Settlement Question

Discussion in 'Credit Talk' started by SheriHoppe, Sep 30, 2003.

  1. SheriHoppe

    SheriHoppe Well-Known Member

    I was wondering if it would be beneficial to me to call one of my OC that I am handing a personal loan through right now (discover pers. loans) and talk to someone to see if they would be able to settle on a lower ammount with me and make monthly installments at a lower ammount. I currently have about $3500 left to pay on the pers. loan and I pay $110 per month...I am behind about 2 payments and trying to catch up, they offered me a settlement awhile back but they wanted a lump sum of $$$ and I didnt have that available to pay so I kept paying the monthly payments.

    Do you think if I called and talked to the man handling my account (its not a CA, its the actual OC) that he may willing to agree to settle upon an ammount, and then before I agree to that request that this be all sent in writing to me before hand?

    I really want to get this debt down and for the life of me it seems like it is not going down at all with the finance charges.

    Any advice would be appreciated.

  2. SheriHoppe

    SheriHoppe Well-Known Member

  3. Hedwig

    Hedwig Well-Known Member

    Don't call and talk to anyone, you have no record of it. Or if you do, don't pay them anything until the agreement is in writing.

    If you settle, it will probably show on your reports as a settlement.

    Any possibility that you could go to a credit union or someplace like that where you can talk to them, then get a personal loan at a lower rate and maybe a longer term to use to pay them off? That would lower your payments a bit.
  4. SheriHoppe

    SheriHoppe Well-Known Member

    I wont get approved through anything I doubt HIGHLY for any type of loan to do debt consolidation.

    The account with Discover Personal Loans is still in the OC hands right now, not with a CA, the guy keeps calling me every day either at work or at home, we never answer the phone, I send him payments every pay period of $60 a piece which is a little more then the monthly payment put together, but I am still behind 2 months, I dont have the $$ right now to just shell out to him like he thinks, so I just keep sending payment every pay period. I wnat to get this resolved if possible to a lower balance, and I dont know how without speaking to him, is it ok for me to speak with him since he is the OC? I get monthly statements from them showing me my balance (which never seems to go down)

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