How to best negotiate a settlement
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Posted by Ken (170.35.240.203) on September 20, 2002 at 08:39:15:
I have an old collection account that unfortunately is not quite old enough to get removed from my credit file. (fell out of a dismissed chapt 13 in 1995...went to collection status sometime after that) The account has been with the current CA for approx 2 years, and I've never heard a word from them until I started re-investigations with the credit bureaus to get it removed because of its age. Now I've received my first bill. If it turns out that this item is validated with the bureaus (which it looks like it might be), does anyone have any advice on the best way to negotiate the lowest possible settlement??? I am trying to buy my first home, and clearing this item is a condition of my loan being funded. I only have about 75 days to get it resolved. The first bill they sent me was an offer to set up a monthly payment schedule, or call them to negotiate a settlement if I was in a position to make a single payment to close the account. The CA is reporting a principal bal of approx $1250 and accrued interest of approx $1300. I can't tell them there is some urgency to get this cleared because I'm buying a house. They'll think I have all sorts of money...which I don't. I've only got about $1000 on hand...and I won't be able to squeeze any more out of my budget before moving. Any suggestions would be appreciated.
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