I have been Pre-Selected for a loan of just over $4,000.00! Whoooo-hoo! All I have to do is sign the letter and fill-in-the-blanks so they can verify my pre-selected status. The disclosure is mercifully straighforward, as follows: 21% APR, 42 installment payments of $138.00 Bwaa-ha-ha-ha-ha-ha. I don't think so. (er, topic should be Mail Call, etc.)
Laughable settlement offer (I have paraphrased to keep it short): Dear Mrs. K: "The information on this account will remain on your credit report for the full amount of time provided for by law which is 7 years from the charge-off date <WRONG>. I am glad that you have expressed an interest in settlement. We will accept 80% of the charged-off balance as payment to settle the account. We will then report this as "settled for less than full amount" to the credit bureaus. You have 30 days to respond to this reasonable offer for settlement or we will proceed to place this account with an outside collection agency." Sincerely, Mrs. M. Thinking of sending her the following response letter (of course I'm not, but wish I could): Dear Mrs. M.: I think you must have been smoking something strong when you wrote the enclosed settlement offer. Lets see, I send you 80% of the balance after 6.5 years after you wrote the debt off, and get nothing in return. No thanks babe, I'll keep my money for now. In fact, please do send this to an outside collection agency so that I can settle this 6.5 year old account for 50 bucks and be done with it. Then, when you and the collection agency refuse to remove this account at the "appropriate time required by law", I will sue you both for $1000 each for violating the FCRA. Now that would be a "reasonable offer for settlement." I look forward to meeting you in court in November. Thanks again, Mrs. K.
Why not, I have nothing to lose. I think this lady lost half her brain- the logical side. I was speechless - all I could think was "unbelievable."
Hilarious!! Send it!! Who was that dazzling loan offer from? Did you have to put your house up as collateral? Ir perhaps your first born?
This was not any kind of settlement offer. I don't have any collections issues to deal with (thank god). It was just the finance company/installment equivalent of a subprime credit card offer. Thought I'd share. The thing that's laughable to me is that my highest-interest credit card that I'm sending in the final payment to next month (off with its head!) has an interest rate of 20.99% That's .01% lower than the spectacular installment loan APR this company is offering. FYI, it's from Washington Mutual Finance. -ingenue
ingenue... sorry i didn't mean to steal your post here... just had to share that "reasonable offer for settlement" I got in the mail yesterday... Your "dazzling loan offer"... I was betting it was from Beneficial/Household Finance > got one of their "dazzling loan offers" when I was 18 and didn't read the "fine print"... that was a 7 year mistake I wouldn't repeat!
