Refusal to Settle UNLESS all CCs are in DEFAULT?
Date: Fri, 04/24/2009 - 18:21
Do credit card companies refuse to settle unless all of a person's credit accounts are in default.
I have some rather small cards that are still affordable that I am paying on currently.
Will paying on these credit accounts affect settlement chances with the others?
I have some rather small cards that are still affordable that I am paying on currently.
Will paying on these credit accounts affect settlement chances with the others?
Yes, this is because settling the debt means that the company is
Yes, this is because settling the debt means that the company is making a loss. So they will not agree to it until and unless, they consider it as a bad debt and think that if they do not settle the debt for less, the consumer may file bankruptcy and they may not recover anything.
I am in the same situation. I have a small balance of $500 with
I am in the same situation. I have a small balance of $500 with my Best Buy card at 0% for 18 months and the min payment is only $10. I would like to just keep paying on that one and then stop paying my other CC's and settle those. If I keep paying Best Buy does that hurt my chances of settling the other cards?