logo

Debtconsolidationcare.com - the USA consumer forum

Forums
  • Latest topic

why wouldn't OC settle for low but CA will on same debt?

Date: Mon, 03/23/2009 - 10:09

Submitted by anonymous
on Mon, 03/23/2009 - 10:09

Posts: 202330 Credits: [Donate]

Total Replies: 5


I have few OC where I'm already pass due about 90-120 days but everytime I approch them about settlement they first trying to get me on some repayment program when I explain my situation and tell them I won't be able to do this and all I can do is either settlement for as low as 20-25% or I'll have to do BK they saying lowest my accounts are qualifying for is 45% in 3 payments in 3 months so at this point I'm saying "Thanks this is exceeding my ability to pay" I know what I can afford and what my financial situation is and if I agree on 45% with OC #1 than I cannot pay OC #2
short of long, will another 30 days make any difference? will they soon send this to external CA? and If so how come OC does not want to take 20-25% but us willing to give it out for pennies to external CA? if external CA settle for 20% (have done this already with some) why OC can't?


i do not know :( i do not get it neither, it's like they rather lose by selling to pennies on the dollar to collectors or lose it all through bankruptcy.
my guess would be that they would send it to a collector pretty soon, especially if they know you cannot pay them. when a collector contacts you, ask for validation.


lrhall41

Submitted by bea2ls on Thu, 03/26/2009 - 08:08

( Posts: 3840 | Credits: )


Its crazy, i don't understand it either, i tried working with all my original creditors from the very beginning, I have three charged off now, if they would have worked with me from the start I wouldn't be in this situation and they would have got paid. Which I couldn't offer lump sum settlements I didn't have it, but I did try to set up payment arrangements that I could actually afford to pay at the time, only on of my creditors worked with me after they seen that I was just going to let it go, they finally offered me a hardship deal lowered my interest and my payment, I have missed a payment yet with them. It could have been the same for these others. Good luck with yours, on day maybe these creditors will wake up and try to start working with people.


lrhall41

Submitted by on Thu, 03/26/2009 - 08:22

( Posts: | Credits: )


i only really have one left but it's been dragged out. and like you, if they accepted small payments at a time, it would have been done by now.
i had payday loans do the same.. one never got paid the principal back. The loan was not legal - no payday loans are in my state - and i kept trying to make small payments to give them what i owe for the principal. well they would not accept anything less than full - and when i say full i mean with all of the illegeal fees. in the end they recieved nothing, but they still made out because i over paid them a million times in the past.


lrhall41

Submitted by bea2ls on Thu, 03/26/2009 - 08:27

( Posts: 3840 | Credits: )