I’m the Victim of a Bank of America Credit Card Scam


Dear Steve,

I have an outstanding $33K balance on a BoA credit card. It is at 0% until April 2023. I was the victim of a scam and got cash advances to invest in a false venture.

If I pay the minimum each month, it will take many years to pay this off. Since I am a 75 yo disabled veteran, I am on a fixed income.

I could sell enough retirement funds to pay off $20K if I could get them to agree to that settlement amount. How should I go about trying to get them to agree?



Dear Mickey,

Thank you for writing me for help.

I’ve seen this situation many times. Unfortunately, between you and Bank of America, you appear to have a valid transaction. You took cash advances, and the person or entity you handed it to is the one that scammed you.

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In that case, you don’t have a dispute with the bank, the credit card folks, or the charges.

The last thing you should do is sell retirement funds. Do not do that.

While it might be possible to settle the account, I don’t think that is your best first option, given what you shared with me.

I would advise you to contact the non-profit law firm HELPS and talk to them. They might be able to work miracles for little to no money out of pocket.

If you decide HELPS isn’t for you, the following option to consider would be bankruptcy. The advantage of bankruptcy is it can legally close the door on this debt forever.

Please call HELPS and talk to them and then come back here and post an update in the comment section below and let me know what you decide to do.

Damon Day - Pro Debt Coach

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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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