I am reposting Cindy's Request for advice...which got not response. I posted a similar request regarding negotiating with Providian and Capitol One and got one response from Momof3(thanks bunches!!) and Molly (Gracias as well, on a previous post) so I FEEL her pain. Let's see if any one in the "community" cares to help her out. I am sure it will be greatly appreciated. Author: Cindy (adsl-214-20-44.asm.bellsouth.net) Date: 10-16-2000 13:27 Folks, I have two charge-offs that are reported by all three CRAs. One occurred in 1994 for $800 (to AMEX), and one in 1995 for $2800 (to First USA). I'd really like to mitigate this situation. In y'alls opinion, should I: 1. Negotiate directly with the original credit grantors, in hopes that a payment plan or lump sum settlement can be worked out? Do credit grantors normally accept payment plans, if reasonable (I'm talking $100-$200/month here. I prefer to pay my debts, if legitimate). 2. Negotiate with the collection agency that tried to collect the $2800 in 1998, but has done nothing since? 3. Let sleeping dogs lie in both cases? I had continuing credit trouble after these two instances culminating with a Repo at the beginning of 1997. After that, I cut up my remaining credit cards, and bought a used car. I paid off the remaining cards I had at the end of 1998, and started rebuilding credit with a First Premier VISA in Sep 1998. Since then my payment record has been spotless, but I still languish in sub-prime hell (I now have a Cap One, and a First National card as well....woohoo!, so hence my excitement at the Citibank thing). As I mentioned above, any advice would be appreciated. BTW, I have already signed up for junum.com. Cheers, and TIA, Cindy
RE: Reposting Cindy's Request I have some questions. Who is reporting this on your reports, the orginal creditor or the collection agency? Reason being I believe whomever is reporting this is who you need to address this issue with, I may be wrong, if I am please someone explain. Since these occured in 94 and 95, I am sure these collections agencies paid pennies on the dollar and you could make some kind of settlement with them below the original debts. Like I said I am not totally sure about who to deal with directly, but I would say who is reporting. I hope others can shed some light. Sorry I may not have been alot of help, but I am trying.
RE: Reposting Cindy's Request Also, depending on your state's SOL, these debts may not be legally collectable, meaning they have no legal avenues to take to collect this, this doesn't make the debt invalid, just uncollectable by legal actions, so by offering a settlement they may agree to a much lower amount then owed.
RE: Reposting Cindy's Request Thanks Elizabeth and Momof3! Momof 3, I am indeed going to go and try to negotiate with the original creditors. In the case of AMEX, I was considering applying for the Secured Optima card before I negotiate, to show them that I will be paying them back in good faith (and in the hopes of getting back in their good graces someday...like Dogman, I definitely want my AMEX status back!!) In the case of FUSA, I'm definitely going straight to them rather than to the collection agency. The good thing is that the collection agency did NOT post any derogatories on my report. Cheers and Prosperity to all, Cindy
RE: Reposting Cindy's Request try credit counseling: www.consumercredit.net most creditors will take a payment plan at 0 or low interest ONLY if you participate in a credit counseling plan.
RE: Reposting Cindy's Request Pat, I went to that URL and it does not work. It may be a problem with Internet Exploder... Cheers, Cindy Pat wrote: ------------------------------- try credit counseling: www.consumercredit.net most creditors will take a payment plan at 0 or low interest ONLY if you participate in a credit counseling plan.
