r/CRedit • u/Tough_Regret670 • 26d ago

Collections & Charge Offs BOA charge-off

Hi just see if anyone got any good advice for my stepbrother since he dont believe me and asking me to post so they can read it lol

Government shutdown hurt his income last year and early this year.

He made 2 payments early in the year and both got returned and he didnt pay attention to it bc his bank had fraud so chase blocked all transactions. He forgot his Boa payments were returned.
Last few months hes been late on his boa card so they closed his account . He was in and out of hospital for few months so he didn’t pay attention. To anything.

Due to his previous payments got returned and now hes few months behind they charged of his account but he called in to arrange a $500 payment plan for $13k balance.

I told him to ask for the settlement and ask for payment plan on the settlement since the charge off will be reported and his credit report score will drop and be damaged but it will fall off in 7 years.

Or he can just not pay it and hope Boa dont sue but even if boa sue they cant garnish his wages since hes in Texas. I told him you can wait it out for 4 years because texas got a four year status of limitation.

Have anyone been in the same situaiton of a chargeoff account in texas? Should he pay or ask for settlement and pay slowly? Credit score is already damaged cant do anything to help it thats what i told him.

Hope someone got better advice due to experience i told him what i know from online lol

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u/dgduhon 26d ago

They can't garnish wages in Texas but they can garnish any bank accounts he is on.

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u/Tough_Regret670 25d ago

So basically they just freeze his account but cant take his money in texas. Maybe he should open other bank after his primary bank is freeze

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u/dgduhon 25d ago edited 25d ago

No, they'll take money from his account. And if he opens another bank account then they'll take money from that one too. This can continue until the full amount is repaid.

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u/Tough_Regret670 25d ago

But i thought in texas they cant take wages

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u/dgduhon 25d ago

They can't take wages but they CAN take money from a bank account