Defaulted CC, but they haven't called co-holders yet
Date: Fri, 06/05/2009 - 15:09
Hello:
I have a credit card that I got back in my college days (10 years ago) as a joint account with my folks. Since then I have been the only user of the account, and my parents have moved across the country. The bills only come to me, and I have been paying them up til now. My parents probably don't even remember having this card.
Unfortunately due to job loss and stupid decisions on my part, I've defaulted to the tune of about $10,000. I am about 140 days overdue. The weird thing is that the CC has not called my parents, nor do they even seem to plan to. Mind you, I'm not complaining, it will be so embarrassing if they call them, but I'm surprised they haven't done so.
My plan is to save enough to offer them $4-5K as a settlement, but I'm afraid they'll 'remember' that they can go after my parents if I call them.
This is kind of a weird situation, does anybody have any insight?
Thanks!
I have a credit card that I got back in my college days (10 years ago) as a joint account with my folks. Since then I have been the only user of the account, and my parents have moved across the country. The bills only come to me, and I have been paying them up til now. My parents probably don't even remember having this card.
Unfortunately due to job loss and stupid decisions on my part, I've defaulted to the tune of about $10,000. I am about 140 days overdue. The weird thing is that the CC has not called my parents, nor do they even seem to plan to. Mind you, I'm not complaining, it will be so embarrassing if they call them, but I'm surprised they haven't done so.
My plan is to save enough to offer them $4-5K as a settlement, but I'm afraid they'll 'remember' that they can go after my parents if I call them.
This is kind of a weird situation, does anybody have any insight?
Thanks!
If this card is being reported as a tradline on their credit rep
If this card is being reported as a tradline on their credit report, your folks will find out anyway. If they look at their report it will be there. If they apply for credit and are declined or receive an interest rate higher than they would have expected, they will figure it out. It will be there for years to come even after its settled.
You may want to confront the situation head on.
Your parents, having moved and changed phone numbers, are unreachable. When the debt is charged off and assigned or sold, the collector will likely skip trace and locate them and hound them for payment.
Saving up and negotiating will certianly work. Who is the creditor?
Mileage may vary
