advice please...
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Posted by mvinalon
(209.86.255.196) on October 18, 2003 at 20:45:03:
Hello, I am grateful to anyone who has any helpful advice -- please excuse the length; I want to be as detailed as possible. I have been trying to settle a debt with NCO Financial for a credit card debt that I incurred 2 years ago - the original credit card company was MBNA and the account was charged off. I have been making payments of $150 for about 8 months now - through online checks (it may have been a mistake to give them access to my checking account. I know!). I have enough money to settle the debt which is at $2045.72. I called NCO to find out how I could do this. My rep. told me that I could settle the debt @ 85% for $1738.62 through another online check. I told her that I preferred to send a paper check, as it felt safer to do so (my checks are sent back to me from my bank) -- I've heard horror stories of NCO selling the remainder of the debt to another collection agency. She said that they preferred to settle it with an online check, and said what's the difference if I get a copy of the canceled check that NCO issues. I asked her if there was even an option of even doing it my way. She replied, "no." At which I told her that I would not be settling that day I have scheduled payments left of $150 till December 2003. Should I just take the risk and settle for the 85%? Or should I just wait till my schedule payments are done in December and pay off the entirety of the debt after then? Does anyone know if there would be an option to settle with the original credit card company (MBNA)? Thanks to anyone who can offer some advice. I'd be happy to elaborate further, if needed. Thanks!
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