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Debt settlement

Date: Thu, 10/02/2008 - 22:28

Submitted by anonymous
on Thu, 10/02/2008 - 22:28

Posts: 202330 Credits: [Donate]

Total Replies: 3


Will a creditor still negotiate even if the balance is at 0%, but payments have gone delinquent?


When you say balance I assume you mean interest 0%. If the payments have gone delinquent the 0% won't stay that way because the creditor will exercise the " universal default clause " which basically give the creditor the right to change to terms and conditions of the contract at any point , at any time ,for any reason. Typically the account must be 90-120 days delinquent at least to start to get a creditor to settle. What is the balance on the account and who is it with ?


lrhall41

Submitted by mobile0311 on Fri, 10/03/2008 - 07:08

( Posts: 1817 | Credits: )


Wells Fargo $5500, which is still showing 0% on latest statement although haven't paid in 4 mos.
Fifth Third cc, $9500
B of A visa, $25000
B of A mc, $25000
American General cc, $5500

I'm also concerned about Fifth Third negotiations as they hold my mortgage. Will the two have anything to do with each other?


lrhall41

Submitted by on Fri, 10/03/2008 - 08:51

( Posts: | Credits: )