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Can I Settle My Bank of America Credit Cards for Half of What I Owe? – Renato

“Dear Michael,

I have 5 credit cards from Bank of America I have been up to date but my job reduce my hours to 32 a week in I stop sending money on April can I settle
I have 30000 on all of the 5 cards

Can I settle for maybe 50 percent?

Renato”

Hi Renato,

Can settlements with BofA be accomplished at 50%? Yes. Often lower.

Can you come up with the necessary funds to do so in a brief period of time?

What amount of money can you have at the ready to fund settlements in the next 5 months? How much in 12 months?

If you are unable to keep current with payments due to a drop in income from reduced hours at work, how long is the hour reduction projected to last? If brief, perhaps a hardship plan offered directly from BofA would provide the temporary reprieve you need right now.

If you could respond with what amount of cash you can access in the timeframes outline above using the comment section below, I can provide more feedback on what to expect and what steps would be of benefit to take next.

Michael Bovee has worked with financially challenged consumers for the past 17 years and is a recognized expert in his field. Michael founded Consumer Recovery Network (CRN) in 2006. CRN offers debt settlement services and educational resources nationwide. He has served as its president since 2006.

If you have a debt related question you’d like to ask, just use the online form.

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About the author

Michael Bovee

Michael is an experienced debt expert and can be found online at Consumer Recovery Network.

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