Looking for advice

Submitted by simon on Wed, 04/14/2010 - 20:03

Hi, I'm looking for some expert advice & options.

i have 3 credit cards from CHASE went to CA worth about $30,000.
I still do not know if CA bought the account from CHASE. (how do i find this out?)

1 credit card still under OC - CITIBANK debt is about $12,000 but they want to settle at $3,000.

I have a house (has mortgage payment) living with my family, and I don't want to lose my house because of the credit card debt.

My family can help out to settle Citi for $3,000. If I can get $3000, should I settle this amount right away?

What should I do to get rid of the rest debt with Chase that went to CA?

Can anyone help?

Simon, I would get the Citi debt out of the way. If they are the original creditor then also ask for a Pay for delete. This is when once you pay it they remove it from you report. They may not do it since you are settling for a lot less but it is worth a try. It is better to pay the three thousand then be sued and taken to court for the remainder. Also remember to get the offer in writing. This will be your proof if they or any other collection agency comes back later for the remaining amount.
As for looking to see if a collection agenct bought your debt you can look on your report. The original creditor will list "transferred to another lender" or something a long those lines if they sold the debt. Then look through and see what other listings are on their. The collection agency on your report should list the origianl lenders name. Hope this helped.

Thu, 04/15/2010 - 10:30 Permalink

Hi Simon,

As for the account with the original creditor, you can agree to the settlement offer. Debt settlement lowers the outstanding debt amount by 40-60%. So they are offering you a good deal. However, before making any payments, get the agreement in writing. Also request them to agree to a "Pay for delete" (PFD) agreement. With PFD, any negatives on your account will get removed.

For the accounts in collections, first pull a copy of your credit report. On your report will be listed the names of the collection agencies who now holds the report. As these accounts has went to collections, you need to pay off the dues to the collection agencies. However, if you don't want to communicate with the collection agency, you can request your original creditor to pull back the account from the agencies.

Hope this helps.



Thu, 04/15/2010 - 11:29 Permalink

Hi are you in need of extra money?, then apply for payday loans today. Your cash will be credited within 24 hours.

Mon, 05/03/2010 - 09:30 Permalink

Hi are you in need of extra money?, then apply for payday loans today. Your cash will be credited within 24 hours.

Mon, 05/03/2010 - 09:31 Permalink

Ummm. Id have to disagree. Payday loans are probably the worst, most predatory lenders currently out there with little regulation by the FTC. Payday loan rates can be as high as 200% in interest.

Its a temporary solution that usually results in a permanent problem.

Take heed when applying for these quick fix payday loans. Once you're in, your in- not even a consolidation plan can help you after you're signed the dotted line.

Mon, 05/24/2010 - 19:45 Permalink