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The short answer
We do not have a reliable, representative Bank of America outcome dataset from which to publish a typical percentage or number of months. Evaluate an actual written offer; the calculation below is an illustration, not this creditor's expected result.
Why a precise percentage would be misleading
The assistance page does not provide a representative settlement percentage. An actual reduced-payoff agreement must identify the account and remaining-balance treatment.
A useful outcome study would identify the exact creditor and product, dates, account status, starting and settlement balances, fees, failed or unfinished cases, and how the sample was selected. Reports showing only successful settlements can leave out the people who paid fees or accrued charges without resolving every account.
A household with several bank products should keep each obligation and proposed arrangement separate.
A worked example—not a predicted offer
Assume an itemized current balance of $8,000 and a written offer of $4,800. Those invented amounts make the creditor payment 60% of the current balance. They do not say what this creditor accepts.
If the agreement allows six equal payments, each is $800. A $300 monthly amount that feels comfortable would not meet that schedule. The deadline and payment source can make the offer unworkable even when the headline reduction looks attractive.
| Illustrative item | Amount or meaning |
|---|---|
| Current verified balance | $8,000 assumed |
| Payments required by the hypothetical offer | $4,800 assumed |
| Apparent balance reduction | $3,200 before fees, tax or other effects |
| Six equal settlement installments | $800 each |
| Actual all-in cost | Creditor payments + actual service/account fees + any applicable tax |
Compare the same numbers
Use the same balance date for each option. A percentage of original debt, enrolled debt and today's balance are different calculations. If interest or fees accumulated during negotiations, include them when assessing the economic result.
A cardholder receives relief on one consumer card but also has a business account. The first agreement does not automatically cover the business balance or guarantee.
Separately list any third-party fee and when it becomes payable. For example, an assumed $1,000 service fee would raise $4,800 of creditor payments to $5,800 before other costs. That is arithmetic, not a fee recommendation or a claim that the fee is lawful in your circumstances.
Sources: FTC: How to get out of debt
The amount is only one term
Compare the promised monthly payment with the full amount required to become current.
Ask what constitutes completed performance, how an installment default affects the original balance, whether interest or fees continue, and what will be reported. If a lawsuit exists, the agreement must also address the case and any judgment.
Canceled debt may be taxable, but bankruptcy, insolvency and other exclusions can apply. The difference between assets and liabilities for tax purposes requires its own calculation; do not assume unemployment alone creates an exclusion. Keep the agreement and tax forms for a qualified preparer.
Sources: CFPB: Negotiating a collection settlement; IRS: Canceled debt and exclusions, Publication 4681; CFPB: Responding to a debt lawsuit
Your starting checklist
Keep these records privately. You do not need to upload them here.
Checks stay on this page only.
Questions worth asking
- What balance and date was the advertised percentage calculated from?
- How many comparable unsuccessful cases are absent from a claimed average?
- Compare the promised monthly payment with the full amount required to become current.
Common questions
Is 60% a good offer from this creditor?
The 60% figure above is invented solely to explain arithmetic. It is not a benchmark, observed offer or negotiating target.
Do older accounts always settle for less?
No reliable account-specific rule is established here. Ownership, authority, evidence, law, affordability and the actual offer all matter; age alone does not guarantee a discount.
Does the amount forgiven equal money saved?
Not necessarily. Fees, accrued charges, tax, credit effects and unresolved accounts can change the overall result.
Sources & further reading
- Bank of America: Credit-card assistance
- FTC: How to get out of debt
- CFPB: Negotiating a collection settlement
- IRS: Canceled debt and exclusions, Publication 4681
- CFPB: Responding to a debt lawsuit
Sources checked October 19, 2026. Rules and programs can change. This article uses AI-assisted research and has not received attorney or other professional signoff. Read our editorial standards.
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Educational guidance for U.S. debt situations. This page does not decide legal rights, eligibility, fees or suitability. If you have a court, property or service deadline, seek appropriate help promptly; reading this page does not extend it.