I just got off the phone w/ccc 2 accts 24K 5 mos past...they offered settlement $8,800 for both accts but needed a pmt on each to hold from going to pre charge off & they would deduct the 2 pmts from the $8,800. I told them I needed at least a fax saying they would settle for $8,800 & deduct the 2 pmts from the $8,800. They wouldn't go for that,they told me they didn't have enough time to get the paper work to fax & the only way it for me to make the 2 pmts & they will fax & mail the settlement papers....I also asked for a favorable entry "no balance" or "closed"...they said they can't do that, I asked to have included in there offer a statement saying they will not transfer or sell the remainder of acct balances to any collection agency. they told me they won't put it in there offer because they are leagally not allowed to sell or transfer any balance. should I have taken the offer without any written offer faxed or mailed ?
No way. If you do not get it in writing then you are screwed. This happens to people over and over. They will just apply the payments and pretend they are a normal payment. then they will charge it off, send to a CA, and ask you to settle again. Also, a settlement is about as damaging as it gets. I have found it is even worse then not paying at all.
Personally, I think your request are reasonable. I also think you can forget about getting any positive or even neutral tradeline.
Wait, let me see if I understand this. They don't have time to write up a letter saying they agree to accept $8,800 instead of $24K. But they do have time to take your payment. How nice of them!
