i just applied for a mortgage on a mobile home and was approved for an fha loan at 9% how i will never know but glad i did . my problem is in order to get the loan i have to pay off a cross country bank card that says charged off account account closed by credit grantor 11/98 with a balance of $744 crdit limit of $500. the same account is in collections with midland credit management and under them it says $778past due. account closed by consumer collection account. so do i just pay midland the whole amount? the actual limit of the card $500? or what? any help is greatly appreciated.
I think your best bet is always to pay the original creditor if you can. CC may refer you to the collection agency. If you are going to pay, make sure you negotiate a payment for deletion agreement. I think you can find the letter in the library here. It's a pretty old debt, so you should be able to get a settlement for less than the whole amount.
Cross Country Bank to put it politely, is not exactly a top drawer credit card company. I know from a friend of mine that Cross Country has two separate buildings and they can think you owe them different amounts of money. Applied Card Systems Inc. 800 Delaware Avenue Wilmington, DE 19801 PHONE (800) 626-8191 FAX (302) 467-4394 OR Cross Country Bank PO Box 15060 Wilmington, DE 19850 OR Cross Country Bank PO Box 310711 Boca Raton, FL 33431-0711 CUSTOMER SERVICE: (561) 982-9111 Toll Free 24-hour Automated Account Information: (800) 225-5030 (VISA Accounts) Their loyal fan web site: "Cross Country Bank - Sucks" http://www.jerrydj.com/CCB/ccb.html Here is another one: "The complaint station for Cross Country Bank" http://www.thecomplaintstation.com/c/crosscntrybank_toc.htm BBB report http://www.wilmington.bbb.org/consu...eport.php&bureau=de&compid=7634010&national=Y Get them to agree to a pay off offer. Make sure you do not use a personal check. Use a money order instead. --------------------------------------- Date: Creditor Address City, State, Zip Re: Account Number Dear Sirs: This letter is an offer to amicably settle the above account. It is not to be construed as an acknowledgment of my liability for this debt in any form. I will pay your company the amount of $____ as full settlement of this account. If you accept this agreement, I will send you a money order or certified cashiers check for the settlement amount of $______ in exchange for a full deletion of all references regarding this account from my credit profile and full satisfaction of the debt. This agreement is binding and will be void should you not hold up to your end of the agreement. Furthermore the debt will be deleted from my credit profile at all three credit bureaus or the bureaus your company regularly reports to in the course of doing business. If you agree to the above, please acknowledge with your signature and return a copy to me. Upon receipt of this signed acknowledgment, I will promptly send you a money order or cashiers check in the amount stated above. Notice: This agreement is restricted. This is not a renewed promise to pay but rather a restricted settlement offer only. By not signing below, you agree that the debt has not been renewed nor has any concrete written agreements been exchanged. Creditorâ??s Authorized Signature: _____________________________ Date:____________ Name Title : Sincerely, Do not sign or date letter (This is necessary to avoid renewing the debt, should the creditor refuse to agree.) ------------------------------------------ Good luck.
since i have no choice but to pay or make this account dissapear,would sending a low offer and a debt validation letter together be a good idea? thinking that if they see the debt validation letter and cant verify it they will take the low payment offer? i only got 3 weeks until i close on the house so time isnt on my side.
3 weeks is not enough time for proper validation. Maybe you should contact them by phone to negotiate the settlement. I would offer between 25% - 50% AND DEMAND deletion of the negative tradeline. Whatever settlement you negotiate, get it in writing BEFORE you make the payment.
