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Default situation
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Posted by Mike
on November 20, 2001 at 19:54:30:
Through my own goof-up, I got 90 days past due on a credit card account. The account is now in default and a collector has given me an ultimatum to pay a lump sum which is a little less than the actual balance owed, or I can start making monthly payments again. The payment amount they now want is nearly double what I was paying. Also, they failed to mention what the interest rate would be if I start making payments again. If I start making payments again, will I still be under the terms of the original contract or will they try to make me agree to some new terms ? Would I be better off to pay the lump sum, if I can afford to, in order to help my credit report or would it be better to make monthly payments. Thanks for any consideration and your help.
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