I want some urgent advice from someone who has recently gone through a settlement with the BOA. In the past few years I have come across a lot of posts from people who have settled for less than 30%, but nothing lately. I spoke with a BOA representative few days back who said they could offer 30% but nothing lower than that. I don't hope of much lower, but can get anything around 20-25%? My debt is of $8k. Should I hold off any payment until they send me a letter in the mail? Can they just Fax the offer? Any response would be appreciated.

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In the recent past, negotiating a settlement at that range with BOA was very easy. But the situation has drastically changed in recent months. The best time to negotiate a settlement with BOA is when the accounts reach 180 days delinquent in their recovery department. However, if they have already denied going down below 30%, it’d be hard to make them do so. You can get help of a professional debt settlement company to get your desired settlements. However, you should I hold any payment until they send you the settlement letter in mail? However, they can also fax the offer.

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