I am getting such conflicting advice here that I don't know who to listen to... Now that I've made a decision to settle this account, I'm being told -- Don't settle without a good tradeline... I can't win for losing!
You know everything on this board is about you ultimately making your own decisions. Relax, think about what you want to do and do it. We are just here to support each other and spread the word about what has worked for us. anyone else?
Susanna.... The bottom line (and I think EVERYONE will agree): Send validation first. If they fail to validate, send estoppel and then dispute with CRA. if they can't validate, give them nothing. If they DO validate, you then offer to settle the account for less than owed in exchange for deletion. If they balk, offer full payment for deletion (or at least "not rated"). In worst case scenario, they don't budge after they have validated. In this case, pay them and dispute later and hope they fail to respond and it gets deleted. Now if the amount owed is $1k or greater and they have validated, be careful - they may sue. If you really think they will, you are probably best served by paying or settling. Even at that, you should try to negotiate a deletion in exchange for payment.
susanna, Sorry you're being confused here. Like Tony said, we're here to support. So many things work for different people that you really can't take one thing and run with it. Weigh all the options and do what you're called to do for yourself. Good luck!
Rumor has it that MBNA is VERY good at validating. What do you think my chances are? Any tips? That would make me feel a whole lot better, if I knew I might get it off later.
For an amount such as $20K, you pretty much are at their mercy - you can be certain they will sue and then the judgement becomes a larger problem. Settle the account.
I have the money (borrowed from MIL) to settle it now. Settle it even if it means an R7 rating for 7 years?
Cause why pay 20K on a charged off or soon to be charged off account if you are gonna get a worse rating, Scroo that!
Kiyi...you are WAY OFF base here. A BK will do WAY MORE damage than the charge-off status of this account.
I understand that but if you were to file BK, it would probably charge-off by the time you get the BK filed - that's why I mentioned the charge-off status.
OK so you would pay 20K for R7 status she will keep for 7 years, or would you keep the 20K and file BK for 10 years with a possibility to get that knocked off?
