MCM-will this help or hurt me
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Posted by Suzanne (63.185.113.121) on June 06, 2004 at 16:20:58:
I have 2 accounts that are in collections with MCM. Both of them belonged to Household Bank, before that Orchard Bank, before that Cross Country Bank and AFCA and before that, who the heck remembers anymore. These 2 accounts have changed hands so many times I don't know who the original credits are anymore. Anyway, I've read a lot of extremely negative comments about dealings with MCM, so I'm hoping I can get some assistance from ya'll. On both accounts, I have received a letter from MCM stating that the original credits (i.e. Household) is willing to accept payment of 1/2 of what is owed and it will close out my accounts with them. Now, here are my 2 questions: 1. Is it advisable to do so based on the dealings others have had with them? I only owe MCM, combined, about $1,000 and can easily pay it off by the end of the month. That date is about 2 weeks after the deadline MCM gave me, but I'm getting these "offers" every month now. 2. Second question is...do I pay off the amount they are stating...which is probably about $2-$300 more than what the original amount was when MCM took over? When MCM got the accounts, they continued to add finance charges at a higher rate of interest than the original creditor. For example, the highest account was $1,200 when they got it. Its now up to $1,600 (after about 2 years). Any assistance would be appreciated.
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