In early 2000 I applied for a department/furniture store c.c. I was approved, and charged approx. $650 to it. I was making regular payments to it for somewhere around a year. Then the company went out of business and I stopped getting statements. Eventually I forgot all about the card. I've now received information in the mail from a company (not a CA) that purchased the accounts from this furniture store. The letter is simple. It states my balance, just over $400, includes different options, one being a settlement offer of 50% of balance in one lump sum. However if I elect to take this option, it also says the CRA's will be notified that this acc. is been settled. Another offer is to take advantage of their re-age program. I don't know what this means. BTW, they've never reported this account to any of the CRA's. Now my question is, if I take the 50% settlement offer, and if they DO report to the CRA's, does that look bad? I don't want a "settled in full" on my report. Should I just make monthly payments on it instead?
Thanks for the advice Lizardking. I just went looking for my disk with my validation and estoppel letters on it, and can't find it. Can you post one of your famous ones for me? Or if you rather, I'll enable my e-mail address. Either way. Thanks again.
