Forums
Hi all,
I am 6 months overdue on all of my credit cards and don't have funds to make minimum payments too. These are thus supposed to be charged-off. I will have the funds to settle the accounts for 30-40% of the balance within October. My goal is to settle all of them and be done, understanding that my credit will take a severe hit.
Some of the credit card companies are asking me to make a relatively small payment ($150-$250) in order to "stabilize" my account, meaning to delay the charge-off for a month. I am considering taking them up on this offer. I'm worried though that this is some sort of trap; if I make this payment will the card companies be less willing to settle with me?
settling on delinqunt accounts
Hi Jar,
I think you can talk to the banks about settlements now itself. If you can afford to make $150 to $250, then I think you can manage to make payments after the settlement. In the settlement letter, mention that you are going to make the payments over a few months. Get the agreement in writing.
Don't let the accounts get charged-off. It is not good to have charge-off reported on your credit report. It hurts your credit and once reported, it will stay there for 7 years.
Thanks,
Aaron
credit card from 2003
Law firm is calling for a credit card from 2003. If not taken care of going to be sue . what is my rights