I understand. I am glad things are good for you.
Since you started with me, I really trust your advice!
It has now been more than 4 months since I stopped paying BOA credit card. Here is the letter I plan I sending to them. Please let me know if anything should be corrected or changed up to strengthen my case.
I do not know how to say in the letter that I do also receive a minimal long term disability check paid from my employer through an insurance company and that I am current on my BOA mortgage. They can see my bank account and mortgage monies through my credit report and the payments that I have been making to Amex. How do I explain those?
I need to make sure that what I say in the letter matches what they see on my credit report where I am not delinquent on anything else.
Dear Bank of America
This letter shall address the debt reflected on a Quantum Master Card issued to me by Bank of America MBNA, with Account Number _____________. My spouse abandoned me and my little girl ten months ago, leaving us penniless and almost homeless. I am disabled and must rely solely on my Social Security Disability Benefits to meet the bare necessities of life. This has resulted in severe financial hardship, making it impossible to meet any of my debts, including the debt reflected in the balance on the subject credit card. I have assessed my situation and find that I do not have the resources to pay off this balance, nor can I continue to make the monthly payments required to keep this account current.
I am sincere in my desire to want to do the best that I possibly can to pay off this debt that would work for both parties. The problem is that I have no disposable income or assets. The Mortgage Balance on my home far exceeds its present value and I am considering giving the lender a Deed in Lieu of Foreclosure, thereby eliminating one more financial burden. As you may or may not already know, creditors cannot attach or garnish any Social Security benefits and since that is my sole source of income, that will remain intact
I took this suggestion and after consulting with a Bankruptcy Attorney, I find that I do qualify and, although it would not be my first, or second choice, I am forced to give it serious consideration in light of all my financial difficulties. He informed me that my Social Security Disability Benefits would remain intact because they cannot be reached by creditors.I have a second meeting with the Attorney at which time, I will bring him all of my debts which are dischargeable in bankruptcy.
In order to make sure that I am able to commit some of my limited funds to this credit card rather than nothing at all and to show my good faith, I am offering $2,200 as payment in full and final settlement of this credit card debt. If you can agree to this amount and would agree to remove all penalties and fees in writing then I can commit to sending in this amount by [Date You Will Send in Payment] in the form of a cashier’s check or a money order.
The balance has reached unmanageable proportions resulting from your imposition of late charges, penalties and the high interest levied on my account for several years. Once these excessive charges are eliminated the balance is not only more manageable, but it more accurately reflects my actual usage of the credit card. If you are in agreement, kindly confirm in writing that you will accept my offer of $2,000 in full and final settlement of this credit card debt.
I would kindly request that you consider this good faith offer and let me know of your decision within the next Ten (10) days so that I may act accordingly.
Thank you in advance for your kind consideration,