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settlement
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Posted by K
(65.129.57.151) on August 16, 2002 at 09:31:51:
OK...I have (2) credit cards w/the same company, they total $24,000, both are 5 mos. past due & headed for charge off.both cards have been closed by the the credit card company for 5 years & I have been paying interest & fees all along..I have paid over $20,000 in the last 5 years & got into trouble last November & fell way behind. In January I told the credit card company I could do a settlement in June or July & we agreed that I would limp along making minium pmts until then.Each card is being handled in a different office, 1 in FLa & the other in AZ, I have answered all calls from both offices every time they called & It became clear too me the offices compete with each other to make a settlement for both cards.From January until July both offices have offered me a settlement of 50% ( at least 15 times)In July I told both offices I was ready to settle but only had between $8,000 & $9,000....I talked w/FLA office credit manager (a 30 min. conversation where he checked my file & worked the numbers)offered a settlement just under $9,000,& said they needed a min pmt on both accts to hold the accts. (they were going to PRE-CHARGE OFF that day).The manager said they would deduct the 2 min pmts from the settlement amount. OK I was ready & asked for a fax of what we just agreed & he told me he could not get a fax to me in such short notice. I told him I needed a to think about it & would call back in 30 mins. 5 minutes later my phone rings, I answer & guess who?? It's the AZ office looking for a pmt for both cards to keep them from going to PRE-CHARGE OFF, I told that manager I just got off the phone with the other office & they offered a settlement, she told me her office will handle it & I made the min pmt to prevent a PRE CHARGE OFF status. A couple days went by & I talked w/the FLA office & they told THE SETTLEMENT HAD BEEN DECLINED !?!? they told it was because my offer was only 20% !?! I later find out when the AZ manager entered the info into the computer she made a mistake (because of the way she entered 2 accts.it showed 20% instead of 40%) & it was DECLINED.I called & talked w/the AZ manager & she said she woul submit the settlement again & she did & it was DECLINED again. AZ will only settle for 50% & not the 36% I have now.She told I might want to check w/FLA office to see if they will settle.I'm still waiting to here from FLA. Both cards a going to PRE CHARGE OFF in the next couple of days. QUESTION...IS THIS SOME SORT OF GAME OF CHICKEN THEY ARE PLAYING TO SEE IF I'LL COME UP W/50% (I DON'T HAVE IT). I AM WILLING TO PAY A LUMP SUM TODAY (APROX $9,000). MY FEELING IS TO LET IT CHARGE OFF & DO BATTLE W/COLLECTION AGENCY & OFFER THEM THE LUMP SUM
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