One last debt, need next step
Date: Tue, 09/18/2007 - 18:19
First off this webstite has been very helpful in the past few years. Thanks to everyone for posting and answering.
My wife and I are down to our last credit card to pay off. We were with a law office and they settled 3 of 3 debts which saved us over 20000.
During that time we kept one Chase acct. in case we had an emergency. Well, that one has gone late and has recently been charged off. I called Chase and they said Unifund collection agency currently has the account. I asked if I could deal with them and they said no, the account is sold. The balance is about 7000 on our credit report, but when I called Unifund today they said it is 8000 with the interest continuing to accrue. They offered to settle for 6400. Not even close to what I was thinking. I told them we have had other settled accounts and were thinking of declaring bankruptcy based on other accounts we have to pay off.I told them I would think about their offer.
Now, my questions are these.
It is our debt, so I don't think I need to validate it any further? Do I?
What is my next step? I was thinking of mailing them an offer of 2600. We could possibly afford up to 4000, stretching it far.
Has anyone been sued by Unifund? I asked if the account was with an attorney, they said no.
I hate to see the interest keep going up on this account. If it goes longer and longer it seems that the interest will bring it up to, say 15000, and then 6400 will look like a bargain. If they sue, do they usually get all this interest?
As I said, everyone here has been great and I would appreciate any input. Thanks!
My wife and I are down to our last credit card to pay off. We were with a law office and they settled 3 of 3 debts which saved us over 20000.
During that time we kept one Chase acct. in case we had an emergency. Well, that one has gone late and has recently been charged off. I called Chase and they said Unifund collection agency currently has the account. I asked if I could deal with them and they said no, the account is sold. The balance is about 7000 on our credit report, but when I called Unifund today they said it is 8000 with the interest continuing to accrue. They offered to settle for 6400. Not even close to what I was thinking. I told them we have had other settled accounts and were thinking of declaring bankruptcy based on other accounts we have to pay off.I told them I would think about their offer.
Now, my questions are these.
It is our debt, so I don't think I need to validate it any further? Do I?
What is my next step? I was thinking of mailing them an offer of 2600. We could possibly afford up to 4000, stretching it far.
Has anyone been sued by Unifund? I asked if the account was with an attorney, they said no.
I hate to see the interest keep going up on this account. If it goes longer and longer it seems that the interest will bring it up to, say 15000, and then 6400 will look like a bargain. If they sue, do they usually get all this interest?
As I said, everyone here has been great and I would appreciate any input. Thanks!
This may give you some information: bankrate.com/brm/news/cc/20
This may give you some information:
bankrate.com/brm/news/cc/20020814f.asp
