Can anyone tell me who to call at BofA and what number? I have 13K in debt and would like to settle for no more than 30% if possible. Thank you.

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.

If you are currently in decent standing with BOA and discover but owe over 24k with BOA and 8K with discover and have paid but slow less than 30 days over that last few months, what are the odds they will take a settlement with continued payments. My husband has lost his job and we can't continue at this rate. We were hoping for 50% reduction in balance with both companies with no harm to our credit other than a settlement accepted on our credit and the other 50% that they wrote off as a loss not to affect our credit. Is this possible? Thanks for any advise.

I have about 75k in CC debt and been for 6 month trying to stay on time with the payments. We have reached the point we cant pay them anymore. I have 3 with Capital One about 8k in total and the rest are on 3 accoutns with BOfA. My plan with now is to just wait till 2-3 month when they start calling me and asking about payments. I hope to settle with them by taking a loan out against my 401k. I have not hear about goverment guildlines about settlements before I read it here. Where did you get this info I tried to look it up and cant find anything about it. Are you sure it was just not something they said to make you pay what they wanted you to pay? I have read alot and most people say to start our low with an offer. And if you cant get it to under 25% then tell them you will have to see what you can do. Call back a few weeks later and see if they have gone down at all. But we are at the point that if we cant get out of the CC bills when we will have to file Chapt13. So we really dont have any choice but settle at around 25% or tell them see what they get from the chapt13.

BOA, to me, is the most reasonable bank to work with. I've had issues with other banks in my area (particularly SunTrust and BB&T) and of the three, BOA is the most reasonable and where I've had all my accounts with the longest. They are like any creditor though, they are persistant, but in my experience they are not nasty like some other creditors I've been in contact with.

What is the 90% profile thing? Anyone that worked in this industry know?

I have a written settlement offer from BofA to settle debt for 25% of what is owed. I called to proceed with the settlement and was told that they would/could not settle the debt for the amount stated in the letter. Can they do this or is the written settlement offer binding as long as I make the initial payment?

Hello all. I'm new to the whole settlement idea, but it seem's like it's the best alternative for me right now. As my family is heading into some rough circumstances. I just want to get rid of this debt and start moving on. I currently have a $9,800 card with BofA and I am in good standing. From anybodies experience, do you think they will settle with me if I take it to 90, 120 or even 150 days? Also what percentages have they been offering. Thanks alot!

how does the settlement effect your credit scores and for how long?

I am trying to figure out how I can go about settling debt with BOA. When I called and talked to them earlier today (my account is 60 days past due), the agent told me that they don't deal with debt settlement companies.
She could connect me with a debt management company that they work with though.
I ended up speaking with someone from the debt management company for a while on the phone. Is this their standard operating procedure?
How long do I have to wait until they will settle the debt? How does this affect credit scores and ratings?

Thanks for your input.

You will start getting offers from BofA at about the 120 day mark, especially if you have a hardship.

They are easy to work with especially if you have a hardship. Things just did not work out for me.

hi, I recently settled with Chase at only 47 days late. They called and offferd a 35% settlement on my 25k acct. We took it. Now I have 2 cards totaling 35k with BOA to settle. I have always been current for 13 yrs but our business has failed andI cant keep up. I am about 45 days late and they told me they were sending me to collections in 2 weeks?? Does anyone know if this is a bluff? SHould I offer them a settlement now in hopes of not being sent to collections. Does that mean I will be charged off before 60 days???? I have to say Chase was much easier for me.

Thanks for the info

Do it yourself, I did. 40K at 25% at 120 days.10K 4 payments, got in writing before first paymentwas due..

On my first phone call, I was offered 30% at BOA. Should I settle for this, or should I go for less?

'Depends on how old account is. I was offered 30% at 150 days. Held out some and now 25% offer. Charges off 1/30