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Re: a way to save $$ on debt


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Posted by WHY CHAT (12.77.147.231) on January 20, 2003 at 09:38:53:

In Reply to: Re: a way to save $$ on debt posted by MomOfTriplets on January 19, 2003 at 23:32:48:

I sincerely hope your tactics work -"Mom of 3",in your previous posts you seemed much more in trouble than you are now, perhaps this will work for you, although it has not for anyone else who has posted here.

Most (and I really mean ALL) of the CC companies actually make MORE money by charging off and NOT accepting any settlements or "hardship workouts".
So, it would be VERY unusual for them to accept a settlement without it being something different than you have posted.

Most likely, and I hope I am mistaken, for your sake, it has actually already been charged off and sold to a CA,you are likely NOT dealing with any internal collection proccess, but a 3rd party collection agency.

It is TRUE that they will "settle" for 30-40% of what you owe, it is TRUE that they will mark your account as PAID and no longer report you to the CRAs, however, your agreement, even if in writing, CANNOT prevent them from selling your balance to another CA who is NOT bound by the same agreement,(it is called restraint of trade,and as an illegal clause is not binding in any contract) and who will report the balance to the CRAs and try to collect from you.

The ONLY way you can be SURE that this will not happen, is in dealing with an OC, to have them issue a 1099C for the unpaid balance.


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