My GF has a boa CC that I believe has been charged off,They have offered to settle for $800 vs the actual balance of $1200 any benefit in paying off the actual amount vs settling for less? Im in a position to pay it off in full but why if it will make no difference CR wise.....
They offered to settle for $800 You can afford to pay them in full for $1200 They should be giving you some consideration for the extra money they stand to receive. Negotiate with them to adjust their tradeline on your CR so that it reads paid in full , not settled. Also negotiate to have them remove all negative references so that the TL looks good on your CR!
They said straight up no on any alterations to the tradeline other than it will show paid w/n 30 days of final paymnet.....so next question: How much better does it look on a CR that it was paid in full vs settled? sorry thing is, the card had a limit of $500 its at $1053 due to intrest and fees and theyre only willing to settle for $800
once the account was closed did they continue to send statements? did you recieve proof as to how they arrived at the amount they are claiming you owe?
While I don't think either will make a difference. I would prefer"paid in full" to "settle" on my CR. I would take the settlement. It is less and will also be paid in full. ____________________
it is a huge difference, because technically they can't continue to accrue interest/late payments/overlimit charges if they don't bill you each month. and no - it won't make a difference even if it comes down to a manual review (which no one does anymore btw)
OMG - my comment made no sense! on point one - the difference is huge in regards to the amount you end up paying. on point two - the difference is non-existant in regards to whether it says settled or paid in full.
a couple of years ago, I settle on an old CC from college. I owed $1600, and they settled for for $590. ALSO, they made payment arrangemnts with me for the settlement ammount. They removed all of the negative comments, and they reaged it and brought it current, and it reads "closed account" "Paid in full" "payed as agreed" Call them up and just talk with them. ALSO my spouse had a charge off for $750, the offered to settle for $412. I offered to pay the balance in FULL, with the stipulation that they removed their entry all-together. They agreed, I got it in writing. about 45 days later, it was removed. You have the power to negotiate, because you DO have something that they want.
