I spoke with BofA last night about a settlement. I'm close to the 180 mos charge off. Their first offer was 35% which I can't do so I offered 10% but no go. I have a legitimate medical hardship so I'm hoping we can meet in the middle. I was told BofA doesn't approve any lower settlements but reading the posts here you know that's not true.
From speaking with the client rep, the only government regulations are on the hardship programs which can not be for any longer period than 60 months. That's the max for debt management plans and bk.
Brokemama, if you want to start settlement talks, call the 1-800 number on the back of your cc and ask for the settlement dept. That's what I did.