BofA CC - hardship programs

Forget zipdebt, total waste of money. If you want BOA to lower your rate, miss one or two at the most payments, they will lower your rate and do just about anything to get you to start paying again. If you want to settle your account all the info is on this site free.

Hello,

Welcome to the site. My first recommendation is that you take just a moment and register so that you don't appear as a guest and your posts aren't confused with other guests that might post on your thread.

We just started into the DIY debt settlement process and are now 60-90 days late with our CCs. We just contacted all of our CCs for the first time last night to let them know the particulars of our hardship, of which BofA is one. Their first offer of hardship assistance was a BLP (balance Liquidation Program) in which the interest rates on our accounts would be lowered to 6% on one and 14% on another (smaller balance) and payments would be fixed over 5 years and the cards would be closed. You also need to complete a financial interview in which they 'qualify' you for this payment arrangement.

That was their FIRST offer, and based on what I have read, as you go longer without payment, the offers get better. We are going for settlement, so we didn't take this offer. But I think you will find with BofA, as with other CCs, they won't seriously offer you any help if you are current on your card...sad, but true. You need to be delinquent to get their attention.

Best of luck,

Don

Try to get into Bank of Am hardship plan. When I did 6 months ago the interest rate went to 4% and no late fees. Later, when I stopped paying them, the rate did not got up and no late fees. Definitely where you want to be if you plan on settling in the near future.

Hi Ozzie69,

Quick question on your experience with the BofA hardship plan. When you 'enrolled' did you make any payments at all once you were setup on the plan? If so, how many? And did those payments bring your account current, so that when you stopped making payments, the clock started ticking again on the road toward settlement?

Also, I thought I understood, that if under a hardship program if you missed more than 2 payments (may differ between CCs) that they 'kicked you out' and your account terms reverted back to the original ones with late fees, overlimit fees and the higher interest rates.

Any info on your experience would be helpful. We are 60 days late with BofA right now and just discussed this with them last night. I like the idea of trying to lock in a lower balance without future late, overlimit and interest so that our potential settlement balance will be lower. Do you think that being in the hardship program helped or hurt your ability to get a good settlement with BofA?

Thanks as always,

Don

Don

I enrolled in hardship plan on $30,000 with Bank of Am approx. 10 months ago. I paid for several months but then could not longer pay. I did not pay for the next 6 months and settled $20,000 at 20% and $10,000 at 25%. The interest rate remained same for 6 months and I was charged no late fees.

I do not think being in the hardship plan hurt my settlements at all. As a matter of fact I think it helped.

I am the original poster of this thread.....I will look into signing up as I find this site extremely helpful and plan on being on here for quite awhile. I think I might call BofA customer asst dept and see what they say and then make my decision as to what is best for me, I may not even qualify for the hardship program, meaning my debt to income ratio (more monthly debt than income). On this card my current balance is <$4,500 so not sure what they will offer.

TOCOF - if I get the same offer of 14% for my cc; I still couldn't afford the payments and would also be looking into settlement. I guess BofA factors in many things when offering a lower rate.

Ozzie69 - you originally went for the hardship program, but then ended up settling with BofA. Were you late on payments when you entered into the hardship program? And how late were you before you got this great settlement from BofA?

Thanks everyone for the great info.

I was not late when I started hardship plan. I just called and said I am having trouble making my minimum and getting no where on principal.

I was probably 160-170 days late when I settled. Closer to charge off better the settlement.

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