Creditor Information / Bank of America
|Payment Percentage of balance
|2.25%/ 2%/ 1.75%
|Payment Minimum Amount
|Charge Free Period
|Acct Required to be Open
|DMP Interest Rate
|Varies -APR will be determined by BofA based on the minimum monthly payment (MMP) assigned to the account
|Waive late fees
|Waive over limit fees
|DMP benefits begin
|Upon proposal acceptance
|BofA will apply re-ages to accounts in compliance with internal policies. Agencies shouldn't communicate specific re-age eligibility with the customer
|Yes. 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.
|Yes. Some legal status accounts are not eligible for recall. BofA will reject proposal, if not eligible for recall.
|Due Date Changes
|Charge Off Period
|Account 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 Policy
|If 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.
|Review most recent DMP Procedure Guide for up to date requirements. All proposals must include hardship reason and explain unique budget items in the CDN.