How Do I Negotiate to Pay Off a Credit Card With Bank of America?

Whether you're looking to reach a debt settlement on your credit card or attempting to pay off a credit card early or with less interest and waived fees, Bank of America has customer representatives specialized in dealing with your specific requests. Banks and other lenders often make special arrangements with customers who show a good-faith effort to pay their debts by lowering interest rates, making payment arrangements or settling a debt for less than what is owed.

Instructions

1

Review your credit card statement and personal budget. Determine how much money you need to pay off the credit card and how long it will take to obtain those funds. Ask yourself if you can pay off at least 25 to 50 percent of the card balance in full now or if you will have the total funds needed to pay the entire balance in full over an extended period. Bank of America might accept a payment as low as 25 percent of the total amount owed, or you can request monthly payments under a lower interest rate and with past fees waived.

2

Make notes for a payment plan proposal to offer the Bank of America representative you reach. Be willing and expect to have to compromise on your proposal, but make certain you know your limits. Include a verifiable reason you are requesting help, such as unemployment, a death in the family or disability, and gather documents that could support your financial position, if needed.

3

Call Bank of America's Consumer Credit Card and Personal Line of Credit help line at 888-800-5160. Ask for and make note of the representative's information, including his or her name and direct phone line. Give your account number and explain your situation. Make certain you are speaking to the right type of account specialist for your request before you go into too much detail. Mention any documents you can fax or mail to support your reasons for requesting help. Explain how much you are able or willing to pay to bring your balance to zero. Politely ask if any payment plans exist to fit those circumstances.

4

Negotiate until agreeable terms are met. Expect the representative to counter your proposal with an amount higher than what you've suggested. Remain calm, speak politely and professionally, and be willing to compromise on the amount without going over the payoff you've noted you can afford. Ask for something in exchange if you agree to Bank of America's proposed amount, such as a more favorable report to credit reporting agencies (ask them to list your account as "paid" rather than "settled").

5

Be prepared to ask for a supervisor. The representative to whom you are speaking might show an inability or unwillingness to negotiate. Politely request to speak to their supervisor, and start your negotiations again. If a supervisor is not available, hang up and call back until you reach a different account specialist.

6

Get everything in writing. If the Bank of America representative agrees to your payment proposal, request the details in writing by mail or fax. You will also be required to sign paperwork agreeing to the terms.