Debt Settlement

What is the Best Way to Settle a Bank of America Business Credit Card?bank of america

Written by Steve Rhode


Dear Steve,

I want to settle with B of a for a lump sum settlement on a BUSINESS CC that is guaranteed by me. I’m Self-employed Consultant, no employees, and no vendor relationships.- My Business is insolvent, I’m successfully negotiating settlements on personal CC’s for lump pay-offs. The B of A Business CC has appx 8K on it, so far they say they don’t do settlements on biz CC’s. I did settle 2 B of A personal CC’s this week. So I’m writing to you to inquire if B of A will negotiate a biz CC and what is the strategy? While I have fallen behind on most of my personal CC’s and paid off 3 so far, I have not fallen behind on this B of A Biz CC yet. Thanks

How do I navigate and negotiate a business CC settlement with B of A? Will B of A settle a biz CC debt?



Dear Steve,

Creditors have all sorts of different policies and triggers when they will offer a settlement or not. It might just be that the Bank of America business credit card is not yet in the right department to trigger a settlement offer.

This is one of the benefits of working with a professional with experience in debt settlement.

Even if they are not willing to settle it now, that does not mean that they won’t. Sometimes better deals can be obtained once it gets sent to a law office to pursue you.

But that also means you might be sued as well.

The aggressiveness of creditor position depends on a number of different factors. For example, the consumer division may have a totally different playbook than the department handling business cards.

Without current experience in handling these issues, there is not much anyone can tell you about the way the winds are blowing this month. Experience is priceless otherwise you are just going to take what they say and hope for the best.

I suppose this is all best summed up by saying they do settle, may settle, might not settle, or won’t settle. It’s their ball and they can do whatever the hell they want with it. Logic has nothing to do with this situation. Experience has everything to do with getting the best outcome.

You have to know what their current rules are to play their game.


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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