As part of your search, you may have already consulted Google and found so much conflicting information on various web sites and debt forums, that you are now completely confused.

To demonstrate, a quick internet search of debt forums provides the following comments about settling debt with Bank of America:

Positive Comments

• B of A is by far the best bank to settle with on your own before charge off.

• Bank of America is one of the easiest creditors to settle with. You should be able to settle for about 70-80 percent off.

• My husband had an account with BOA and was about 9 months past due. They contacted us and settled for 75% off the original balance. They have worked with us and been very easy to deal with.

• They will settle at 20% if you try a little. I have personally helped many do that. BOA is definitely a bank that loves settling debt. Do not let your debt go to a collector. Settle it before BOA gives up. The moment you get an offer of around 20%, go for it

Negative Comments

• Am trying to do a debt settlement, and have negotiated down to 15 cents on the dollar, however, the account manager refuses to put it in writing, and says I have to make a payment as a gesture of sincerity.

It was encouraging that the positives far outweighed the negatives, and indicates that the Bank of America is open to negotiation, although there is a big difference between settling at 20% and settling at 75%, and illustrates the variances between individual circumstances.

At the education section http://learn.bankofamerica.com/managing-credit/ on their website, Bank of America has a range of good articles dealing with credit management. Putting the words “settling debt” into the search box in the top right of the screen will redirect you to select where your account is held, so you can get accurate information for your location.

Don’t put off taking action because you are confused. You can contact the Bank of America to discuss your situation yourself, or use a settlement company to negotiate on your behalf if you wish. The hardest step is the first one – everything after that brings you closer to resolution.