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Newbie Question

Date: Sat, 09/12/2009 - 10:04

Submitted by anonymous
on Sat, 09/12/2009 - 10:04

Posts: 202330 Credits: [Donate]

Total Replies: 2


I am in the process of doing CC settlements on my own. I have settled a Citi account and working on my B of A and Chase cards. Both of them have indicated they are willing to settle but I don???t have enough funds. I have some monies but need a little more time to have enough to settle these cards. Should I pay one month payment so they won???t charge off and it will also give me another month or two to scrape the remaining funds together. Is there any risk in doing this such as not being able to settle the account down the road? I am just trying to buy a little time and prevent charge off???s, if possible.


Actually, if you wait until charge off, you may get a better settlement offer from the card companies. The older a debt is, the harder it is to collect, and the more likely the creditor and/or a debt collector will be to take what YOU offer. You will also buy time by not paying to save enough to make an offer. Why prevent a charge off? If you miss payments, the late payment on your credit report is about as bad as a charge off. It's a tough call- but if you really don't have the money, just let them go to charge off.


lrhall41

Submitted by sarahporiss on Sat, 09/12/2009 - 11:39

( Posts: 49 | Credits: )