Have you settled credit card debt with Bank of America?

Question

If you have settled credit card debt with Bank of America, what percentage of the total balance did they accept? My first offer from them was 50%. Thanks!

Answer 1

oh my I would have offerd to settle for 35%, tell them that you will be declaring bankruptcy otherwise, 50% they'd probably be all over that one.

Answer 2

I wouldn't go any higher than that.  Most of the time they will take less from you.

Answer 3

Take it and run with it. You won't get a better offer. 50% is a very good offer. Especially right now.

Answer 4

Look, there is a certain department there that goes as low as 20 cents on the dollar.  Email me or send me a message and I will tell you how.  How many days are you behind though?

Answer 5

I think that's the best offer. Generally the banks do not make so much settles as they have their own collection dept.

Just go for it !!

Answer 6

It depends but if this is an active account and/or still with BOA and not a collection agency, I am very surprised they made such an offer.  Normally, the actual credit card company won't settle accounts for less than 80% and most won't settle active, current accounts at all.

Get that offer in writing before you pay.  

Now if this is with a collection agency, if the debt is over 3 years old, offer 25% as a counter offer.  Don't give collection agencies direct access to your bank account.