GE Money
Date: Sat, 09/12/2009 - 13:08
Today I received a letter from them, stating that if they don't receive a payment from us this month, our account will be sent to a collection agency (it does not say who it will be). This account has about $2500 on it and we payed minimums of about $200 for 2-3 years without making a dent in the principal. Before I call them, does anyone know if this means that the account will be charged off so soon? When I call, should I bring up settlement? What % can I expect from them?
Thanks for your help!
It's way to early to talk settlement, especially if the debt is
It's way to early to talk settlement, especially if the debt is just starting to go into collections. Don't even bring settlement up!
You need to wait until the debt is "charged off", possible around the 120-150 day time frame.
Thank you so much for your reply. I guess this is one of their
Thank you so much for your reply. I guess this is one of their scare tactics, so we'll just have to wait. Thanks again!
yes do not send them anything, it will not help you get a settle
yes do not send them anything, it will not help you get a settlement. keep in contact, but dont send them anything. you must remember that you must have enough money saved so that if you come to a agreement you have it alot of times they want a lump sum or they wont settle either so keep that in mind even though some people get lucky and can get a 3 month payment plan that is rare. good luck just be patient and wait!
GE Money offered me a 40% settelement out of the blue the other
GE Money offered me a 40% settelement out of the blue the other day on a $7K balance. It's at 141 days.. Hang in there
Thank you so much for posting this, I really needed to read that
Thank you so much for posting this, I really needed to read that. The amount of phone calls have really been wearing me down, and we are still debating about filing Ch. 7 but really don't want to have to resort to that. We will have the money to settle with our Christmas bonus, but it's so hard to withstand the harassment. I'm glad to see that they are settling after all!
Hang in there. Don't let them wear you down. Let your answering
Hang in there. Don't let them wear you down. Let your answering machine pick up their calls. Eventually they will either offer a settlement or send it to collections. Either way, if you can't afford to pay them don't deplete the money you need to live on by paying them off. If you don't have a significant amount of additional debt, try not to file for bankruptcy. Bankruptcy stays on your credit for 10 years and will haunt you for even longer than that. That is really a last resort.
my answering machine was my best friend during my settlement pro
my answering machine was my best friend during my settlement process. dont start till ya have one! just hang in there and trust the process it will all work out.