I stopped paying on my credit cards when I became unemployed, around 12/2008. I didn't have many cards, three total, with BoA being the highest balance at $10,000. I throw most collection letters in the trash before opening them, but of the ones I do open, BoA hasn't seemed to be interested in me anymore. WaMu sold off my $2,000 and an attorney almost immediately got a judgement on that debt. Yet I've heard almost nothing about $10,000. Anyone want to offer a guess how this will play out? I ended up going back to college, and will likely stay on that path for a few more years, so there is no money now or on the horizon to consider settling this debt. That being said, I'm not crazy about waiting out 4 more years to see if it falls off my report. Just checked my scores. After hitting 726 in April 2008, I am at 479-494. I suppose today starts my climb back. Just wondering how I want to play the BoA account. Jeff
Check the SOL in your state first. BofA might wait until just before the SOL expires to sue you for the $10K, or it may play out exactly like what happened with WAMU. Has BofA already charged it off and sold to a CA? How does the debt appear currently on your credit reports?
SOL in Oregon is 6 years. It has been 2.5 years since I made a payment, although BoA reported the balance through 01/2011. BoA lists this account as charged off and in collection. No collection agency is reporting it right now. I'm a bit surprised no one has moved for a judgement on this yet, although I haven't been the easiest person to serve notice to in the past 6 months.
Then they've likely charged it off but they haven't sold the debt to a CA. It may just be assigned for collection at this point. If it were already sold, then they should be reporting a 0 balance.
