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How to tell if CC Accounts are Coded as "Not Eligible for Settlement"

Date: Fri, 04/24/2009 - 01:13

Submitted by anonymous
on Fri, 04/24/2009 - 01:13

Posts: 202330 Credits: [Donate]

Total Replies: 5


How do you tell if your CC accounts have been coded such that you are not a good candidate for settlement or such that you will not get a settlement opportunity? Anyone know how you could find out? For example, some have great success with Discover, while others are sent almost immediately to CAs.


I don't think that there is any such coding in credit cards, based on which the creditors will determine whether you are eligible for settling the debt or not. As far as I know, the creditors agree for debt settlement only if you have been delinquent on the cards and the outstanding debt amount is very high. Can you tell me how much is your debt?


lrhall41

Submitted by SC on Fri, 04/24/2009 - 03:43

( Posts: 3937 | Credits: )


Hi Guest
Since you are only 2 months late on your Bank of America cards, the credit card company will not consider it as a bad debt and so they will not be willing to settle the debt right now. I think that you should wait for a couple of months, and then negotiate with them for a settlement agreement.
Are you current with your Chase and Discover cards?


lrhall41

Submitted by SC on Fri, 04/24/2009 - 05:32

( Posts: 3937 | Credits: )


Since both the Chase and Discover cards are current, I don't think that they will agree to settle the debt because if you are even making the minimum payments on the card, it is considered current.
As far as I know, even if you make the minimum payments towards the debt, the creditors generally sell the debt to a collection agency after a few months. So I think that you should wait for the debt to get transferred to the CA so that you can settle the debt for less with the CA.


lrhall41

Submitted by on Sat, 04/25/2009 - 05:33

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