Bank of America is a huge financial conglomerate who often is willing to negotiate settlements with credit card holders who can’t make payments on their past due credit card debt. Like other major credit card companies, Bank of America realized that settling a debt with a customer is way more cost-efficient for them than taking that customer to court, where they risk getting nothing, and having to pay court costs and attorney’s fees.
Another plus about settling with Bank of America is that they will generally set up a payment plan for you to pay back the settlement amount. That’s the case in both the below examples, where the customers settled for 18% of the balance owed and 15% respectively.
Each of these letters is the successful result of the negotiating process, which you can hire a reputable debt settlement firm to do for you, like Oak View Law Group or Consumer Recovery Network, or you can do it yourself with some expert coaching from companies like Zipdebt. Either way, debt settlement is a safer and more practical solution to debt problems than bankruptcy.