I have two Credit cards that I am about to send Settlement offers to in exchange for them to update it to Paid/Never Late. ************************** Background Info: These two Credit Card accounts have been closed (by me) for the past 2 years. I have been making very small monthly payments to them on time since then. I am coming into some money now and would just like to just pay them off and start fresh. Remaining Bal. on VISA is ~$1600 (Orig. Limit $1000) Remaining Bal. on M/C is ~$360 (Orig. Limit $100) ************************** With that said, I was wondering if it is possible for me to make a request for them to open the accounts back up and issue me a new card in lieu of the settlement? The reason I ask is because: 1. They are both my oldest TL's (1996) and I would hate to lose them. 2. I can sure use the Credit lines since I only have one Credit card under my name right now. Do you think they would go for it? Why/Why not? Any ideas?
You can certainly ask for anything, however the chances of them saying yes to any of your requests are almost zero. Why should they settle with you when you are making payments and paying interest? In any event good luck.
Hmm interesting point about I paying them monthly with intrest. So Maybe "settling" is not the right way to go? maybe just paying what I owe them and then a Goodwill letter? How about a Goodwill Letter/Settlement letter? But what would be their incentive to accept the terms? Would keeping my as a customer with a new card be a good enough incentive for them to agree to my terms? Hmm
My next oldest is a car loan that I have a year left to pay and is in excellent standing, which was opened in 1999.
Basically, I was to handle these two accounts in this way: I want to offer something that will benefit them as well as me. I want them to believe if they accept my money and remove all of my derogs and late pays, that they will be helping me and themselves out. Is this right?? I dunno. I don't know if I am explaining this right. Should I just stop paying them for a few months and then offer them a settlement? I don't want to cheat them, I just want to make a fair deal for both of us... Someone help me brainstorm...
If you quit paying and offer a settlement why would they be inclined to do you any favors? As a former lender, if I had a customer that was having trouble paying a $400 loan I would have zero interest in any sort of continuing relationship. You can't go through life screwing people out of money. Just pay 'em and build goodwill that way instead of disputing trade lines and writing goodwill letters years later.
Re: Re: Has anyone ever tried this? Did you miss the post above yours where I clearly stated that I didn't want to cheat them? I only mentioned that part about "stopping to pay them" as a joke. Not sure in my sarcasm comes over well thru the internet. Sorry if you mis-understood. I'll resate, I DO want to pay them. I want to GIVE them the money I owe them..NO LESS. I am just wondering if with a goodwill letter if they would accept my money as well as update my TL to Paid/Neverlate as a show of compassion. I have had a very hard past few years that you wouldn't even begin to believe. And yes, to some of us paying $400 is alot of money. It may take me a few weeks to even make that much money, you don't know my situation so don't try to judge me please. I have been working really hard over the past few years to fix what has broken over the the years. And most of it was out of my control. Again, don't try to teach me about "Life" and please do not talk down to me like you are my Father. I am looking for help and guidance, not Judgment. Thank You.
Re: Re: Has anyone ever tried this? This forum is not an area for judgments. Most of the people here are not trying to screw over "The Man" What is happening is that Credit Card companies are no better than predatory lenders. As a company that will directly solicit unemployed college students, issue cards without valid identification, and hold or mis-place payments to jack up fees and penalties, sometimes they deserve to get screwed. I believe that most of the C-netters were and are victims of credit issuers. Isn't it amazing that FDCPA and FCRA were initiated to protect consumers, but in some cases, it seems to protect the Man, big business. Please understand, if a company thought that you were not going to pay them, as a corporation, they can cancell the debt, issue you a 1099-C, and receive a sizable deduction on their 1120. How they screw you again is with the 1099-C, which is essentially reporting to the IRS that you received some extra taxable income, thereby pushing you into a new tax bracket, and possibly owing the IRS. Why I know this information, well I did spend 4 years with the IRS as a collector. What you people owe are a mere pittance in comparison to some people who owe 300-500k in federal taxes. (ok enough of my rant)
