New to forum...Please be kind.... Ok, like others now a days things haven't been great financially. Spoke with Cap1 regarding account past due and expressed "Hardship". I was advised that the account would be placed with thier hardship dept. and to keep them updated as to situation and to set up payment plan. My husband and I had obtained monies thru 401K to bring medical up to date and to include Cap1 (this is the only cc we have) I contacted Cap1 regarding an amount that I had to settle the account and was advised by rep that they would only consider settling the account if it was 120 days past due, I was about 2 wks from that when I had called. He said to contact the office at that time. Ok so I called yesterday and spoke with rep about settling the account, she sd the account was standing currently at 3286.59 and they would remove all late charges,interest etc giving me a savings of 697.00, she said they would be willing to settle for 2588.84 which reflects purchases made. Card limit was set for 2500.00 not sure when I went over due to not using the card after I reached the max. Anyhow I explained again due to medical hardship I only had 2000.00 avail and asked that they settle for that amount. Rep said they couldn't due to this is money I spent, talked with supervisor and was told the same. They said they would take the 2000.00 now and schedule payment plan for remainder in installments. Here are my thoughts, do I request this offer of settlement in writing? And when I receive it should I accept with terms that when account is paid in full that it reports paid in full? Will they do that or will it automatically show up paid for less amount of balance? Or should I send my own letter stating that I am willing to accept the verbal proposal along with a certified check for the 2000.00, and include installment agreement, along with asking for paid in full reporting? I want to handle this the best way possible, so any help is appreciated.
Just ask them for something describing the terms of Agreement. If they balk, I would advise you to pay it according to the terms and attach your own Agreement to the payment instruments.
Ok just so I totally understand your advice, I should call and request a description of the terms of the agreement of the credit card? or for the agreement for settling the account? And do I request this in writing? If you are referring to the agreement for settling the account and they balk, your advise is to pay the 2000.00 (with certified check?) and with that payment send my own agreement of installment payments to them? Also in my thread I mentioned about how they may report this when paid, should I really at this time be concerned with that? Thanks by the way for your comment!
Ask them for the terms in writing. If they won't provide that, then pay according to what they verbally agreed to and memorialize that it writing attached to your payment. As to reporting, they won't budge on that. Still, the zero balance field will help. If they simply report it as paid you're ahead of the game. However, I wouldn't refuse to pay it in fear of them reporting it settled. A charge-off, particularly one which isn't paid can present substantial problems.
