I have a charged off Orchard/Household Bank card that RJM bought over a year ago. Its one I have not been able to make any payments on yet. I recently received an offer from them and Aspire to roll the debt onto an Asipre Visa. So far, I have not quite figured out the trick here, but wanted to know if anyone else had done something similar. Here are the details: ... Aspire Visa is pleased to offer you the opportunity to receive a pre-approved unsecured Visa credit card, with a 19.75% annual percentage rate and no annual fee. This is a very special offer for RJM Acquisitions Funding customers who transfer their charged-off Household account balance to an Aspire Visa card. Your new credit limit will be $502.00 and your account balance of approximately $1673.00 will be transferred to your new Aspire Visa account at a great 0% rate for the life of the transferred balance. You will receive a new Aspire card, if (1) you make timely payments on your new account and (2) reduce the outstanding balance on your account to less than your credit limit within 12 moinths of your account opening date. What's more, once you pay $837.00, we will give you a $418 credit toward your remaining transferred balance, so your new balance will be less than your credit limit. And since credit will become available when the transferred balance is less than your credit limit, we're helping make credit available to you even faster. Transferred balance: $1673 -Less Payment Totals: $837 -Less Statement Credit: $418 New Balance: $418 Credit Limit: $502 Available Credit: $84 As an added bonus, once you qualify to receive an Aspire Visa card, we'll let the credit bureaus know that your transferred charge-off account has been paid in full if that debt is being reported to the credit bureaus. Plus, when you open your new account, recovery efforts against your charged-off Household account balance will be stopped. .... The enclosed summary of credit terms clearly states the balance transfer APR is 0%, the Annual Fee, Account Opening Fee and Account Maintenance Fee are all $0. The only way I can see they can gouge me is the over the limit fee is $35 and it seems like I'd be over the limit until I can pay down about $850. Any advice on this offer would be greatly appreciated. It seems like a pretty good option to me. I can make more reasonable payments than anything RJM ever mailed to me. I will have a new credit card that within a year will look reasonably good on my credit report. The card will also not be one that is charging me for ever transaction. One the down side, from what I have read, Aspire takes their sweet time posting payments...
Hi.. I am no expert.. but I received something similar and look for those over the limit fees... that's where they get ya. You'll be charged over the limit fees every month and those are $19.75% interest... and even though you have a card jeez with the 19.75% interest you will be paying mor than your original debt. My other thought is that A debt collector, unless it is the OC cannot make the OC remove or replace anything that is posted on your report.. be careful of those promises too! Hope this helps!
My other thought is that A debt collector, unless it is the OC cannot make the OC remove or replace anything that is posted on your report. RobynRocks ===================== NNS: It could work like this too. ><- <>- ><- <> ~~~ ><- <>- ><- <> ><- <>- ><- <> ~~~ ><- <>- ><- <> << When we (Re CA) make the purchase or servicing transaction, we receive a power of attorney that gives us the inherit rights under the original cardholder agreement. We have the ability to "bind" the original creditor in certain situations. This gives us the right to settle an account and REQUIRE that the original creditor, such as Citibank, MBNA, Household etc. remove the original trade line and OURS. WestCap =========================== Some one was asiking a while back about getting the oc to delete in addition to The CA. Don't know who the poster was or on what thread they posted but here is your answer ! This gives us the right to settle an account and REQUIRE that the original creditor, such as Citibank, MBNA, Household etc. remove the original trade line and OURS. The END ************************* LB 59 ><- <>- ><- <> ~~~ ><- <>- ><- <> ><- <>- ><- <> ~~~ ><- <>- ><- <> ><- <>- ><- <> ~~~ ><- <>- ><- <> ><- <>- ><- <> ~~~ ><- <>- ><- <>
I just wanted to update...I did accept the offer and after my 2nd monthly statement, they are honoring the terms shown - 0% interest. Also, no over the limit fees. So it worked out as advertised.
