Merrick Bank
Date: Mon, 12/31/2007 - 14:43
I am not sure if I am posting this in the right forum if not my apologizes (sp?).
I had a credit card through Merrick Bank from 2003 that I defaulted on. I received an offer for a settltment of 50% of the balance they say I owe which is $1,156.60 and the original balance was $700.00 now they say they will settle for $578.30. According to my sol it is 4 years I am thinking that it is close to being over the sol. I am on disability and therefore my income is exempt and I don't own any property and my bank is not even in the same state...what should I do?
They are giving me two options #1. Can pay in full in 30 days of the date of the letter which is 12-24-2007 or #2 make three installments within 90 days of receipt of this letter. That is like 198.00 a month. I cannot afford that as I have other bills and only recieve $1000.00 a month on ssdi. Do I counter off them or just let it drop off? My credit is already in the crapper now.
ladybug
I had a credit card through Merrick Bank from 2003 that I defaulted on. I received an offer for a settltment of 50% of the balance they say I owe which is $1,156.60 and the original balance was $700.00 now they say they will settle for $578.30. According to my sol it is 4 years I am thinking that it is close to being over the sol. I am on disability and therefore my income is exempt and I don't own any property and my bank is not even in the same state...what should I do?
They are giving me two options #1. Can pay in full in 30 days of the date of the letter which is 12-24-2007 or #2 make three installments within 90 days of receipt of this letter. That is like 198.00 a month. I cannot afford that as I have other bills and only recieve $1000.00 a month on ssdi. Do I counter off them or just let it drop off? My credit is already in the crapper now.
ladybug
Merrick
Ladybug,
I too have a credit card with Merrick that is in defult, it sound like a great offer, they were calling me daily until I placed them with Federated along with my other credit cards. If it was me, I would pay the thing just to show it as settled on my credit report.
David
Hey but can I counter offer there original offer of 50% or try t
Hey but can I counter offer there original offer of 50% or try to extend the terms for longer than 90 days, like maybe 120 days?
It will show up on your credit report as paid but as a settlement for less than owed, I had a First Premier that I paid off and that's how they reported on my credit report.
ladybug