Should I let the credit card for credit one bank go to a collection agency?

Question

I owe $800 dollars and not sure if I should pay them or let the account go to collection. I also have a bunch of other debt I been paying off. I talk to my debt settlement coach thats handling two of my other accounts and he says I should just let it go to collection instead of paying min, so I can seek a settlement.

My credit is already bad, so it can't get much worse.

Answer 1

It depends on what is important to you.

If the only thing that you care about is the amount of money you pay, then your coach is correct.

If on the other hand you care about your credit, your coach is a moron.

There is no way I would allow a $800.00 debt to ruin my credit for the next 7-years.

If you allow this account to go to collections, it will show as a derogatory account on your credit for the next 7-years.

Answer 2

Fire your debt settlement coach!!!!
If you let it go to collection, you are ruining your credit. This will show as a derogatory on your report.
They won't ask you for a settlement before going to collection and even if they did, it would still make a negative impact on your credit report. You could be in for a rude awakening years down the road if some junk debt buyer takes over the account then this will re-appear on your report.

If the account in current, you can contact them and negotiate a lower interest, but only if account has been current and never late.

Pay it off!

Answer 3

Your credit coach is terrible. Never let an accout go to collection. Do whatever it takes to keep all accounts in good standing. Shift some effort to just make the minimums if you can.

Answer 4

only your credit is important to you you did say you owed the bank then you should pay them back if they owed you you would want your

Answer 5

Seems short sighted.