Debt Settlement Question
Date: Tue, 08/25/2009 - 20:48
In the beginning stages of debt settlement myself and have a question. When it comes to settling a debt, does how long you've had the account and paid on it have any bearing
on how hard or easy it is to settle? I mean I have a hsbc that's about 7 yrs old and a chase that's a year and a half, does either timeline on the card help or hinder the settlement or is it basically just the company?
I don't think it matters. There doesn't seem to be any rhyme or
I don't think it matters. There doesn't seem to be any rhyme or reason to what creditors will settle for. I've settled a bunch of accounts, and a couple that I had for a long time were the worst to work with; thank heaven they were smaller amounts to begin with. If it mattered at all, you would think that it would be easier to settle with a company that you had a long, long, good history with, and maybe it does, depending on the mood of the rep you talk to on that particular day. But I don't think there is anything set in stone. A lot of what they offer (or don't) doesn't make much sense, much of the time.
Hello Ryoung, yes it typically won't matter that much unless the
Hello Ryoung, yes it typically won't matter that much unless the account is very new then it can be a major problem. For instance if you opened the account, charged 5K and then stopped paying 3 months later it will cause a problem trying to get a great settlement. But with your newest account being 18 months old, you shouldn't run up against any issues with the age of the account
