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Re: Settlement and buying a home


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Posted by switzer (66.192.176.30) on January 23, 2003 at 14:32:47:

In Reply to: Re: Settlement and buying a home posted by LadynRed on January 23, 2003 at 13:16:45:

What should I do at this point? I am mainly concerned about my American Express account and Sears account. My American Express account is at about 150 days past due....I owe about $5000. I called to make payment arrangements with them and they were very mean....they want $300 a month which I just do not have. Sears I have about $5500...about 150 days past due too. What do I do at this point? I do want to settle? When do I approach them on this? Do I wait until it goes to collection? With them both being 150 days past due, do I send letters to them asking for a settlement amount? I really can't do a lump sum, but could do installments at some point? Do you know how these two creditors operate? Will they accept a settlement with installments? Help....I am completely overwhelmed and do not know what to do and I am in a fog on how to approach this and WHEN to approach too! It would be great if I could get the amount dropped by 80%. I actually have been a good customer to both accounts over the last 10 years and have more than paid the principle based on their high interest rates, so it's not like they are losing money. They have made so much money on the interest. Have you seen them take that into account when giving a settlement?



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