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Re: Why Chat -- Please Help!


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Posted by LadynRed (199.91.33.254) on January 22, 2003 at 14:07:05:

In Reply to: Re: Why Chat -- Please Help! posted by Betty on January 22, 2003 at 13:14:59:

1 - Yes, it can work. The sticky part is whether they will agree to your request of a positive trade line. Some of them just will NOT do anything for you. In that case, you try a goodwill letter and try to schmooze it out of them. If they agree, there's no telling how long it will take to update your CR, but it shouldn't take more than 30 days.

2 - You can find sample settlement letters at www.creditinfocenter.com. Customize them to meet your needs. There's also info there on how to negotiate.


3- If you can pay them 50% that's good.. but start by offering them 35% instead, give yourself some negotiating room. Then, if you have to go up, you might end up paying less than 50% - and you get to save some money. Make sure you get a 1099-C if they settle, that will close out the debt forever and no collection agency will get any remainder. Just remember that any amount settled over $600 is considered taxable income.

4 - If your husband's name is NOT on that MBNA account as a joint account holder or as an authorized user, then the entry should NOT be on his credit report at all. Are you in a community property state ? That is the only other permissable way it could legally be there (I think). If none of that applies, then he needs to dispute it as 'not mine' with the credit bureaus.


Good Luck !



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