Should I trust those guys?

[debtsucks]

What is the name of your state? OR

Okay, I got a settlement letter from my CC company. I can pay it off, but the problem is that I need more time than the due-date allows me. I called them to extend the due-date and they said in order to extend the date, I have to make a payment and that this payment will not be counted towards the settlement amount. I haven't paid them yet. What do you think? Is this reasonable? I think I'm just donating an extra payment to them unnecessarily if I had paid them. Also, they could just turn around and say something else without a new letter and new date on the settlement. What would you do?

 

[bearfootball]

you can trust those snakes about as far as you can throw them. If you want to settle, I'll bet you could settle for much LESS than the settlement letter has requested. Tell them on your terms...
1. When you will pay
2. What will the lump sum be.

They'll try and give you some BS, but in the long run, if you truly want to settle, they'll take your money and be very happy.

BTW, regardless of what happens, don't give them anything unless you have the settlement IN WRITING.

 

[debtsucks]

Man those guys... they'll say anything to get you to pay. I just called them up and asked them nicely to extend the due date and they said... "okay, just make the $131 payment and we'll extend it for an additional 10 days and that that amount would be taken off of the settlement amount." Two different things from two different credit managers. I told them that wasn't going to happen, not without a letter extending the due-date and stating that the $131 will count towards the settlement. I told them to call me when they're ready to settle. We'll see what their next step is... Thanks.

 

[Ladynred]

Question -
When did you last pay the original creditor ?

 

[debtsucks]

About 5-mos ago. Why? Do you suppose they just want to hassle me a little longer before coming to terms with me?

 

[Ladynred]

Why ? Because its unlikely they'll settle for less than 70-80% BEFORE charge-off - which happens at 180 days of non-payment. Its more likely you'll be able to settle for far less AFTER its been charged-off a few months - but then you'll be dealing with a low-life collection agency too.