Information on Bank of America debt settlement programs.

With the weak economy and job market, millions of Americans are having problems with paying credit card bills, and many are exploring debt settlement programs. Bank of America does offer their own debt settlement program, and you will read examples of how real people are getting out of debt. If you need help, you definitely should try to settle with Bank of America as soon as possible, as many people are currently having good luck, and receiving good offers from Bank of America. According to a BOA spokeswoman, the ban plans on modifying and settling 1.2 million accounts this year, up 20% from last year.

Some of the assistance offered by Bank of America includes lowering interest rates to single digits, offering a repayment term of up to five years, and they will also settle unpaid debt.

Bank of America will definitely enforce the terms of the agreement. If someone misses a payment, or if someone is late on any payments, they will lose their debt settlement agreement and it will be terminated. They will then either have to start making monthly payments on their credit card bills for the full amount or they may need to come up with the total money on their outstanding bills and resettle with a new program. You need to ensure you can fulfill the terms of your debt settlement plan before you agree to any deal.

Find how Bank of America offers debt settlement programs

• One consumer lost their job a year ago. While just recently they received new employment and are now back to somewhat of a stable income, their current credit card balance was over $60,000 as it was used extensively during the unemployment.  After multiple phone calls and negotiations, Bank of America was willing to settle for just $11k over 6 installments. The installments are as follows. $500 for the first payment, 4 months at $600, and then the last payment will be $8100.
   
• A BOA customer had several thousands of dollars in debt. They signed up for a debt settlement program that required them to pay back just 30% of their debt.  
   
• In 2008, there was an example of someone who owed $17,000 on their credit cards. They ended up settling with BofA. The agreement was for the card holder to pay back  $4200, and the agreement called for the consumer to pay back the debt over several months, and the payments ended February 2009.
   
• A settlement for $12,500 on 60K in debt.

 

 

 

• After several calls and paying a couple bills late, they returned my calls and contacted me. They originally offered 30% settlement in 4 installments on my unpaid debt, but I couldn't afford that deal. So I countered their deal, and I told them I could pay at most 10% over 12 months. They countered offer and came back with an offer of 17% over 6 months. I agreed to this plan, as I can manage it and it will allow my to get out of debt.
   
• Someone settled with Bank of America for 25%. Their credit card was 20K and they agreement to a settlement for $5K. This person even struggled with making one payment in their plan. They contacted BOA immediately, in advance of when it was due, and what they did is they extended the payment at one point. They were great to work with and provided flexibility.
   
• In addition to settlement plans, Bank of America offers additional credit card assistance programs that can lower interest rates, extend payment terms, and more.

 

 

• Bank of America offered a customer who had over $60 in dent a decent program at first, but then came back with better offers. After the bills were unpaid for 60 days, they offered a deal at 35k. The person still could not afford it, so at around 120 days past due they offered another deal at 24k. this offer still could not be met, and within an hour they immediately called back and offered $13k. The consumer agreed to this 13K debt settlement program.
   
• Someone was desperate for assistance, they figured they had nothing to lose as they were about to go under, so they called and asked for help. They settled the account, which included two cards and 31k total in debt. They settled for 20% on the dollar, or about $6,000, and they said it needed to be paid within 90 days.
   

Contact them at (800) 500-5306 for more info on debt settlement programs.