I recently spoke with BOA on my cc that is 120 days late, and just received their first settlement offer of 45% (balance is small). They told me the offer is good for June, then in July it may go lower. It is scheduled to charge off in August; the rep said that that time it could go to an attorney, CA or go to BOA post charge off dept where they would still try to settle. I offered 32% (all that I can afford) but was declined. As I get closer to charge off, I am hoping they will settle for less.