Hi,all. I'm new here, so any help will be appreciated. I'm in the middle of negotiating a settlement with Associates Bank credit card. They offered a settlement amount of $1600 of the $2600 I owe, with a "settled in full" and a zero balance. The rating right now is R5 (hasn't been charged off), and if I agree to this, it will remain an R5. What should I do? Thanks in advance! BTW, they say that's the best they can do.
TRY FOR R1. Balance $0. "ACCOUNT CLOSED BY CONSUMER". NEVER LATE. OR COMPLETE DELETION FOR PAYMENT. Others have done it, so don't let them say they can't.
yeah, I wish I had this board when I settled with FirstUSA. Stand firm on this--that "settled" account won't do you any good, trust me am
Re: Settlement Author: AnnMarie (---.ctaz.com) Date: 03-28-01 22:06 yeah, I wish I had this board when I settled with FirstUSA. Stand firm on this--that "settled" account won't do you any good, trust me am =================== Reply To Message________Why give them the money and still have a bad record ? As for me if they give me a bad mark i'm going to have the money:
Thanks for all your input, everyone! I'm glad I posted my message, since I was ready to accept their terms and plan to dispute the entry at a later time. Lizardking: the last time I paid was back in Oct. 2000, but like I said, they haven't officially charged off the account. What should I do if they don't budge? Do I just let the account charge off? Thanks!
I have tried and tried and tried to get them to put terms like this in writing and never got it. I wish I knew what to say to get them.
You are correct that you MIGHT have a good chance at paying them off and then disputing the tradeline with the CRA's. Also the threat of BK may work if you PUT it in wrting to them. If they won't get rid of the R5 then pay even less than $1,600 with a letter from them stating that, that amount is "paid in full." BTW' Lizardking: No subscriber is not allowed to report false info to the CRA's and can have their membership revoked for this. Yes it's true they do it all the time but it is braking the law.