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SETTLEMENT ADVICE
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Posted by K
(65.129.40.36) on July 14, 2002 at 12:53:20:
I recently talked w/my credit card company,I'm 5 mos past due, they have verbaly offered me a settlement of 50% several times over the past year,but no one with authority has offered, just the reps in the collection dept. When I talked with rep the other day we talked about settlement, the rep asked the credit manager about settlement(the credit manager would not talk to me until made a payment)the rep said the manager might consider 55%.......A little backround; my credit card was closed by the credit card company over 5 years ago, I have been making payments all along, (over $11,000.00 in interest, late fees, over limit fees & whatever other fees they throw at you)my balance is higher now than it was 5 years ago! It was in the last year I got into real trouble, (self employed, seasonal business, recession)now 5 mos past due, I have been paying each month just to prevent a charge off hopping to neogate a settlement.....more problems, I lost my biggest customer ( I was going to use profits from that sale to settle)...My back is against the wall...somebody is not going to get paid...I'm considering using the money I owe my vendors to settle w/my credit card company & even then I won't have 50% for settlement...........there is a small window of opportunity to do this settlement...(business will drop off some 80% in the comming weeks)I need advise for neogation my best settlement thanks
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