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Posted on 7/16/14 at 4:27 pm to Double Oh
On $2000, I'd call them offer them $500. They'll take it. They might take $300 so start there. The collection agency probably paid $50 for the debt.
This post was edited on 7/16/14 at 4:27 pm
Posted on 7/16/14 at 4:40 pm to anc
Ok, so when I got off work, I sat in my truck and called the CA and spoke to them about settling. She said to fax them a letter with my offer and they will notify me within 1-2 business days about the results and she said that if a settlement is reached that the suit will be dropped.
I pass by St. Louis st on my way home so I was able to catch the courthouse during business hours and I spoke to one of the ladies in the small claims dept and she told me what paper I need to fill out and give to them, dealing with the 10 day notification.
I pass by St. Louis st on my way home so I was able to catch the courthouse during business hours and I spoke to one of the ladies in the small claims dept and she told me what paper I need to fill out and give to them, dealing with the 10 day notification.
Posted on 7/16/14 at 4:42 pm to Modern
if they agree to the offer make sure you get it in writing from them that your offer will settle the debt in full.
Posted on 7/16/14 at 6:01 pm to I Love Bama
quote:
They will settle for $500. Don't get a lawyer involved. Waste of money.
Unfortunately if he got that paperwork from the 19th - EBRP then the filing fee was probably $470+.
It sounds like you probably got sued by the Eaton Group. They are fairly easy to work with. Call them up and see what they would be willing to settle for.
This post was edited on 7/16/14 at 6:25 pm
Posted on 7/16/14 at 7:01 pm to Modern
I would not place a charge off on my credit report over 2000 or whatever the renegotiated balance is, pay your debt off and you will be much better off. If you can afford to post online you can afford to pay this in full.
Posted on 7/16/14 at 8:20 pm to cave canem
quote:
If you can afford to post online you can afford to pay this in full.
lol
Posted on 7/16/14 at 10:36 pm to dj30
They give away internet access and devices where you live chief? If so let me know where this wonderland is please. He can arrange to pay this off and avoid a charge off if he wishes for less than a cell plan cost and receive the added benefit of acting like a grown assed man.
Posted on 7/16/14 at 10:52 pm to cave canem
quote:
I would not place a charge off on my credit report over 2000 or whatever the renegotiated balance is, pay your debt off and you will be much better off. If you can afford to post online you can afford to pay this in full.
He's got a serious delinquency of at least 90 days. That's not going away even if he pays in full. It's still going to show as a chargeoff and collection. It may look better on paper and help him sleep better at night if he pays in full, but his credit score won't change.
Posted on 7/17/14 at 6:22 am to JonTheTigerFan
I see you have no idea what a charge off is . There is a huge difference in delinquency and a charge off.
Posted on 7/17/14 at 7:12 am to cave canem
quote:
I see you have no idea what a charge off is . There is a huge difference in delinquency and a charge off.
quote:
A charge-off or chargeoff is the declaration by a creditor (usually a credit card account) that an amount of debt is unlikely to be collected. This occurs when a consumer becomes severely delinquent on a debt. Traditionally, creditors will make this declaration at the point of six months without payment. In the United States, Federal regulations require creditors to charge-off installment loans after 120 days of delinquency, while revolving credit accounts must be charged-off after 180 days.[1]
Pretty sure when he didn't pay for over 2 years it became a chargeoff. Paying it now won't make it not a chargeoff. All they will do is change the wording to "account charged off-paid in full" or "account charged off-settled for less than full amount."
This post was edited on 7/17/14 at 7:15 am
Posted on 7/17/14 at 7:23 am to cave canem
They have free Internet access everywhere and you can devices that can access the Internet for 100 dollars or less. I've given away multiple computers in my lifetime.
Posted on 7/17/14 at 2:49 pm to JonTheTigerFan
With employers and landlords pulling credit so much there is a huge distinction between the two. For getting a loan not so much. I am not directly involved with hiring anymore but a discharge due to non payment would be a huge red flag for an applicant, late or very late would not be as bad. Credit reports are used for much more than loan decisions these days. Just my two cents, I personally don't care what happens to the deadbeat or the dumbasses who gave him credit.
Posted on 7/17/14 at 3:16 pm to cave canem
Did you read the part about the Federal Government requiring the CC company to charge the debt off after 120 days late? He said he didn't pay for 2 1/2 years. If that's not a chargeoff, he's lucky.
Posted on 7/17/14 at 3:27 pm to cave canem
quote:
I see you have no idea what a charge off is . There is a huge difference in delinquency and a charge off.
Uhhh... I'm 99.9999% certain there is a chargeoff on his credit report from the original creditor.
OP - check your credit report.
A delinquency is a late payment. If it's more than 30 days late it might show up on a credit report.
A charge-off is an accounting situation where the feds require the creditor to assume the account will never be collected. That piece of information also will reflect on the credit report.
And now, he is getting sued.
Settling will mean:
1) He doesn't get a judgement placed against him (and listed on his credit report)
2) The original tradeline, and possibly a collection tradeline if one is on there, will be updated to show the account either paid in full or settled for less than full payment. The chargeoff won't go away unless somehow he is able to get the original creditor to remove it.
Posted on 7/17/14 at 8:51 pm to LSUFanHouston
If I am the collector I go ahead and get the judgement. Why trust a guy who wouldn't respond to your communications for months??
It's small claims and will not cost much. Why risk having to start process again with some guy that will not even talk to you??
I'd get the judgement, start the garnishment process and not take your call.
If I am you--I go to a finance company and borrow the money to pay these guys today.
It's small claims and will not cost much. Why risk having to start process again with some guy that will not even talk to you??
I'd get the judgement, start the garnishment process and not take your call.
If I am you--I go to a finance company and borrow the money to pay these guys today.
Posted on 7/17/14 at 10:36 pm to I B Freeman
quote:
I am you--I go to a finance company and borrow the money to pay these guys today.
He's not getting financed by any company.
Posted on 7/23/14 at 7:29 pm to dj30
Bump.
I sent them a letter with a settlement amount and they replied with a counter amount.
They offered me a counter amount with a date to send payment by.
Q: if I wanted to send them a second offer, should I do it now? Or wait right until the payment date they gave me?
I sent them a letter with a settlement amount and they replied with a counter amount.
They offered me a counter amount with a date to send payment by.
Q: if I wanted to send them a second offer, should I do it now? Or wait right until the payment date they gave me?
Posted on 7/23/14 at 7:33 pm to Modern
quote:
Q: if I wanted to send them a second offer, should I do it now? Or wait right until the payment date they gave me?
They aren't settling for less than what they just sent you. Just my guess/not legal advice/leave me alone don't call me, etc.
This post was edited on 7/23/14 at 7:34 pm
Posted on 7/23/14 at 8:50 pm to Modern
quote:
Q: if I wanted to send them a second offer, should I do it now? Or wait right until the payment date they gave me?
The total amount of the debt is $2000. Since this is already in collections, the difference between your offer and theirs is probably, what, a hundred or so? And you're actually arguing with them over this?
If that's the case your biggest problem is your income and not your debt.
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