Received 2 offers for settlemen (Chase/WF)
Date: Sun, 08/22/2010 - 17:48
Hello,
I received offers to settle from two of my credit cards.
Integrity Financial Partners, Inc (representing Chase) has offered to accept $2,000 of the $6200 owed. This letter was sent in April.
Wells Fargo has offered to take $2800 out of the $5500 owed. This letter was in late July.
In neither cases did I contact them but my question is this: What if I simply just do not have the money? I'm still trying to get my career together (lost my job late last year) and now I'm pretty much just taking any jobs I can find. I want them to know that I have every intention on giving them their money back. Any advice, guys?
This has been a really tough year but I want to work my butt off to get debt free by 2011. Thanks for the continuing encouragement and support.
I received offers to settle from two of my credit cards.
Integrity Financial Partners, Inc (representing Chase) has offered to accept $2,000 of the $6200 owed. This letter was sent in April.
Wells Fargo has offered to take $2800 out of the $5500 owed. This letter was in late July.
In neither cases did I contact them but my question is this: What if I simply just do not have the money? I'm still trying to get my career together (lost my job late last year) and now I'm pretty much just taking any jobs I can find. I want them to know that I have every intention on giving them their money back. Any advice, guys?
This has been a really tough year but I want to work my butt off to get debt free by 2011. Thanks for the continuing encouragement and support.
Sooner or later they may simply sue you for the full amount, obt
Sooner or later they may simply sue you for the full amount, obtain a judgment and then they have 10 years or more to garnish your wages. I would certainly communicate with them in hopes to avert that. I know this seems like a lot of money to you, but I racked up over $250,000 unsecured and $600,000 total debt. So just learn from it and you will come out on top.
It's never a good idea to have no communication with the debt co
It's never a good idea to have no communication with the debt collectors. As the previous poster has written, they will ultimately sue you and get a judgement against you. When you have the good intention to pay them eventually, contact them and let them know about this. Remember, communication holds the key.
