumerrecoverynetwork.com/debt-settlement-letters-agreements – you will see in this linked report, as supported with more detail below, sending Bank of America an offer to settle through the mail is not typically the best approach to resolving the debt.
Sending debt settlement offers in the mail to Bank of America.
As you will see from the report I linked to above, negotiating a pay off and settling credit card debts is best done over the phone first. This applies to just about every situation, including Bank of America. The reason is that is just how these guys are set up. They are huge institutions and they do things their way. Sending a settlement offer in the mail may never get from the mail room to the department it needs to in order to respond. Even if it does, they are probably going to respond by trying to reach you over the phone. That is a call you would miss if you are avoiding the telephone and collection calls.
Another thing to consider is the type of letter sent. If it is worded in a certain way, they may interpret it as a legal question and send it to that department. You may never hear a thing.
The calls are not scary. If you are reaching out to Bank of America directly, and not a debt collector or debt buyer, you should expect a civil tone and a “matter of fact” exchange about your resolving the account and the options available. Which leads to a couple of questions.
Settling credit card debt with Bank of America.
Bank of America settles past due credit card debt to be sure. But if you have not missed enough payments, they will not have a settlement offer available, or will offer to settle the account at a rate higher than may be available if a few more payments were missed. How many months has it been since you missed a payment? What amount are you prepared to offer as a settlement? What is the balance owed on the account you want to settle?
If your account is more than 6 months behind, bank of America will have placed it out with a collection agency, collection firm, or sold it to a debt buyer. You can call Bank of America and they will tell you the disposition of your account and who they have it placed with, or who they sold it to. You would then have to apply your negotiation and settlement strategy with the company.
Settling Advanta credit card debt.
If you have a shot at getting a settlement done through the mail, and without a phone call, Advanta might be the one to do it with. Advanta is a defunct small business credit card lender that is now in receivership. Here again, how long its been since you made a payment will influence when you can settle and for how much.
How long has it been since you made a payment on the Advanta credit card? Depending on how long its been, can change the address I would recommend you work with on your letter.
As with my caution above about Bank of America (and most creditors and collectors), you may not get a response to your letter from Advanta other than phone calls that you would miss or be reluctant to return. Picking up the phone is recommended.
If you can answer my questions above in a comment reply below, I will be able to provide more feedback. Readers with their own questions and concerns are welcome to participate in the comments and get feedback.
About Michael BoveeMichael started CRN in 2004 with a mission to provide people in need with detailed debt and credit help and education. Michael has participated as an expert panelist in federal consumer protection rule making, collaborated on state law changes governing debt consolidation, has worked as an expert witness in court matters related to the debt relief industry. He is available to speak with you about your financial struggle and helps people resolve their debt problems daily.
My mom has 35,000 credit card debt with B of A. She’s been struggling to pay each month a minimum amount, and sometimes pays late fees.
She is almost 90, as limited income, and late onset Alzheimer’s. I’m POA, and trying to figure out how to negotiate to pay a reduced amount. This is very stressful, as she doesn’t think she has problems. Her income is 30,000/year. What do you suggest? Thanks!
Does she own a home or have other assets to protect?
Are there more debts than this, and if so, what to they all add up to?
I have about a $5000 balance on a Small Business Credit Card from Advanta. The business was closed in 2010; fallout of the financial crisis. I continued to pay the minimum on the Advanta account as long as I could but stopped paying about 3 months ago. Of course they are hounding me, threatening credit reports and increasing the rate to 31%. I have told them the business is closed and there are no funds left. They are holding me personally responsible for the balance. I offered a settlement at 50% that was refused. Yesterday they offered a 75% settlement. Can I do better? If I pay a settlement can I trust whoever is doing these collections? Is the collection company legitimate. They say they are from Advanta Credit Card company.
I would typically target a less than 50% settlement on Advanta accounts. You would generally want to be 5 or more months late before getting to the settlement offers that are the most reasonable.
The people collecting on the accounts are still legitimate even though Advanta bank closed up.