U.S. Bank: the nut I can't crack
Date: Thu, 12/11/2008 - 20:36
The only firm that seems unwilling to discuss settlement is U.S. Bank (US Bancorp, not the US National Bank fraudsters). We've had nothing but runarounds, lies, and threats from this organization.
First, they tell us they aren't accepting settlement offers. Then, they tell us they are. Then, they tell us they aren't.
Then, they start with the employment and asset verification threats.
Then they tell us they're accepting offers, if we make a payment. Then, they tell us they aren't. Then, more threats.
The last conversation I had with a representative, she admitted that they never intended to consider a settlement offer, and that it was a ploy to fool us into making a voluntary payment.
We're frustrated beyond belief, and at this point, I would almost prefer to deal with a collection agency.
A rep called today, and said that this weekend was our "last chance to make voluntary payment arrangements." She said that we're approaching the 150 day threshold, but she would not specify what would happen after reaching that threshold.
What should I expect from US Bank? Will they charge off and turn over to a collection agency? Will they continue with the phone calls and threats? Will they ever consider a settlement? (We've offered 10k on a 19k balance, but they've consistently maintained that they are not accepting settlement offers.)
Any help would be appreciated.
No advice? Nobody has any experience with US Bank? Help, pleas
No advice? Nobody has any experience with US Bank? Help, please!
Well the best thing to do is offer a settlement. If they refuse
Well the best thing to do is offer a settlement. If they refuse there is not much you can do. Can you pay this bill off? If you can afford so much a month, they have to accept it, you are making an attempt to pay.
The other thing that could happen is it could be charged off which a number of things can happen. First one off the top of my head is that if this is a newer debt and you got this credit card not to long ago is Arbitration. It would be in the original contract that you signed and Arbitration is not good. You pretty much have no rights, you basically get sued with no right to a trial by jury.
Another thing that could happen is it gets charged off or barely and the Credit Card company files a lawsuit against you.
Lastly if could get charged off and you will probably not hear anything for a while until a Debt purchaser picks up your file. You will have a better chance of paying it off with a debt collector, yes, but a charge off on your credit report is worse than a delinquent account.
The best thing to do is negotiate at the end of the month and demand, demand, demand. You have a better chance of getting it reduced.