original balance on card was 756$ but they are charging my1550$ after interest and fee's. Court date is oct 10th and i am willing to settle out of court but dont want to pay too much since i have partially paid my time with 3 years of bad credit. Im thinkin of 500$ mark as paid as agreed and not settled. any lawyers/credit counseling people out there help me with the magic number i can pay in lump sum?!?! i would like some knowledge b4 i call them.
2006-09-25 10:42:48 · 4 answers · asked by Anonymous in Business & Finance ➔ Credit
YEAH im pretty sure they will knock off the finance charges and interest. it how much should i offer? is 500$ feasible on a 750$ charged amount?
2006-09-25 10:48:10 · update #1
Let's see....you borrowed $756, why aren't you willing to pay that amount back?
Because you had bad credit for three years?
You deserve the bad credit if you didn't pay it back, but you are obligated to pay the $756. The CC company certain doesn't deserve $1500 in fees but you do own them $756.
I'd agree to pay the full amount without the fees and tell them to take it or leave it.
2006-09-25 10:52:09 · answer #1 · answered by markmywordz 5 · 2⤊ 0⤋
j d gave you a pretty good answer.
But the amount you should start at really depends on if you are dealing with the original creditor or a collection agency.
Have you checked to see if you are still within the statute of limitations for collecting?
Anyway, if you are dealing with a collection agency and the debt is fairly old, start at the amount j d mentioned. You can always go up, but once you throw a number out there, you can't go down.
2006-09-25 12:51:27 · answer #2 · answered by echo 7 · 0⤊ 0⤋
No matter what you do don't settle on their terms. The most important thing here is to get them to annotate your tradeline in your CR as "PAID AS AGREED"!. Nothing else whatsoever!! I would start faxing your settlement offer tonight because they will try to stonwall you. Stick to your guns!! Not knowing the full story here and because you want this done quicly I would start out at $400 with proper tradeline annotations and see what they say. Your tradeline is the most important thing here not the money. Your tradeline in this case is just as important as your payment history as far as FICO goes. The scoring algorithm puts as much emphasis on these as they do late pays. Remember, "Paid as Agreed". Do not waver. Email if you need some more help.
2006-09-25 10:58:31 · answer #3 · answered by j d 2 · 1⤊ 0⤋
I had the same problem with Capital One a few years back. They ended up taking off late fees and finance charges and all I had to pay was what I ACTUALLY charged. That was feasable for me to pay so I was ok with that settlement. See if they can do that for you....if your finances allow.
2006-09-25 10:45:08 · answer #4 · answered by bradnmich2003 4 · 0⤊ 0⤋