Seperate account just for paying settlements?

Date: Thu, 02/04/2010 - 04:56

Submitted by luckin10
on Thu, 02/04/2010 - 04:56

Posts: 181 Credits: [Donate]

Total Replies: 3

Should I have a seperate account that would only have enough money in it to pay settlements. For example, we are saving now for settlements. Just starting this month to not pay. When/if offers come in I would deposit money in that account and pay cc from that account only? Do I ever give a payment over the phone or do I tell them I will over night a check or what? I can't seem to find anything in the search for this. All the cc are in my husband's name except one. So I was thinking I would open a checking account that is not tied to any other accounts we have in just my name. Then pay from that...or does it matter. I guess I am also worried about the cc companies getting ahold of any checking acct number and taking money from our accounts..pls advise. Thanks.

I guess I would have a separate account and send them a cashiers

I guess I would have a separate account and send them a cashiers check or money order when settlement is ready, but that is just my two cents. Never give them account number/routing over the phone. Never know when they may "accidentally" withdraw more funds, since they are most likely upset they are not getting full amount. I am sure others will chime in here too.

lrhall41

Submitted by rvl_73 on Thu, 02/04/2010 - 05:20

( Posts: 154 | Credits: )

I agree that you should set up separate account for settlements.

I agree that you should set up separate account for settlements. As far as payments over the phone, it really depends on who you are paying. I did give that information to Bank of Ameircan and had no problems. Never give it to a collectin agency.

lrhall41

Submitted by OZZIE69 on Thu, 02/04/2010 - 11:31

( Posts: 555 | Credits: )

I have settled on several accounts with original creditors with

I have settled on several accounts with original creditors with automatic payments and never had a problem. I would not settle with a collection agency and do that; they are bottom feeders. And I would never do anything without a letter first. Tell them to put you on hold while they fax it.

lrhall41

Submitted by lisaawilliamson on Thu, 02/04/2010 - 13:35

( Posts: 210 | Credits: )