The latest with BOA

15% is way to low...they will NEVER accept this. Trust me. 30% is very reasonable. I'd take it. Do what you can to pay it in 90. Make sure you get everything in writing!

I think if you search the forum, you probably will find examples of people who got settlements at less than 30%. I feel like I've seen them as low as 15-18%. I'd guess that this is the exception rather than rule though.

I don't have any personal experience but from all my research it seems that BofA is the easiest to settle with. 30% is very good. I don't know who else you have to settle with but Discover is very difficult and will not settle for under 50%. You should take it and pay it.

Of course I know that 30% is a good settlement. If I had the money, I would take it. I do not have that in a lump sum, nor will BOA allow me to take longer than 90 days to pay it - which is what I need.
I also know that 15% is too low - I was actually hoping for the 20-25% range.
I guess I will now have to take my chances with either a lawsuit or a debt collector after charge-off.
I posted the original post mainly to let people know that BOA told me today they will not go lower than 30% and that apparently this is new. I also wanted advice from anyone who has gone through this.

I am in a similar situation and lack of funds will dictate my actions. I will have to wait it out. I have seen a lot of people settle with BOA for 15 to 20%. They will take something instead of nothing. Tell them you have other accounts to settle and 15% is all you have to offer. If they refuse, offer it again at the end of next month.

I just settled for 20% payable over three months on three cards with FIA including one BOA. Total debt was 35 k when I stopped paying nearly 180 days ago it was over 40 k after the late fees and inflated interest. Settled for 8.3 k. I found them very easy to work with and kind given the circumstances.

I settled with BOA thru FIA in March for 20% over 4 months. When I tried to settle my husband's accounts, they said they could not go over 4 months or lower than 40%. I think it just depends on who is working that day. My only advice is that if you have a checking account with them as well change banks as they may try to reclaim their money or so I have been told.

I agree with both Kelley and guest59 if you have an account with them close it just incase and either make the offer again or do a counter off the end of next month.

Thank you for your advice We received correspondence from FIA earlier in this process but phone calls have all been from BOA. We did have both checking and savings accts with BOA but when we decided we would have to stop paying on the BOA credit card, we figured we needed to change banks so we did.

Kellyqsparks - isn't it interesting the different "rules" you seem to get from them? Yesterday they said they would not go lower than 30% but it had to be in 3 mos. If only it were 4 mos. - I would gladly take it but she would not budge on that.

I think I will take your advice Marysplace and make another offer towards the end of August.

Thanks everyone.