Suntrust-Should I let it charge off?
Date: Mon, 07/19/2010 - 15:29
Submitted by desiretobedebtfree
on
Mon, 07/19/2010 - 15:29
Total Replies: 2
I'm not making any progress with Suntrust business credit card. They won't budge from 40% and I only have 30%. I don't know how to tell if they are bluffing and I've rec'd conflicting information today. A rep that I spoke to this morning said acct wasn't due to charge off till end of month and the one I spoke to later in the day said Wednesday which I was also told last week.
They will not negiotiate or speak about any settlement unless you fax them a settlement offer letter first and then call back. They also will not accept installments. It's lump sum or nothing.
I asked the last rep I spoke to if it is charged off if they usually keep it in house or send it to an agency or attorney and he said they usually keep it in house collections.
They said I could either make a small payment to keep it from charging off and try to get the other 10% by next month and offer again or it will charge off.
My gut feeling is to wait them out and hope for a better deal after charge off but I am a little frightened to do it. Does anybody have any suggestions or phychic abilities to help me out here?
dtbdf...this is the greatest dilema. I only let one charge off
dtbdf...this is the greatest dilema. I only let one charge off and it scared the S&it out of me because my #1 goal was no lawsuits. 40% is still great! I had to pay one at 55% because they were GOING to sue.
A small payment will likely not change things and unless they agree to apply the small payment to any settlement amount it is money wasted. I would take the deal, make payment arrangements or whatever...jmho
Thank you Dan, I really appreciate your opinion and am inclined
Thank you Dan, I really appreciate your opinion and am inclined to agree. I'll have to do some real shuffling to make it work and it will probably cause me to not be able to settle the other one which is at crunch time also.
I have more money coming in 2-3 weeks from selling a car but doesn't help me much for a lump sum tomorrow. I'll try to talk them into applying the small payment to the settlement but I doubt that it will fly. It can't hurt to ask at this point.
BTW, has anything started happening to you with the one that did charge off yet or is it too soon?