oreome32278 Posted January 26, 2003 Report Share Posted January 26, 2003 :ooh: got a settlement offer from a CA on a charged off credit card.. they offered 70% of original balance.. it's not much and i could easily pay it... i live in pennsylvania and am not sure how i should word my stipulations on the offer... should i try to negotiated and get lower than 70% or just cover my bases asking for deletion or paid in full????? the OC was providian financial and am not sure if they will sell the balance after my payment of 70% to a different creditor or not?????any help?? suggestions???? Link to comment Share on other sites More sharing options...
Swede Posted January 27, 2003 Report Share Posted January 27, 2003 <blockquote>Originally posted by oreome32278:ooh: got a settlement offer from a CA on a charged off credit card.. they offered 70% of original balance.. it's not much and i could easily pay it... i live in pennsylvania and am not sure how i should word my stipulations on the offer... should i try to negotiated and get lower than 70% or just cover my bases asking for deletion or paid in full????? the OC was providian financial and am not sure if they will sell the balance after my payment of 70% to a different creditor or not?????any help?? suggestions????</blockquote>Well, we need more information on this. Settlement is usually the last thing you do after you've tried every other avenue. Is it reporting on your reports? If so, does the settlement include complete removal of this information? Have you disputed this w. the CRA? Have they validated the debt? Hard to say if you should accept this without knowing anything that's been going on. Link to comment Share on other sites More sharing options...
buzz-saw Posted January 29, 2003 Report Share Posted January 29, 2003 <blockquote>Originally posted by oreome32278:ooh: got a settlement offer from a CA on a charged off credit card.. they offered 70% of original balance.. it's not much and i could easily pay it... i live in pennsylvania and am not sure how i should word my stipulations on the offer... should i try to negotiated and get lower than 70% or just cover my bases asking for deletion or paid in full????? the OC was providian financial and am not sure if they will sell the balance after my payment of 70% to a different creditor or not?????any help?? suggestions????</blockquote>You're being suckered. By "settling," you are in essence validating the debt for them, and they will transfer the remaining 30% of the debt to another CA, who will start contacting you. If you WANT to settle for the 70% and get it over with, fine; but make sure that part of the settlement agreement requires the CA to send you a 1099-C for the remaing 30% (that is, after you are sure they have the authority to cancel the remaining portion of the debt). Link to comment Share on other sites More sharing options...
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