Argghh...What to do? What to do?
Date: Wed, 10/13/2010 - 10:15
My accounts are small accounts so it not entirely impossible for me to find some way to get up the money in the coming months. They will split the settlements into 3 payments which would work better if I didn't have 3 accounts.
$1234-offering to settle at $1000
$3523-offering to settle at $2870
$1089-offering to settle at $875
I guess one concern I have is if I settle for these Capital One accts for the amounts they are asking for I am destroying my credit and only saving $1100. I know that my thoughts seem scattered. I think I am just getting cold feet.
I guess I also need to let you know that I still have 2 other accounts that are offering settlements at this time.
HSBC Beneficial (personal line of credit) (113 days late)
(BAL $11,328.42 offered $8500
Dell Financial (116 days late) BAL $3250 offered $2276
I would really appreciate any advice, guidance, or encouragement any of you could give me. Thanks in advance.
Your credit is already ruined because you have 5 accounts past d
Your credit is already ruined because you have 5 accounts past due 4 months or more and have collection agencies calling you. That wouldn't be one of my worries, if I were you. So are you saying you have no money in your possession today to settle any of the accounts?
OhioGal, I understand that my credit is already bad with the del
OhioGal,
I understand that my credit is already bad with the delinquent accounts. I guess that sounded stupid to say in my earlier post. I think I am just frustrated and I was rambling. Before I quit paying on my accounts I had really good credit. Nothing late. We were going through some hard times. My husband was not bringing home any money from his business. My husbands business has since picked back up and he is able to bring home some money. (not what it once was, but better than recently) I know it sounds crazy to say, but no, I currently do not have any money saved to settle accounts. We do now have more money coming in monthly and could pick back up making some sort of payments on these accounts. I hate to do that and lose the opportunity to be through with these people and settle the accounts. I cannot pay the minimum amount owed at this time. Plus, if I go back to making payments they will never be paid off and if business gets bad again we will be right back in this situation. Let me ask you about Debt Validation letters. I personally don't dispute that I am the one that borrowed the money. Should I still send DV letters? Please give me any advice you have. Thanks!
No, don't send debt validations to original creditors. They wil
No, don't send debt validations to original creditors. They will have no problem validating. Save those letters for after charge off.
With no cash to settle there is not a lot you can do. They will eventually charge off and some outside collection agency will start calling. Many say the settlements can be lower after charge off. I had to let several charge off including Crap1 due to lack of funds to settle. Phone has not rang in months.
Crap1 has an arbitration clause in their cardholder agreement. Research arbitration and you may use it in the future.
Don't get all stressed out. Settle as you can and don't be bullied into it.
I agree with Oz. If you don't have money to settle now, you've
I agree with Oz. If you don't have money to settle now, you've gotten to the point where you may want to just let these charge off. A couple of your accounts have a high enough balance, however, that you may be looking at a lawsuit. That's my concern.