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tawana1956
Joined: 01 Feb 2008
tawana1956's page
Posts: 7
Location: Oklahoma
305 Magic Points
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Subject: Negotiating Credit Card Debt
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Mon Apr 14, 2008 5:22 am
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I have yet another question!!!
I haven't seen this addressed but I'm still going through old posts. My husband had a credit card that he defaulted on. He finally made arrangements to pay them $50 a month. However, his original balance was 450.00 now we are paying off over a thousand. They offered to settle for 715.00, is there a letter to offer them a lesser amount something more realistic since he only owed 450.00 in the first place?
Thanks again all for the useful information. You are are all a wealth of knowledge. |
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Morningstar
Joined: 17 Apr 2007
Morningstar's page
Posts: 601
11 Magic Points
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Mon Apr 14, 2008 9:29 am
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This is when you use a validation letter--you want a breakdown of how the balance comes out to $1,000+, and I believe the debt forums have a template of a settlement letter.
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I don't dream since I quit sleeping |
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cbass1017
Joined: 01 Feb 2008
cbass1017's page
Posts: 141
Location: PA
1441 Magic Points
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Tue Apr 15, 2008 12:43 am
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If your husband stopped making payments on the card all together then the balance owed might very well be around $1000 with all of the crazy late and over limit charges that have probably been assessed. How long ago was it that he went bad on the card? Sounds to me like you might be well off taking their settlement of $715. You might want to request they remove the credit item entirely if you pay it in full. Not all companies will do this but some will which will really help his credit.
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Scott McKay
FreeOnlineCreditGuide.com |
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sdchargers_63
Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1343
162 Magic Points
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Subject: CC
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Tue Apr 15, 2008 11:52 am
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| I have an Imagine CC. The payments were coming out of my bank account. However....fell on a bit of a 'rough month'. I tried to get on their website and tell them I couldn't make a payment right now. They had 'payment options' I could choose from. One of them was 'financial hardship...cannot make payment'. Ok...I clicked on that. But...when I try to go back into the website, a window popped up, reading 'You no longer have an account with us.' That's NOT what I wanted to do. I tried to call the Customer Service number. I explained my situation, and the woman said, "she couldn't help me because I don't have an account in her system with them. Any suggestions on how to handle this? |
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Morningstar
Joined: 17 Apr 2007
Morningstar's page
Posts: 601
11 Magic Points
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Tue Apr 15, 2008 12:28 pm
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Ask to speak to loss prevention/mitigation/whatever...maybe you can convince someone to reopen your account.
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I don't dream since I quit sleeping |
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sdchargers_63
Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1343
162 Magic Points
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Subject: cc
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Tue Apr 15, 2008 1:13 pm
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| Thanks for the advice. I appriciate it. |
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Laura
Joined: 21 Jun 2007
Laura's page
Posts: 1402
34547 Magic Points
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Wed Apr 16, 2008 4:57 am
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Hi Wendy...any update on this?
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Regards,
Laura. |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4121
1011 Magic Points
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Sun Apr 27, 2008 1:47 am
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| I would like to see hopw this worked out for the OP. I also think most people before offering to settle a debt should always have them verify the debt first and breakdown the charges. It is at least some protection. |
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