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Question about settlements with Credit Card Company
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Posted by pearl
(24.240.85.250) on July 01, 2002 at 19:02:52:
I just found this site was browsing your archives when I found several posts that alarmed me. They stated that when you reach a settlement agreement with a credit card company the remaining unpaid balance (after you pay the settlement amount)can be sold to a collection agency. Is that standard operating procedure. I reached a settlement with Chase to pay 50% of my balance and have been struggling to make $300+ payment each month (12 payments in all). I have 3 more payments. Should I call them to find out if my balance will be sold before I make the final 3 payments? Like I said it's been a struggle and I will be sick if it didn't accomplish anything.
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