Bank of America Settlement

[Anonymous]

I have a $1500 account (still owned by BOA) that was charged off in 2019. I want to settle with them for as low as possible. Do they settle for 40% - 50% of the debt? Do they require a single payment or can you pay in installments? 

[OmarGB9]

Is it for certain they still own the debt? Also, even if they do still own it, make sure they haven't hired an outside debt collector to collect on their behalf. That said, if it's a year/less than a year old, the odds of them settling for 40-50% are fairly low, but certainly possible of course. Whether they allow payments or require one lump sum is entirely up to BoA or whomever is collecting for them. Best thing to do is call BoA and ask them all these questions directly.

[Anonymous]

I have to agree with the poster above. You would have to call them to find out any potential settlement amounts. Also keep in mind that this debt is fairly recent. You are likely still within your states sol so they can potentially sue you for the debt or if you wait and do nothing sell it to a debt collector. 

Most likely they will allow you to pay over time. Just ask if you decide to call. It might be better to tackle this now if you can, than to wait for any potential lawsuit or collections account. 

[Anonymous]

Thanks. I called and they were willing to take 20% percent off or set up a payment plan for the full amount. I may do the payment plan just to avoid it going to an outside collection agency. 

[OmarGB9]

See if they'll let you do both 20% off and a payment plan. Worst they can do is say no. How much is the total debt, anyway?

[MI-Aviator]

@Anonymous My wife had 8300 with BofA that went to charge off that we were able to get settled for 3750 once it went to the collection agency. I was able to get that in payments it's all a negotiation and you can't get what you don't ask for.