I have two credit cards debts with Bank of America

I have two credit cards debts with Bank of America. One is 23600 and other 24600. They stop calling about one year ago. Should I try to settle the debt? It would be possible for settle for 15% of the debt? Should I wait until they contact me again? Please I need advice

3 Answers

You should contact with them immediately and try to settle the debts on your own. It’s very difficult to say whether or not they will settle for 15% of the debt. This is because it fully depends on their discretion.


No don't wait until they contact you again as your credit score will continue to be hit till then and may land up in a mess. Pull out a copy of your credit report and check your score.  If you have to affordability to repay the entire amount in small and affordable monthly payments, then go for debt consolidation as settlement hurts your score. But if you think you want the entire balance to be reduced, then you can certainly ask them to settle the amount according to your convenience. Call them and negotiate with them.


Do your research.    Call them and ask.

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

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