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on 3rd offer

Date: Fri, 05/17/2013 - 05:34
Submitted by on Fri, 05/17/2013 - 05:34
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I'm working with a credit card company. 90 days past due +. They sent me a letter stating I have 10 days to pay 100% of debt. I sent an offer by certified mail for 40%. I also have a 2nd mortgage with this bank. They called this week to say I was late. I deposited a big check in my checking (diff bank) at the weekend to settle a debt. They put a long hold on it and when I paid the 2nd mort they said I did not have enough funds because of the hold. I resent the payment the next day, Tuesday. I checked this morning and it still did not process. I really want to settle this acct. What should I do?


I'm thinking of calling and just saying take the 2nd mortgage payment from my checking now that the funds are there and move on to discuss settling the other account. Is this prudent. My checking bank said should arive and be posted today or tomorrow. Also considering paying a payment on the cr acct that I want to settle to buy time.


Submitted by on Fri, 05/17/2013 - 07:47

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Honestly, no, I would not go this route. Here's the thing--if you tell them that, and the money doesnt show up in time again, then it could very well hut your chances of getting any kind of settlement. Make sure the money is available in your bank first. I can tell you lots of times when a bank has said money would be available.....and then something goes wrong on their end and it gets held up even longer.


Submitted by skydivr7673 on Mon, 05/20/2013 - 09:56

skydivr7673

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If it were me, I would call to extend the due date on the settlement (should be a 30 min phone call) and then pay the second mortgage payment immediately after that.


Submitted by on Mon, 05/20/2013 - 10:02

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