@Anonymous wrote:I've been reading the posts and see that many users had their loan charged off or reduced? Does that mean that a person has to be seriously in debt before they contact BOA to settle down their balance? Does BOA reduce the principal or interest? Can a person who isn't delinquent in payments have their amount reduced in order to pay it off in full or larger installments? I am trying to help an elderly relative with her escalating BOA balance.
One can make a deal with the creditor at any time if they are behind in payments it will entail losing the account for new charges though. If the person lacks the income to pay it off in full they can make payment arrangements and sometimes they will cancel all interest in order to recover their principle.
