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Bank of America

Creditor Information / Bank of America

Telephone800-206-9724
Payment Percentage of balance2.25%/ 2%/ 1.75%
Payment Minimum Amount$15.00
Charge Free Period1 Mo
Acct Required to be Open3 Mo
CSP/Hardship programsYes
DMP Interest RateVaries -APR will be determined by BofA based on the minimum monthly payment (MMP) assigned to the account
Waive late feesYes
Waive over limit feesYes
DMP benefits beginUpon proposal acceptance
Re-AgeBofA will apply re-ages to accounts in compliance with internal policies. Agencies shouldn't communicate specific re-age eligibility with the customer
RestructureYes. Payment may be as low as 1.75% of balance. Reduced payment must pay off within the original 60 months. Need to provide BofA with additional hardship reason and updated budget.
RecallYes. Some legal status accounts are not eligible for recall. BofA will reject proposal, if not eligible for recall.
Due Date ChangesNo
Charge Off Period120 Days
Drop PolicyAccount will drop at 60 days of non payment, but creditor will leave DMP terms in place until Charged Off. Upon C/O new proposal can be sent for 1% of current balance
Internal hardship/ Promotion PolicyIf active promo is better than DMP rate then we must wait for promo to expire prior to sending proposal. If DMP terms are better then it is fine to send proposal.
Misc. InformationReview most recent DMP Procedure Guide for up to date requirements. All proposals must include hardship reason and explain unique budget items in the CDN.

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