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Re: Settlement and buying a home


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Posted by LadynRed (199.91.33.254) on January 23, 2003 at 15:27:34:

In Reply to: Re: Settlement and buying a home posted by switzer on January 23, 2003 at 14:32:47:

Wow, another 30 days and those accounts will charge-off (180 days of non-payment).

First of all, you can't get anywhere with AMEX or Sears on the phone. You're going to have to do it in writing and use certified RRR mail. Verbal 'agreements' get you nothing, they will ignore you and 'forget' you had any agreement.

They *might* accept a settlement in installments, you just have to make your proposal that way in your letters. If you've been a good customer for 10 years, use that in your letter, a little 'good will' angle never hurts. They probably won't take less than 80% at this point, but try for at least 50% and then propose exactly how you will pay off that percentage.

I'm a bit surprised that neither has offered you a settlement this close to charge-off, but you never know. I know for a fact that Sears uses RMA to do their collections, I'm not sure who AMEX uses but I DO know that both of them are likely to sue you if it looks like you're not going to pay them.

Start writing letters..


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