Discussion in 'Credit Talk' started by Struggler, Aug 2, 2001.

  1. Struggler

    Struggler Well-Known Member

    I stopped paying a credit card company a few months ago. A settlement isn't looking too good right now. About 1 1/2 weeks ago, I got a letter from them with the statement, "This letter is an attempt to collect a debt, etc...." The body of the letter warns me about further damage to my credit rating and so on. What's my next move? Would a validation letter help? I don't see how. They have me dead to rights that I owe the money. I wanted to settle with them to pay a FAIR amount on the debt. The total between three cards they bought out is about $15,000.00, MOST of which is in "screw-me-over" fees, like lates, over-the-limit, etc... This debt is due to go to chargeoff in a couple more months and I really don't want that to happen. Any ideas?
  2. breeze

    breeze Well-Known Member

    Send them an offer? Which CCC is it??....some will, some won't. Marie gives good negotiating advice.

    Validation is really for 3rd party CA's, not real creditors, although some have used it anyway.
    I don't see what good it would do.

  3. Struggler

    Struggler Well-Known Member

    I would estimate that about 50-60% of it is what I actually charged on the cards. They actually bought these three from other companies. My wife and I had a REAL emergency a couple of years ago. I can't say what because I don't want to identify myself too much in case the wrong person is lurking here.

    Anyway, I spent two years on their "assist" program and treaded water. I need to do better this time.

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