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-   -   Settling credit card debt.. (https://www.yorkietalk.com/forums/off-topic-discussions/246619-settling-credit-card-debt.html)

mizzwanned 05-11-2012 03:25 PM
Settling credit card debt..
 
Does anyone have any info on this? i have one credit card that they sent me letter offering to settle it for about half. I would like to do that but I don't know how it would affect my credit later on, will i be able to open credit cards in the future, etc anyone know? Should i settle or pay in full, which will take a long time because i don't have the money right now.

GeorgiesMomma 05-11-2012 03:35 PM
I would definitely settle and request a letter of satisfaction to send to the credit bureaus i.e. experian, equifax and transunion to have it show as paid in full. I use to work in the mortgage industry and have never seen such settlements negatively impact someone's credit.

Also, just as a side note when you settle make sure you get the letter of satisfaction and send to the credit bureaus the cc company will not make much effort on that end. You can order a copy of your credit report from all 3 (you get 1 free report per year) and the addresses are on the report to send the letter to.

ladyjane 05-11-2012 04:14 PM
Quote:
Originally Posted by GeorgiesMomma (Post 3914547)
I would definitely settle and request a letter of satisfaction to send to the credit bureaus i.e. experian, equifax and transunion to have it show as paid in full. I use to work in the mortgage industry and have never seen such settlements negatively impact someone's credit.

Also, just as a side note when you settle make sure you get the letter of satisfaction and send to the credit bureaus the cc company will not make much effort on that end. You can order a copy of your credit report from all 3 (you get 1 free report per year) and the addresses are on the report to send the letter to.
:thumbup: Definitely make sure you have a letter to prove it....I would ask for a letter outlining the amount and saying that they represent the company and that this will settle the debt in full. Then, pay it. I would not pay anything until you get that first.

GeorgiesMomma 05-11-2012 04:36 PM
Quote:
Originally Posted by ladyjane (Post 3914610)
:thumbup: Definitely make sure you have a letter to prove it....I would ask for a letter outlining the amount and saying that they represent the company and that this will settle the debt in full. Then, pay it. I would not pay anything until you get that first.
:thumbup:Also another suggestion is literally writing this on the back of check above the endorsement line: Deposit of this check constitutes account paid in full. If the cc company deposits it you can also get a copy of that from your bank and send to the credit bureaus. I have recommended that for clients and it works.

mizzwanned 05-11-2012 04:56 PM
Well they're the ones that sent me the letter offering it..but won't it not say paid in full cause i am not actually paying in full? i am paying half of it if i do it. i called the debt collectors and asked them a couple questions about it, what will they wrote and what will show up on my credit and they said it is chase(they were hired by chase) that will determine that. They are just in charge of getting the money. So what do i do? i want it to be written as paid-not partially paid

mizzwanned 05-11-2012 04:58 PM
Quote:
Originally Posted by GeorgiesMomma (Post 3914658)
:thumbup:Also another suggestion is literally writing this on the back of check above the endorsement line: Deposit of this check constitutes account paid in full. If the cc company deposits it you can also get a copy of that from your bank and send to the credit bureaus. I have recommended that for clients and it works.
They said they don't know what chase will write when i pay it, what should i do? they said theyre not in charge of that.. :/ i also think if i do this i will be paying with a card, not a check

mizzwanned 05-11-2012 05:06 PM
1 Attachment(s)
Here is the letter they sent..
i really want to get rid of this already and pay it off.

TxVicki 05-11-2012 06:13 PM
Quote:
Originally Posted by mizzwanned (Post 3914713)
Here is the letter they sent..
i really want to get rid of this already and pay it off.
I was reading the letter and this not actually Chase that sent the letter, BUT a debt collector on behalf of Chase.
I would proceed with much caution on this. Have you actually called Chase Bank and discussed your account with them? Sometimes talking directly with the Bank you can at times work out a repayment plan. I would just very careful with the people who sent this letter. I hope you able to get things worked out.

CouversMom 05-11-2012 06:35 PM
Quote:
Originally Posted by TxVicki (Post 3914856)
I was reading the letter and this not actually Chase that sent the letter, BUT a debt collector on behalf of Chase.
I would proceed with much caution on this. Have you actually called Chase Bank and discussed your account with them?
:thumbup::thumbup: I think your best bet would be to just pay it in full... I cannot imagine that they would let you pay half of it without effecting your credit.

ladyjane 05-11-2012 06:51 PM
Quote:
Originally Posted by CouversMom (Post 3914892)
:thumbup::thumbup: I think your best bet would be to just pay it in full... I cannot imagine that they would let you pay half of it without effecting your credit.
Her credit is going to be affected anyway since it is already in the hands of a collector. It will affect her credit, but not to a point that it cannot be fixed in the future. A judgement would be far worse.

Credit card companies make these deals all of the time...I would definitely want to know that Chase approved of this deal though.

mizzwanned 05-11-2012 07:29 PM
Yes its already bad cause I haven't paid it in so long, I made a payment a while ago and then haven't since then so I already know I have to build it back up. It is an offer by chase though. Idk if I should do it. I def. Don't have enough to pay it in full

ladyjane 05-11-2012 07:35 PM
Quote:
Originally Posted by mizzwanned (Post 3914963)
Yes its already bad cause I haven't paid it in so long, I made a payment a while ago and then haven't since then so I already know I have to build it back up. It is an offer by chase though. Idk if I should do it. I def. Don't have enough to pay it in full
I know people who have done it and come out ok. The arrangements made by debt counselors are often similar to this .. they make offers to the companies.

The way it is now, you are racking up more debt....with interest and penalties.

You could contact a debt counselor for advice. I don't think they charge for an initial call/visit.


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