Charge Off, will I still be able to settle?
Date: Sat, 09/11/2010 - 06:16
My question is can I still work out a settlement after charge off or are they going to sue right away? I'm at the 180 day mark but will not have money to settle until November due to settling with Discover yesterday.
I have 2 cards remaining:
BoA $13,000
Wells Fargo $5,000
Should I call them and see if I can make arrangements for November?
Can I still work out a settlement after charge off?
I have settled:
Citi and Chase and recieved letters stating "account settled"
I was able to work a 50% deal with Discover yesterday for $2,500 from $5,000. The manager said that my account was referred to an attorney and said he can put a stop on that, but I'm not sure if he was just trying to scare me into settling? I worked out a two payment deal of $1,250.00, waiting for it in writing, he said the letter will arrive next week.
Thanks
I have 2 cards remaining:
BoA $13,000
Wells Fargo $5,000
Should I call them and see if I can make arrangements for November?
Can I still work out a settlement after charge off?
I have settled:
Citi and Chase and recieved letters stating "account settled"
I was able to work a 50% deal with Discover yesterday for $2,500 from $5,000. The manager said that my account was referred to an attorney and said he can put a stop on that, but I'm not sure if he was just trying to scare me into settling? I worked out a two payment deal of $1,250.00, waiting for it in writing, he said the letter will arrive next week.
Thanks
There are options to settle direct with your remaining creditors
There are options to settle direct with your remaining creditors and structure the payment terms over 90 days. If your available and anticipated funding can match up with what BofA for example, will extend to you - give it a shot.
Perhaps you can get one of the 2 set up prior to charge off and leave only one to contend with post c/o with an assignee.
Here is to your success!
Mileage may vary
Quote:Originally Posted by SOAPLADYMost people do settlements af
Quote:
Originally Posted by SOAPLADY Most people do settlements after charge off. |
But it seems that the CCs are turning the accounts over to attorneys quicker than before, or am I buying into the scare tactics?
Quote:Originally Posted by AnonymousBut it seems that the CCs ar
Quote:
Originally Posted by Anonymous But it seems that the CCs are turning the accounts over to attorneys quicker than before, or am I buying into the scare tactics? |
Usually I have noticed that the ones that seem to be getting turned over to attorneys quicker are the ones that have a debt settlement company send a cease communication letter to.
Quote:Originally Posted by AnonymousMy question is can I still w
Quote:
Originally Posted by Anonymous My question is can I still work out a settlement after charge off or are they going to sue right away? I'm at the 180 day mark but will not have money to settle until November due to settling with Discover yesterday. I have 2 cards remaining: BoA $13,000 Wells Fargo $5,000 Should I call them and see if I can make arrangements for November? Can I still work out a settlement after charge off? I have settled: Citi and Chase and recieved letters stating "account settled" I was able to work a 50% deal with Discover yesterday for $2,500 from $5,000. The manager said that my account was referred to an attorney and said he can put a stop on that, but I'm not sure if he was just trying to scare me into settling? I worked out a two payment deal of $1,250.00, waiting for it in writing, he said the letter will arrive next week. Thanks |
I would at least call B of A. Usually they will do up to 90 days payments. They used to do up to 6 months sometimes, but I haven't seen that in a while. B of A, will usually accept a much better settlement than Wells Fargo. Just make sure that any payment arrangement that you make is one you can stick to. Otherwise you could lose your money if you can't complete the settlement agreement. (Lose in a sense that they will just apply it toward total outstanding debt and then make you renegotiate)