They will chargeoff this account next Friday unless I settle with them. I've been getting conflicting advice here -- not sure what to do at this point.
Oh that's a heck of a deal! I suggest you do not settle unless they are willing to delete. Have you admitted in writing that the debt is yours?
No, I haven't admitted anything in writing. I am nearing the 180-day late mark and everything has been done on the phone. The amount I owe is significant (20K -- mostly due to the 24% interest charges). Couldn't pay due to extended unemployment for husband and myself. The OC is offering a settlement of 40% reported as "Settled"...
Okay, that's a large sum of money, something I would not play around with. Have you countered their offer with something like 50% WITH deletion?
Mindcrime, I have gotten some great advice from Lizardking, Marie, darkdoj...but some people have said this is your debt...just PAY IT! Now I'm so confused...My fear is that, although I have no assets, they will try to sue me anyway because the debt is so large...Don't want even an unenforceable jusgement...
Mindcrime, Yes, I have. They are in no way open to reporting it other than settled. They explained to me that it's "federal regs" that mandate their reporting and that they have only 2 options -- debt satisfied or not...I am in the "not" category. I even talked to a VP and was told no way...So, what other options do I have here?
Mindcrime, I was thinking about sending a settlement offer in writing asking for deletion...but I don't have much time. They will write this off by the end of the week. What do you think?
susanna, My suggestion would be to follow Lizardkings advice. He certainly knows what he's talking about. A $20K is very large in my opinion, and even 40% ($8K) is still (for me at least) a high amount to just come up with. Especially if they're not willing to deal. BTW, what did LK suggest? It's good (in a way) that you're judgement proof, however an OC for that much money would probably still want to go after you (not trying to scare you, just my opinion) and unpaid judgements don't go away, and I know you wouldn't want that haunting you.
Well, a settlement R-9 status is not going to give you any better of a rating than a charge-off R-9. BTW, even if they write it off in a week it won't be like they'll file the next. You should have time for options.
Mindcrime, LK gave me his "identity fraud" idea to get it disputed off. I am just a little nervous about being successful in pulling that off after the fact (post chargeoff). Marie told me that I am better off thinking about my family first, put some money away, and not to worry about unsecured debt... So, you think that given the amount of money owed, that possibly settling now even without deletion might be a good way to go? Don't think I could get through the stress of someone suing me -- just making this decision has me obsessed...
Mindcrime, Also -- when asking for "deletion" -- am I asking for the entire account to be deleted or just all the negative information? And, then how would they report the account. Don't think anyone would say it's paid as agreed...
susanna, Well I suggest you do what you feel you need to do. Both LK and Marie give sound advice. Like I said, it's a large sum of money. If you have the money (settlement money that is) and you just want to be rid of the OC, then pay it. If you don't, and you don't want it to come to being sued, LK's ideas may be the way to go. In the end, it's up to you.
You would be asking for full deletion of the account. I can't see them changing it to a positive R1 account.
