Credit Unions and Debt Settlement

How do I post a ? on this site. Thanks

Quote:

I moved out of an apartment 2 months early, The Wakefield and Assocaiates collectors call me and I set up a payment plan of $150 a month and in a few months I would try to skip a car payment and give them a lump sum of $600. Well after about 5 months the collections manager called me and ask about the lump sum of $600 and I told him i proably couldnt doit till I had the loan for a year and only if I was caught up with my payments. The collector said he would take $200 payment a month and we would try and get the $600 lump sum in the next few months. I sent him a certified letter thru the mail and told him I would send him $200 a month and would may get the lump sum in the next 3 months( Most likely with my xmas bouns) I ask him in the letter to dont call my work phone anymore unless he would accept these terms , he called anyway and wanted my bank info and I told him I would pay him online like I have been doing or a money order. He said I was refusing to pay and I told him I wanted to pay. He said he was turning it over to the legal dept. I was told not to give him no bank info. (Christain Debt Consolidation) I have never missed a payment. I am paying the IRS,Citi corp.Colorada taxes and some others. What can I expect from court and about how long does it take. Very scared and not sure what to expect. please help.Thank You. PS I wasnt sure how to post but I guess I got it now.

I'm wondering the same thing - - anyone settle with a CU? I have an outstanding debt of $20K on a CU credit card I'd like to settle.

I have a credit card with my credit union as well. I called about a hardship program and they do not offer anything, not even a settlement. I talked with a lawyer in regards to a settlement and he said that it is very difficult to settle with credit unions. I am sure every credit union is different but it is going to be very difficult to get it done. Maybe if you had an excellent lawyer you could do it but on your own it most likely will not. If you have a card with your own credit union they will freeze your bank account after so many missed payments. My credit union is very generous, I am going on 4 months late and still have not had my bank account froze.
Deanna

I called my CU today and at first they said they don't do settlements, then I explained my situation and the lady said she had to talk to her supervisor. She came back saying I needed to fill out a bunch of financial docs which she faxed over to me. I faxed them back today and heard back from her right away. She said they usually offer 75% as a settlement and if they officially offer it, I have 10 days to pay. We are using our tax returns to pay it off, so she is letting me skip a pmt or two till I get my returns and then we will officially settle. They were super nice and easy to work with. Also, we have had the account and card for 8 years or so, never been late, never missed a pmt. Maybe that's why they were willing to work with me?