alternative to settlement?
Date: Mon, 11/30/2009 - 19:12
i have a card that has charged off (around 15k), but it appears they haven't sold the debt yet. currently they're making me deal with a collector who says he's a mediator. the collector offered a 50% settlement and threatened a lawsuit, but i can't afford any large payments.
if they'd give me payment terms i could afford, i'd rather pay it off in full over time than have a settlement on my credit report for the next 7 years.
the collector asked me to email him a proposal, so i did, asking for payments of $260/month to be paid over 60 months. this is a plan i can afford.
why would the credit card company not accept this? isn't it a better deal for them than a 50% settlement or suing me in court?
if they get a judgment against me, is the court really going to force me to pay more than i can reasonably afford each month?
if they'd give me payment terms i could afford, i'd rather pay it off in full over time than have a settlement on my credit report for the next 7 years.
the collector asked me to email him a proposal, so i did, asking for payments of $260/month to be paid over 60 months. this is a plan i can afford.
why would the credit card company not accept this? isn't it a better deal for them than a 50% settlement or suing me in court?
if they get a judgment against me, is the court really going to force me to pay more than i can reasonably afford each month?
Well, since the account has already been charged off, it may alr
Well, since the account has already been charged off, it may already be in your report and would stay for the entire period of seven years.
If they win a judgment against you then they may garnish your wage or put a levy against your bank account , depending upon your state laws, till the judgment gets satisfied.
